Writers Publishing House
Marketing strategies are often confused with marketing plans. Because they do feed off one another, it is not unusual to find the marketing strategy and the marketing plan baked together into a single document. Although the transition between the two is blurry, a marketing strategy covers the big picture of what the business offers: the value proposition and related brand messaging. The marketing plan is how the business will get across the key message: the platforms, the creative, the timing, and so on. The marketing strategy may also be absorbed upwards into corporate value statements and other strategy documents.
A marketing strategy grows out of a company’s value proposition. The value proposition summarizes the competitive advantage a company has in its market. The value proposition usually provides a key message for all marketing. Walmart, for example, is a discount retailer with “everyday low prices,” and its business operations and marketing revolve around that. A company is never creating a marketing strategy from scratch; they start with the value proposition and distill the key marketing message(s) from that.
Once the value proposition is succinctly stated, the hard work is done. Any marketing asset, from a print ad design to a social media campaign, can be judged by how well it communicates the value proposition. To further the efficiency of marketing efforts, market research can be added to the marketing strategy to identify untapped audiences or refine the target consumer. Finally, an overall goal for the marketing strategy can be set, with all the subsequent marketing plans inheriting the responsibility for delivering on it. These can be concrete, bottom-line goals such as increasing sales or something less direct like climbing the ranking of trusted providers within the industry.