When most people think of “marketing,” they imagine TV commercials, billboards, magazine ads, direct mail pieces, radio spots, etc. While these forms of media still play important roles in today’s marketplace, there has been a shift toward digital marketing methods such as search engine optimisation, social networking sites, mobile apps, video content, email blasts, online reviews, blogs, podcasts, etc. These newer types of marketing tools allow businesses to reach out to prospects through multiple channels at once.
A clear marketing strategy should revolve around the company’s value proposition, which communicates to consumers what it stands for, how it operates, and why it deserves their business.
This template should serve as a foundation for marketing teams’ efforts across all of the firm’s products and services.
The terms marketing plan and marketing strategy are frequently used interchangeably but a plan is based on the strategic framework, and a marketing strategy is likely to contain many marketing plans.
In some cases, the strategy and the plan may be incorporated into one document, particularly for smaller companies that may only run one or two major campaigns in a year. For example, the plan outlines marketing activities on a monthly, quarterly, or annual basis, while the marketing strategy outlines the overall value proposition.
The marketing plan is a document that describes the numerous forms of marketing activities a firm undertakes and establishes timetables for putting them into action.
Individual marketing plans should have a shorter lifespan than marketing strategies since a strategy includes the value propositions and other fundamental components of a business’s brand, which generally remain constant over time.
So a marketing strategy covers the big picture, and marketing plans cover the nitty-gritty operations of specific initiatives.