What is Marketing Strategy? WTF Marketing Jargon 005






What is Marketing Strategy? is the fifth video in our exciting WTF Marketing series where we are cutting through the marketing BS to support businesses to be more successful.

In this episode Martin Henley of The Effective Marketing Company answers the questions: What is marketing strategy? What is marketing? What is strategy? What is the difference between strategy and plan? Why do you need a marketing strategy and how do you do marketing strategy?


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This is the first half of the transcript for those of you that like to read, you will find the entire transcript here: https://effectivemarketingcompany.co.uk/content-marketing/what-is-marketing-strategy/


What is Marketing Strategy?


Hello there my name is Martin Henley, this is the WTF series and this is episode 5 where I’m answering the important question what is marketing strategy?


In addressing the question what is marketing strategy there are seven things I’ll be sharing with you – we’re going to give you a definition of marketing strategy; we’re going to remind you of our definition of marketing; we’re going to look at a definition of strategy; before we think about the difference between strategy and plan; how people feel about marketing strategy; why you need a marketing strategy and how you do marketing strategy.


Let’s go Ricky


Did we find a definition of Marketing Strategy?

In addressing the question – what is marketing strategy? we’re going to need a definition and we found one at investopedia.com. They tell us that “a marketing strategy refers to a business’s overall plan for reaching prospective consumers and turning them into customers.” What’s interesting is that we didn’t find many definitions of marketing strategy and that we found this one at Investopedia. The reason I think this marketing definition wins is because it also gives us a little nice definition of what marketing is “reaching prospective consumers and turning them into customers. Essentially what Investopedia are telling us is that a marketing strategy is a plan for doing marketing.


How does Effective Marketing define Marketing Strategy?

So Investopedia have given us a definition of marketing strategy, which includes their definition of marketing so I just want to quickly remind you of our definition of marketing. We define marketing in episode 2 what is marketing? In that episode we define marketing as “the investment you make in time, energy and money in finding winning and keeping customers profitably. So I’m happy to agree with Investopedia that a marketing strategy is a business’s overall plan to find win and keep customers profitably.


If we really want to understand marketing strategy we need to understand the word strategy and we’re going to need the definition and we found one at businessdictionary.com. businessdictionary.com tell us is that “a strategy is the art of combining and employing the means of war, in planning and directing military movement or operations.” So it feels to me like a strategy is perhaps a little bit more serious than a plan. What I really like about this definition is it gets to the root of the issue, it’s about combining and employing the means of war, it’s about the resources that you have and how you invest those resources to get the return that you’re looking for.


Understanding strategy in a militaristic sense is really interesting and useful and this is why people reach Sun Tzu and his art of war if they are starting a business. Strategy, it seems to me, is about investing your resources and it’s about being deadly serious about how you are going to win the battle of being successful in your business.


What is the difference between a Marketing Strategy and a Marketing Plan?

So now you might be wondering what actually is the difference between a strategy and a plan and we were wondering also so we went to the Cambridge dictionary and we found a definition of plan. The Cambridge dictionary tell us is that a plan is a set of decisions about how to do something in the future – so it’s not terribly different from employing the means of war to win a battle. A plan is about making decisions about the way that your future is going to be so for me it doesn’t matter really matter what you call it, you can call this a marketing strategy you can call it a marketing plan. I don’t particularly care what you want to call it as long as you understand that this is your opportunity to identify the resources you have and how you are going to invest those resources best to be successful in your business. .





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