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Marketing Strategy vs. Marketing Plan | What's the Difference? - YouTube
Channel: Grow with Will - SEO, Sales & Entrepreneurship
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Marketing is super confusing.
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There are a ton of concepts to understand.
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So in this video, we're going to
break down the difference between a
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marketing strategy and a marketing plan.
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We're going to go over a
few examples of the two.
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And so by the end of this video, you
will have a better understanding of how
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to create a marketing strategy versus a
marketing plan for your work or business.
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Hey, I'm Will, and if you're new here,
I hope that you'll consider subscribing
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and hitting that notification bell.
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I teach you something new in sales,
digital marketing, and entrepreneurship
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every single week to help you
go from zero to self-starter.
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As usual, here are some timestamps
to help you navigate throughout
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this video, but without further
ado, let's jump into things.
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The first thing you review is
what even is a marketing strategy.
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Strategy is what helps answer the
overarching questions of what marketing
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is as a function in a business.
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This means being able to answer questions
like who are we trying to target or who
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is part of our ideal customer profile?
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Marketing strategy aims to answer
questions like why somebody cares
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about our product or why should
somebody care about our product?
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This is the part of marketing where we
answer broad statements as to where we
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might go to find our ideal customers.
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We might also ask ourselves when our
marketing might aim to engage with their
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customers as well as how we might position
ourselves from a marketing lens when
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our customer interfaces with our brand.
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Within positioning, there's a whole nother
side of marketing strategy as well that
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covers things like what tonality we might
use with our ideal customer profile.
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Overall though, the key thing to
remember with marketing strategy is
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that it tries to answer the overarching
questions behind marketing as a function.
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Now that we've covered marketing
strategy, we can talk about
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what a marketing plan is.
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A marketing plan is the actual
how to our marketing strategy.
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In other words, this aims to answer
what we're actually going to create
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for marketing, or what's going
to go on our content calendar.
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This is the part where tactical decisions
like what social media platforms we want
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to be marketing on come into the picture.
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You might also answer questions around
the frequency in which we're posting on
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these different social media networks.
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When it comes to your standard operating
procedures or your SOPs this is where
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they will be solidified and teams are
scaled around these marketing plans.
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By the way, if you're finding
this video helpful, do me a favor
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and hit that like button below.
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By doing so, you'll help other people that
are asking this question find this video.
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Now that we've gone over what a marketing
strategy is and what a marketing plan
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is, let's dig into two examples as to how
to delineate between these two concepts.
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For our first example, we'll
take a look at Peloton.
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In this example, Peloton might have
a marketing strategy, which is to
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form new partnerships with brand name
artists in order to leverage their
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audiences and attract new subscriptions.
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Fun fact, we can see this in their
recent partnerships with brand name
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artists like Beyonce or The Beatles.
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When it comes to an actual marketing plan
behind this strategy, Peloton might first
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identify the brand name artists on their
platform, then reach out to their brand
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managers before figuring out next steps
of forming this sort of collaboration.
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So in this example, the strategy
encompasses the overall thought
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behind what we're trying to achieve
as a business whereas the plan is
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the execution steps that we take
to bring that strategy to reality.
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For our second example, we might be
a local coffee shop that believes
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that we can better leverage network
effects from our existing customers.
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In other words, we think that customers
that already visit our coffee shop will
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be more likely than other customers to
share us with their friends and family.
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So with this marketing strategy in
place, we might form a marketing plan
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that would include things like creating
loyalty cards, so that the next time
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that your existing customers come into
the shop, they have more incentive
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to share us with another friend.
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Or we might come up with some sort of
VIP club in which if they bring in two
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new customers to this shop, they would
join this club for the next three months.
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As a final part to this marketing plan,
we might come up with some sort of test
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of a double-side referral program in
which both the referrer and the referral
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would get some sort of incentive for
mentioning that they had heard about
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the store from the existing customer.
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So at this point, you might be wondering
if a marketing strategy can live without
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a marketing plan, or if a marketing plan
can live without a marketing strategy.
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And the answer to that
question is honestly no.
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And the reason why is because without
a strategy, you can't really form a
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meaningful plan and without a marketing
plan, you can't really meaningfully
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bring a marketing strategy into reality.
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So both of them have symbiotic
relationship in that they have to
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be aligned in order for a marketing
team or a company to see success.
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I've had a personal experience
in which the marketing plan and
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marketing strategy were not aligned.
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A few years ago, we had a marketing
team that wanted to build up our PR
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and build more relationships with
existing reporters and outlets in
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order to get attention on our brand.
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However, this marketing plan to
build out these PR relationships
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weren't well aligned to the marketing
strategy that we were implementing
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at that time, which was creating a
ton of helpful content for educators
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to get interested in our product.
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As a result, the plans around public
relations really never materialized
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anything because it couldn't connect
back to the overall marketing
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strategy of our organization.
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In other words, our marketing team's
thoughts that PR could be an avenue
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for growth and part of our marketing
plan never materialized because it was
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the equivalent of cold emailing a ton
of different journalists and hoping
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that our business would be interesting.
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There wasn't anything behind that
plan or an alignment to the marketing
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strategy that we're executing.
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If you take away nothing else from
today, there are two things to remember.
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The first one is that your marketing
strategy will encompass the overall
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broader intent of marketing at your
company whereas your marketing plan
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is going to answer the questions
around the how of your marketing.
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It's really important that you understand
the distinction between these two
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things and also how they have to
interact with one another and align in
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order for marketing to be successful.
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Now, it's your turn.
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Tell me in the comments below, what
is your marketing strategy right
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now and what are your plans to
make that strategy into reality?
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I love hearing from you guys and I try to
read and respond to every single comment.
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Also, if you found value from
this video, do me a favor and
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hit that like button below.
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By doing so, you'll show this to more
people that could find this video helpful.
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If you want to level up your business
skills and you haven't already subscribed
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sure to do so so that you can get
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more content around sales, digital
marketing, and entrepreneurship.
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Lastly, if you're looking for more
marketing tips and tricks, check out my
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jumpstart kit and the link in the video
description to help you get started.
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Lastly, because you watched this video,
you might enjoy my content marketing
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jumpstart kit which you can get in the
link in the video description below.
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With it, you'll be able to
kickstart your marketing and get
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some marketing initiatives skill.
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In my next video, I'm going to
share with you five reasons why
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content marketing is so important.
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In the meantime, though, check out these
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