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!
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;
What is the long-term vision for my business, and where do I want it to go?
Do I have clear goals for each area that will drive the business towards the vision?
What area needs immediate work?
Take a look at the list of things a Marketing Strategy includes and ask yourself the following:
Do I have all of the above strategies?
Do I at a minimum have my core marketing principles down?
Product, Price, Place & Promotion
Who, What, When, Where, How and Why
What do I need to do next to move one step closer towards the business vision?
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