A Deep Dive Into Marketing Strategy And Marketing Plan

Yes, marketing strategy and marketing plan can seem like one and the same (and they are indeed closely intertwined), but in fact, they’re two distinct concepts. Where marketing strategy is the framework for success, the marketing plan is the action items derived from that strategy to achieve your targets. They’re different in scope, level of detail, and focus, but to grow your business, it's important you understand and consider both.

Relationship Between Strategy and Plan

A marketing strategy is something you establish first, as it’s one of the 3 pillars of startup marketing. It provides the long-term vision and defines the "whys" and “whats” behind your marketing efforts, including:

• target audience;

• overall goals;

• value proposition;

• competitive positioning.

Then, your short-term marketing plan outlines how you'll accomplish everything you've established in the marketing strategy. Its focus is on the "hows", "whens", and "whos" through specific steps and tactics, like: 

• actions to implement the strategy;

• timelines and responsibilities;

• defining key performance indicators;

• outlining budgets for achieving your goals.

Basically, a solid marketing plan requires a good marketing strategy, and a marketing strategy absolutely needs a carefully crafted plan to work effectively.

Marketing Strategy Explained

Marketing guru and best-selling author Seth Godin puts strategy into perspective. In his latest book, This is Strategy, he writes: “Strategy is a philosophy of becoming. A strategy isn’t a map - it’s a compass.” In other words, the marketing strategy serves as a blueprint that will guide your marketing efforts in the long run, usually 3-5 years. It’s where you set the direction of how you wish your company to operate in order to reach its marketing and business goals. This includes some critical elements like:

• Marketing objectives - increase brand awareness, build customer loyalty, acquire new customers.

• Audience insights - understand target audience demographics, behaviors, needs, challenges.

• Value proposition - identify what makes your brand or product unique.

• Competitive analysis - research market competitors, as well as their strengths and weaknesses.

• Promotional channels - choose digital, social, or traditional media to reach your target audience.

• Budget allocation - estimate the needed resources and allocate budgets towards effective marketing.

• Metrics - decide if you measure success based on lead generation, customer retention, conversion rates, etc.

• Pricing strategy - will you go with low pricing to quickly gain market share, adjust prices based on competitors, or pick psychological pricing to influence customer perception.

Each of these critical elements provides a clear direction for the marketing activities of your company and contributes to its long-term success. At Startmile, we are dedicated to helping you understand your market, define your audience, and set a clear direction for your endeavors.

Marketing Plan Explained

With the critical framework in place, it’s time to create a game plan that translates the strategic vision into actionable steps for the short term (usually a period of twelve months or so). This is where you outline the specific, promotional, and advertising activities planned for the period. The marketing plan typically includes key components such as:

• Executive summary - prepare an overview of the plan, summarizing key points for leadership.

• Current positioning - analyse the current market, company status, competitors, and customer environment.

• Market research - research current market trends, customer needs, expected direction, etc.

• Strengths & weaknesses analysis - assess your company’s strengths, weaknesses, opportunities, and threats to your marketing efforts (a.k.a. a SWOT analysis)

• Objectives - set specific, short-term goals aligned with the broader strategy.

• Responsibilities - outline who is responsible for which part of the plan's execution.

• Campaigns - brainstorm advertising, content marketing, events, and promotional ideas.

• Marketing activities - set any actions concerning marketing goals that are scheduled for the indicated timelines.

• Budget - detail the allocation of financial and team resources across initiatives.

• Data Measurement - define metrics and KPIs for tracking progress and success regularly, allowing for adjustments.

Another important distinction between marketing strategy and marketing plan is that your marketing plan can be considerably more flexible and indeed should be revised regularly (we recommend every quarter) based on performance data, market changes, or other factors. The marketing strategy, on the other hand, requires more patience and should not be revised more than once or (in cases of dynamic market development) twice a year.

Benefits of Strategising and Planning

So the marketing strategy guides what you say, how you say it, and where you say it to make your business stand out, while the marketing plan is the execution of that guide. Having both can yield some tangible benefits to your business. And as Seth Godin says in another one of his best-sellers, This is Marketing:

Measurable progress 

A good marketing strategy and plan means you can easily measure your progress toward your company goals, as well as identify issues preventing you from reaching the said goals. 

Assess and reassess opportunities 

You’re better prepared to evaluate current and new opportunities, as well as decide if they meet your company needs, align with your marketing strategy, and fit into your marketing plan.

Create cohesiveness

Having both a marketing strategy and plan brings a level of cohesiveness that often leads to a stronger foundation of teamwork, as well as increased creativity and productivity.

Gather important information

Going the extra mile in your marketing efforts (or, say, the Startmile way!) means you end up with invaluable business insights, which in turn can be used for improving campaigns and affecting how successful your business becomes.

Making People Care 

In This is Marketing, Seth Godin (we’re huge fans, you can probably tell) talks about the "tall sunflower," which symbolizes the visible, outward-facing aspects of a brand like market share, widespread recognition, or brand size. But he also points out the huge importance of building a deep, complex "root system" for that sunflower by gaining a deeper understanding of the target audience, building trust and connection with people by solving their problems, and creating a remarkable product or service to serve the community. 

Think of the marketing strategy and marketing plan as an essential part of that root. It allows your business to stand tall, sway with the wind, and ultimately thrive. This shifts the marketing focus from traditional "hype" to authentic community building, where true success lies.