Do you need a marketing strategy or a marketing plan?
The answer: BOTH! You may already have business and marketing plans, so why do you need a marketing strategy?If we were to ask you if you have a marketing plan, you would probably say: "Yes, of course, you can't do business without it." If we then asked you about your marketing strategy, you would likely ask: "Is that different from my marketing plan?" The answer is YES.
There is some confusion between what the difference is between a marketing strategy and a marketing plan. A marketing strategy is based on your overall business goals. It includes the definition of the nature of your business, your products and services, target market, and how your business is situated with the competition. The marketing strategy is what you will compare the relevance of items in your marketing plan to determine their role in achieving your goals. Your marketing plan can be thought of as the practical application of your marketing strategy. It is the what, where and when you will need to do things. A marketing plan will contain the details on your key selling features, pricing strategy, plans for selling and advertising.
Now that you know what the difference is, it is easy to see how a business needs to have both a marketing strategy AND a marketing plan. Having one without the other will not clearly help you to meet your goals. Small Business Canada has a great article on the topic: The Key to Marketing: The Marketing Plan. What does your marketing strategy look like? Is your current marketing plan in line with the goals of your business?
