Marketing Plan Vs Marketing Strategy: What’s the difference?
One of the biggest problems entrepreneurs face is the vast opportunity that exists in the world of digital marketing. It can become overwhelming, and the end result can be overly expensive, and decidedly disappointing, results.
The easiest way to overcome this challenge is to STAY FOCUSED and organized.
Developing a marketing strategy and then a marketing plan to support that strategy will help achieve this.
However, even this can be confusing. What marketing elements belong where? What matters and what doesn’t?
Here is an easy way to remember the difference.
Your marketing strategy is your “why”.
Your marketing plan is your “how”.
Here’s a more in-depth description of the difference between a marketing strategy and a marketing plan.
The marketing strategy is the backbone of your brand, and supports how you plan to achieve your goals and mission for the company. It provides purpose and direction.
The marketing plan is tactical, execution based and driven by goals. It is a detailed outline of the timeline, implementation, and metrics of your success.
What marketing elements are included in each?
Lets go over the key elements the belong in each.
Key Elements of a Marketing Strategy:
Go to Market Overview: The basic messaging, positioning and plan for launch
Mission statement: 1-2 sentence that describe your purpose for being
Competitive Landscape: A structured analysis of your competition
Buyer Personas: A semi-fictional description of your customer
Brand Position: The space your brand occupies in the mind of your buyer persona and how it is differentiated
Unique Value Proposition: What you do, for whom and why you do it better than the competition
Market Analysis: The quantitative and qualitative description of your market place
Key Elements of a Marketing Plan:
Marketing Calendar: a 12 month, day by day list of events and initiatives, short term should be more detailed
Marketing Budget: a complete breakdown of how you will fund your marketing initiatives
Ownership of Tasks: Who is in charge of doing what tasks, by what date and to what expectations
Content Pillars: 2-3 Primary topics that your audience desires to hear about
Channels & Distribution: What media you will create and where you will publish it
KPI’s & Goals: What you want to achieve and in what time period.
Still have questions? Book a free discovery call with me!