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Success in any aspect of life is rarely achieved by a stroke of luck. It is attained through constant efforts being made in the right direction; the same happens with marketing. Marketing is not a stand-alone activity, separated from the other factors of a business. Instead, marketing is a collective effort that incorporates alliance from creative, financial, sales, and many other departments. And without a strategy, things can easily start going downhill.
If you are in the business world or trying to get in, you've probably heard already about ”marketing strategies”. We know it might sound overwhelming at first, but don't worry, we are here to break down the concept and explain what it is.
A marketing strategy is your business overall ”game plan”, designed to achieve specific marketing objectives. It is formulated after meticulous market research. A marketing strategy helps to concentrate the available resources on the best possible opportunities to benefit the organization.
Marketing Strategies vs. Marketing Plans
What is the difference between a marketing plan and a marketing strategy? Occasionally these words are used interchangeably, but they actually mean two different things. We’ve found the simplest way to explain the difference, take a look:
Primarily, the marketing strategy responds to your purpose, it's the offering you deliver, how you will deliver it, and why your marketing efforts will help you achieve your company’s mission and strategic goals. This is the first step, once you have your strategy you will be able to proceed developing an effective marketing plan.
On the other side, your marketing plan is the execution; it is dictated by the marketing strategy and details the tactical marketing efforts that help you achieve your marketing goals. This has to do with what you'll do, where you'll do it when you will implement, and how you will track success.
Why Create a Marketing Strategy?
The main reason to create a marketing strategy is simple; you want results. Having a clearly defined strategy, gives direction to your efforts, maximizing the possibilities to achieve your business marketing goals and minimizing the risks that could arise when investing efforts, time, and money into specific operations.
Let's check a quick listing of 3 particular advantages a marketing strategy has for your business:
1. Establish objectives, set goals, and get things done.
It is important to base your ideas and projects on data and actual information. More specifically, setting SMART goals, to make sure you are being realistic and managing your resources efficiently to achieve your objectives.
The SMART acronym stands for:
Establishing objectives and setting goals leads to put your intentions into motion and holding yourself accountable for your progress. A marketing strategy is formulated to get things done.
2. Allocate resources.
There is nothing more discouraging when working on a project than encountering surprise expenses that haven't been contemplated or realizing you're over your budget. Certainly, it is a tremendous setback and can compromise the company has a whole. But, money isn't the only resource we use when working on specific tasks. Time, teams, and effort are key elements for attaining objectives, that's why a good marketing strategy incorporates and directs your resources in the right path, making sure this is going towards the goal.
3. Less room for miscommunication.
An error in communication can change completely the direction the efforts are going, this can throw away opportunities and interrupt progress. Gladly, professionals that develop marketing strategies know that clear communication is critical, and usually, marketing operations are carried out by more than one person. A marketing strategy will make sure everybody is on the same page and know the importance each person's role in the bigger picture.
At Trifecta we consider your business goals and resources to create efficient marketing strategies that will help you impact your audiences. If you are interested in having a personalized marketing strategy for your business, don't hesitate to schedule a meeting with us so we can help you investigate everything you need to know about your interests and target market.
We're Trifecta Content Studio, a 360º communications agency focused on helping e-commerce companies and small-to-medium businesses build effective and engaging communication strategies that range from branding and influencer marketing to crisis prevention, to Amazon A+ Content and storefront design.