What is Marketing Strategy?
Marketing strategy is an extension of your overall business strategy.
It’s the rationale that informs all future marketing decisions. In addition to defining your company’s goals, your completed strategy also details the messaging and channels you’ll use to achieve these desired outcomes. A successful marketing strategy is based on your most up-to-date company vision, while also considering your brand identity and messaging.
What’s included in a marketing strategy?
1) Company Vision and Goals
Define the desired outcome of your work
Share short and long-term business goals
2) Market Analysis
Evaluate market size
Identify market trends
Pinpoint gaps in the market
3) Target Audience
Define and learn about the target market
4) Competitor Analysis
Identify and assess possible competition
5) Branding and Messaging
Solidify your brand identity
Articulate differentiators
Craft unique messaging
6) Relevant Marketing Channels
Choose the platforms and modes of communication that best suit your strategy
What’s the difference between a marketing strategy and a marketing plan?
A marketing strategy provides the data to support your brand’s chosen approach to the marketplace. A marketing plan, on the other hand, is an actionable list or timeline of upcoming marketing initiatives, projects, and campaigns. These initiatives are crafted according to your established strategy, working to achieve your business goals over a defined period of time.
Why is it important to establish a strategy before creating a plan?
Without a strategy, you risk drastically reducing the effectiveness of your marketing efforts. By taking the time to conduct research on the marketplace, competition, and target demographics, along with clearly defining your business goals, you ensure that your marketing efforts are executed with purpose.
A good strategy makes it easier to measure the success of your investment.
Having a strategy helps you:
Reach your target audience.
One of the most compelling reasons to create a marketing strategy is connecting with the right people. In order to craft compelling messaging, you need to identify your customers—who they are and what they want from your business. This research allows you to discover the most effective ways to reach and impact your intended audience.
Spend money in the right places.
Let’s face it: when it comes to connecting with customers, there are an overwhelming amount of marketing channels to choose from. In addition to traditional methods, such as print and TV advertising, there are a plethora of digital marketing options, like social media, Pay-Per-Click (PPC) advertising, email marketing, and more. The data discovery involved in a marketing strategy helps you understand where to invest your marketing spend for maximum return.
Stay consistent.
When you’re building your brand and attempting to reach new customers, consistency is key. Your messaging and visuals across channels should always stay in line with the overall identity of your company. A marketing strategy provides guidelines, ensuring that the message you deliver is clear, consistent, and recognizable.
Measure outcomes.
A good strategy demands that you set goals. Once these goals are in place, you can begin measuring the effectiveness of your efforts. Metrics gathered may include return on investment (ROI), engagement, or conversion rates. These insights will prove invaluable as you refine and improve your marketing efforts over time.
If I have a marketing strategy, do I really need a marketing plan?
The short answer is: yes. Having a strategy is vital, but a strategy without a plan is like a recipe without food! Creating a detailed plan not only gives you a timeline for achieving goals but also makes everyone’s life easier.
A solid marketing plan saves time and money, ensures consistency, and allows for a holistic approach.
Establishing a plan helps you avoid missing important messaging opportunities and, crucially, you have a much better chance of staying on budget. This process is proactive, rather than reactive. It gives your business the ability to shape the customer experience and your team the time they need to craft truly excellent content.
What’s included in a marketing plan?
Budget
Objectives
Messaging
Descriptions of individual campaigns
Tactics, timelines, and task assignments
Instructions and deadlines for execution
Are you ready for a more strategic approach to marketing your business?
At Mix, we’re all about the big picture. We ask questions, pushing to better understand your company’s overarching goals. This approach ultimately enables our team to deliver the best and most effective end results—results that can be measured.
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Our team is ready to strategically empower your business to grow.
