Marketing plan and marketing strategy - are they two different things? Which one is important for my business to succeed?

If you are a small business owner struggling with these digital marketing terms, we have got you! In this article, we will cover the basics of both marketing plan and marketing strategy and by the end, you will have your questions answered.

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Marketing Plan vs Marketing Strategy

Before we get into the details of a marketing plan and marketing strategy, we just want to clarify one thing.

Both marketing plans and strategies are vital for running a successful business. Understanding the similarities and differences between the two will help you make decisions better.

Marketing Strategy

A marketing strategy always relies on your company’s goals. The strategy should be created before the work starts. The strategy helps determine the type of work you are going to do to create the desired impact. A marketing strategy is a solution that answers questions like the following:

• What does your company need to do to achieve its goals?
• Who are your target customers?
• What makes your product special among the customers?
• How to market your product among the target customers?

The answers to these questions should align with the company’s goals and mission. An effective marketing strategy is important to create a working marketing plan. 

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Also Read: Getting Your Business Noticed in Local Markets

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Marketing Plan

A marketing plan is simply the execution phase of the strategy. It involves all the efforts required to achieve the company’s goals. 

The marketing plan includes detailed steps that fully describe how, when and where you implement the tasks required to make your business a success. 

Differences Between Marketing Plan and Strategy

Difference	Marketing Strategy	Marketing Plan
Purpose	The purpose of a marketing strategy is to align your marketing goals with the company’s goals. It will help you understand the reason for the marketing efforts you have to put in.	The purpose of a marketing plan is to help develop steps to accomplish the marketing goals. It includes a timeline for the work along with how you will make it happen. To put it simply, marketing strategy is like knowing the place you want to go to while marketing plan is the way through which you will get there.
Components	The basic components of marketing strategy usually involve the following:  Company’s goals and mission Marketing goals Market positioning of the business Competitor analysis Brand Essence Initiatives Buyer needs	A marketing plan usually involves the following:  Campaign goals Budget Timeline for the execution Key milestones Channels to be used Content plan Responsibilities
Timing	A marketing strategy, as mentioned before, should be the first thing you do. It creates the foundation for the activities that you need to perform. The strategy needs to be solid and can be revised quarterly.	A marketing plan happens after you have the marketing strategy in place. It is done to create an understanding of when, how, where and what kind of work you are going to do. For each campaign or program, you can create multiple plans depending on the extent of work to be done.

 

Benefits of Creating Effective Marketing Strategies and Plans

• You can explore different opportunities systematically using a clear and defined approach right from the start.
• While trying out the opportunities, you can measure the progress towards the goals. In the end, this can help you reevaluate the measures taken and develop new ways to achieve more success.
• Strategies and plans make communication easier, especially about the goal and the direction of the campaign. It also helps you understand responsibilities and promotes teamwork. 

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Also Read: Developing a Strong Online Presence for Start-ups 

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