We’ve all heard the phrase ‘marketing strategy’ time and time again, and we all know that every business needs one to reach their goals. But what if we asked you ‘what is a marketing strategy?’ – what does it actually mean?
With so much marketing lingo floating around out there, the specifics can definitely get a little confusing. That’s why we thought we’d break down what this common industry term boils down to – because knowing the ins and outs of an effective marketing strategy is crucial for any brand looking to make some serious waves in our increasingly competitive landscape.
So, let’s dive in!
What is a marketing strategy?
In essence, your marketing strategy is your brand’s overall game plan for how you’re going to reach, engage and win over your target audience. It’s more than just tactics and campaigns – it’s the overarching vision that guides all your marketing efforts.
The core components of your marketing strategy might include:
- Your value proposition – This is where you lay out that special sauce that makes your product or service irresistible. What can you offer that the competition can’t?
- Your target audience – Who exactly trying to win over? You’ll want to get pretty specific about the groups of people that make up your ideal customers.
- Your key messaging – How are you going to package up that value proposition in a clear, compelling way that resonates with those target audiences?
- Your channel strategy – What communication channels (social media, email, advertising etc.) will you use to share that messaging and get in front of the right people?
- Your analytics – Your marketing efforts go beyond hitting ‘post’. What are the metrics telling you? Establish how you’ll measure performance to continually level up.
All in all, the purpose of a marketing strategy is to give you complete clarity on what, how and why you’re going to promote your services to make you stand out and give you that so-called ‘competitive edge’.
Benefits of a marketing strategy
It’s a given that the business world is wildly competitive these days, so having a solid marketing strategy in your pocket is more important than ever. But what can it actually do for your business? Here are just some of the benefits:
It helps you stay aligned and intentional
No more ‘winging it’ or spreading your efforts too thin across different channels and tactics! A solid marketing strategy keeps all your marketing campaigns, messaging and initiatives working together like a well-oiled machine towards one cohesive goal.
Your branding stays on point
With clear branding and messaging guidelines woven throughout your strategy, you can ensure your one-of-a-kind brand identity, voice, visuals and vibe remain consistent and recognisable no matter where your audiences are interacting with you – whether on your website, through your socials or even in your office space.
It helps you stand out
When your branding and messaging stay consistent across all channels and touchpoints, it becomes easier for people to recognise you and remember your name – and ultimately gain their trust to make that first point of contact.
Marketing strategy vs. marketing plan
The terms ‘marketing strategy’ and ‘marketing plan’ are often used interchangeably, but in reality, they’re pretty different. That’s why we thought we’d also touch on the difference between the two – to really bring home the importance of a dedicated marketing strategy.
So, to understand the difference between a marketing strategy and a marketing plan, it’s first best to clarify what separates a ‘strategy’ and a ‘plan’ – and Harvard Business School make this distinction super easy.
Essentially, they say a strategy is a set of choices you make, that positions you on a playing field of your choice, in a way that you win. A plan, however, is simply a list of goals – it doesn’t need the same coherence as a strategy, nor a specified way of accomplishing those goals.
In other words, a strategy provides clear positioning and a unified theory for how the brand will deliver value, while a plan is a list of marketing tactics, channels and budgets to achieve the strategy – without the same overarching vision.
Marketing strategy vs. digital marketing strategy
As if confusing it with one term wasn’t enough, a ‘marketing strategy’ is also often confused with a ‘digital marketing strategy’ (and we totally get why!). But again, while a marketing strategy outlines the bigger picture for your brand’s overall game plan, a digital marketing strategy is your plan for using online channels to build awareness and reach your audience.
For example, if your chosen social media platforms are Facebook and Instagram, what are your goals for each? It’s important to remember that every platform has different uses, audiences and benefits, so tailoring to each of them falls part of your digital marketing strategy – and, of course, your overall marketing strategy.
Final word: How to create an effective marketing strategy
And there you have it: the full rundown on what a marketing strategy truly is and why it’s so crucial for promoting your business effectively. As we’ve seen, it goes way beyond just having a handful of tactics or campaigns up your sleeve – a comprehensive, research-backed strategy is what really allows you to be laser-focused and intentional about every effort rather than just winging it.
But if just reading through all those pesky strategy components has you feeling a little overwhelmed, don’t worry! Crafting a solid marketing strategy is no easy feat, especially when you’re already juggling a million other priorities for your business.
That’s where the savvy minds at ie instinct come in. Our team lives and breathes this strategy stuff, and we’re experts at helping brands like yours develop killer game plans tailored to your unique voice, audiences and goals.
So if you’d love some friendly backup from an experienced marketing strategy partner, be sure to drop us a line here or via our socials – we’re here to support you with all things marketing!
