Marketing Strategy versus a Marketing Plan

Would you drive to a destination without knowing how to get there, why you’re going and what you’ll do when you get there? Of course not. The same holds true for running a business without a marketing strategy. The business plan, including sales goals, resources, expenses and revenue projections, should guide the marketing strategy. The strategy guides the plan. Simple, right?

I like to think of the strategy as a rainbow with a pot of gold at the end. (Maybe I ate too many Lucky Charms when I was young). The rainbow colors and the path along the arc are all of the milestones you want to accomplish in order to get to that pot of gold. The colors, path and milestones in the rainbow are your marketing plan. The pot of gold represents your goals. 

Many companies dive right into tactics such as a social media post, an event or a press release thinking it will yield them quick brand awareness or a sale. But, without knowing if these tactics fit into the overall strategy, you’re just throwing Lucky Charms at the wall (and wasting time and money).

A strategy begins by understanding what is happening with the business currently and for the next few years and ends with a strategy that will get you to the end of the rainbow. The strategy should be followed annually and change as business needs dictate.

A plan will execute on that strategy with appropriate tactics that achieve milestones at given time periods, usually monthly or quarterly. And, the achievements will be analyzed and reported to leadership. Planning for the next year should begin around three months prior for budgeting resources and reserving first quarter tactics with providers.

Here are some of the components typically included in a strategy and a plan:

The marketing strategy usually contains the following:

• Company vision and goals

• Marketing goals to match sales/fundraising goals

• Initiatives

• Positioning

• Brand essence

• Buyer personas

• Competitive landscape

The marketing plan usually contains the following:

• Campaign goals

• Timeline with key milestones

• Roles and responsibilities

• Channels to be used

• Budget

• Activities

• Dependencies

Call or email me for advice on how you can get started on your marketing strategy or plan today!