Marketing Plan And Marketing Strategy - What's The Difference?

Two terms, use interchangeably but really shouldn’t be. Your marketing plan and your marketing strategy are two different parts of your business.

Simply put:

Your marketing strategy is what you need to achieve with your business. This will be tied to your business goals and vision. 

Your marketing plan is how you are going to achieve what is set out on your marketing strategy. 

Both are necessary for you to move forward with your business, and they will work in unison. 

What Does A Marketing Strategy Look Like?

Most of the time it is better for you to work with a company like Your Marketing People in all aspects of your marketing. But even so, it pays for you to understand some of the basics of a marketing strategy. 

You need to identify: 

Goals

What are your business goals, both long and short term? Are there some overall business goals that need to be met? 

Competitors 

Who are you, competitors, what are their strengths? What are their weaknesses? What is their market position? You need to know as much as possible about your competitors. 

Target Market

Who are you talking to? If you haven’t nailed what drives the purchase decisions of your target market, then how can you sell to them? 

Positioning Goal

What makes you stand out from your competitors, and why should customers come to you instead. 

You will likely need a situation analysis unless you can answer these questions with ease. These things will help you identify your main strengths, weaknesses and amble you to get ahead of potential issues. 

What Does A Marketing Plan Look Like?

A marketing plan will typically have several topics covered. 

Executive summary - this is an overview of the company and will give a review of the plan. 

This section will be to the point for those who may not read the entire document.

Business Description

This section will describe what the business is all about, including the name of owners, the current situation, this means the position in the marketplace, the company mission statement, and any of the core values, and other essential information.

Situation Analysis

The situation analysis will cover the details for your marketing efforts. This section will take a closer look at the internal and external factors that will influence your marketing strategy.

Business Objectives

Any effective marketing plan will need to include business objectives. This is the overall business strategy and goals. 

Distribution and Delivery

Distribution and delivery outline of how your business will sell and deliver your products to consumers. This will include the methods of sale, including wholesale, retail, direct to homes and businesses, and online.

Marketing goals

Martin girls will tie into the overall business objectives. However, they will only focus on a small portion of the business that marketing can, in fact, influence. 

Target market

Target market is simple in concept, of course, it is unrealistic to think that you can attract everybody, you need to talk directly to your ideal customer.

USP

This is your unique selling proposition and talks about how your company has the edge over your competitors. What makes you unique?

Several other sections will be contained within your marketing plan. These are tracking and evaluation, to allow you to set measurable business goals, so you can check how each of your marketing activities has been effective. 

Budget will let you know how much you have to spend, and message and guidelines will ensure that you stand out from your competitors, and demonstrate value to potential customers.

They will work in unison to drive your business forward.