Marketing strategy is one of our favourite topics for two reasons: a well-developed strategy simplifies our everyday marketing job as it makes the implementation of different initiatives straight-forward. Secondly, that’s what we specialise in, and what we love to do.

Marketing Strategy Definition

The go-to-market strategy represents the generic direction a company should follow in order to accomplish a specific business objective. It shows a “road map” to achieve greater results, such as sales growth, worldwide brand recognition, and higher market penetration.

The Benefits for Your Brand

Many brand owners fail to see the benefits of incorporating marketing strategy in the overall strategic business process. A well-crafted strategic plan:

• provides the business with focus and direction by identifying the best opportunities worth pursuing as well as the threats to be avoided

• identifies the tools that the company can effectively use to fight competition and gain market share

• saves company time and money by focusing the resources on attracting the right employees and investing only om marketing initiatives that support the overall business objectives

• differentiates a company from the competition by identifying the distinct advantage and the supporting elements

• translates the company vision, mission, objectives, into effective marketing initiatives

• serves as the foundation for all your communication campaigns

• improves the effectiveness of the marketing message to customers and partners

• increases sales and profits

• creates consumer preference for the brand

Marketing Strategy vs. Marketing Plan

These two concepts create a fair amount of confusion among marketers and business executives. Below are some important differences between the two:

Marketing Strategy

• a collection of medium too long term methods for achieving the company’s objectives.

• will not change yearly, but only when a major change occurs that affects the business as a whole: the rise of a new strong competitor, implementation of new legislation that greatly impacts the business, a sudden change in consumer needs.

• supports business objectives

• generic, with loosely defined budgets and deadlines

Marketing Plan

• a list of initiatives to be implemented in the short term (usually within one year).

• changes yearly based on competitive actions and short term opportunities and threats

• supports marketing strategy

• the “to-do list” that includes well-defined responsibilities, budgets and deadlines.

An effective Marketing strategy is realistic, easy to understand and practical to implement. It also makes communication initiatives easier to develop.

Interested to find out how Honest London can help your brand with your marketing strategy? Get in touch today.

Written by Clara