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  • Katie Sheach

Business Strategy Vs Marketing Strategy


A Business Strategy is often mistaken for a Marketing Strategy and they are two completely different things so let's break it down so you can understand the difference and how both work to grow your business.


Let's first start by understanding what differentiates a Business Strategy from a Marketing Strategy. If you look at the image below and feel seen, don't worry they are common mistakes but ones we can easily fix!


A visual image of what a business strategy is not and what a  marketing strategy is not

Now you know what a Business Strategy and Marketing Strategy is not, let's discuss what each Strategy actually includes so you can understand what you need to be reviewing and considering in your business,


Your Business Strategy is broad and covers every aspect of your business including;

Finances

Systems

Operations

Customer Experience

Product and Services

Team

Training and Development

Marketing

Sales

Network and connections

Productivity and Efficiency

Vision, Mission and Goal Setting


Your Marketing Strategy is how you are going to achieve your Business Strategy and includes;

Core Marketing Principles

Social Media Strategy

Content Strategy

Brand Strategy

Conversion Strategy

Referral Strategy

Sales Strategy

Lead Generation Strategy

Feedback Strategy



I know this feels like A LOT, but you're never doing everything at once unless you have a huge team. We are usually working on 3 core areas at once from Business and 1 from Marketing.



So why do you need a Business Strategy and a Marketing Strategy?


Goals of Business Strategy
  • Create a plan that works towards the business vision

  • Create a plan that works towards the life you want outside of the business

  • To understand the purpose of the business

  • To provide purpose, roles and responsibilities to the team

  • To ensure the growth of the business

  • To gain a competitive advantage

Goals of Marketing Strategy
  • To increase brand awareness

  • To understand the customer journey

  • To become the leading brand in your industry

  • To be known, recognised and loved by your customers

  • To drive sales and revenue to the business

  • To understand and target the needs of the customer

  • To create a voice and recognition of your brand name


As you can see both strategies are connected. They work simultaneously and support each other but they are not the same.



You need a Business Strategy and a Marketing Strategy.


Your Business Strategy needs to come first as this guides your Marketing Strategy.



Now you understand the difference between a Business and a Marketing Strategy what do you need to do next?

Take a look at the list of things a business strategy includes and ask yourself the following;

  1. What is the long-term vision for my business, and where do I want it to go?

  2. Do I have clear goals for each area that will drive the business towards the vision?

  3. What area needs immediate work?


Take a look at the list of things a Marketing Strategy includes and ask yourself the following:

  1. Do I have all of the above strategies?

  2. Do I at a minimum have my core marketing principles down?

    1. Product, Price, Place & Promotion

    2. Who, What, When, Where, How and Why

  3. What do I need to do next to move one step closer towards the business vision?



A promotional banner invitation to book a call with katie sheach consulting to discuss building a business strategy.


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Hey, I'm Katie

As your dedicated Business Consultant, Mentor, and Educator, I'm on a mission to elevate small businesses and reshape success statistics. When I'm not immersed in the business world, you'll find me seeking solace and gaining fresh perspectives in nature, often near the coastline or exploring new mountain trails.

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