Let’s break it down:
Marketing is all the different ways you attract an audience to your offering.
Strategy is the plan and path you take towards reaching your goals.
So your marketing strategy is your plan and the steps you will take to attract your audience to purchase your product to reach your revenue goals (or other types of goals as mentioned in the post about marketing goals).
The planning and forecasting that is involved in setting the strategy is informed by many factors such as your market (customers and competition), your market research, your marketing mix, and even back to the 7 Ps of marketing. It’s also dependent upon the minds and experiences of those crafting it. Ideally, strategy represents a consensus of all the best minds in your company for how you are going to reach your goals in various ways. Strategy can be iterated on over time, or you can stick to the plan.
I wrote this post just before the 2024 Super Bowl. Think of a football game. Both teams have a game plan/strategy. They can either make a change in the strategy based on how the game is going, or they can stick to the plan. If you are a football fan, you see this all the time. The team that is down at halftime is questioned. Will they stick to the game plan or will they make adjustments?
The previous post ended with the question, “what’s the best marketing strategy?” The true answer is it depends. It will always depend. It depends on you, your company, your market, your customer, your resources, your budget, and so many other things. You can observe how competitors and non-competitors approach their goals and factor that into your planning, but your strategy should always be about you.
Your story is unique. So too is your strategy.
Want to learn more about Marketing? See my Marketing Framed publication for these key topics:
marketing, market, TAM-SAM-SOM, market research, go-to-market, product-market fit, positioning, marketing funnel, marketing flywheel, marketing mix, marketing goals, marketing strategy, marketing execution, marketing budget, brand marketing, content marketing, copywriting, storytelling, marketing projects & initiatives, marketing project management, marketing agency, marketing technology, marketing automation, marketing & AI, marketing analytics, marketing metrics
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