What’s the difference between a Marketing Strategy vs a Marketing Plan?
These two are very often thought to be the same however they are actually very different.
Put simply – strategy is the thinking and plan is the doing.
A Marketing Strategy
A marketing strategy outlines the goals you need to achieve with your marketing activities. It answers the questions of when, where and how you are going to win the work you want to be winning. A good marketing strategy should begin by knowing your audience – what do they need from you and why? It’s a broad look at who you need to market to and what you hope to achieve. You might like to start with a SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats).
A marketing strategy defines the markets you’ll play in, the timing and how you are going to stand out from the competition in those markets.
Your business goals and your marketing strategy should go hand-in-hand.
A Marketing Plan
A marketing plan, on the other hand, outlines the actions you’ll take to achieve the business and marketing goals highlighted in your strategy, it’s where the strategy is put into action. A marketing plan details the campaigns and promotions you’ll need achieve the goals in your strategy and the types of content you’ll need to produce.
Your marketing plan outlines specific actions that you will take to market your product or service to potential customers.
Where the marketing strategy answers the when, where and how questions, the marketing plan creates a series of projects and action plans to meet your specific marketing objectives.
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This article was written by our Account Coordinator Amanda Bell.