Marketing Strategy Vs Vision
Having a vision is an important first step in your journey to achieving business objectives. It entails a degree of competency, imagination, and passion that when combined, helps form a vivid image concerning the materialization of your dreams.
Many small and mid-sized business owners have clear visions of goals they hope to achieve. The issue is, for some, they try and develop marketing plans based on the vision, as opposed to a strategy, which often results in failure or the unnecessary waste of essential company resources, such as money and time.
For business owners looking to achieve company objectives more efficiently, it is advised that you understand the difference between a marketing strategy and vision if you want to succeed.
What is Marketing Strategy?
- Brand Overview – A good marketing strategy begins with a complete breakdown of your brand. It forces businesses to ask important questions about their brand, such as, what is the brand’s story? And what is your brand’s mission?
- Market Research – Market research is an extremely important element of the marketing strategy. Conducting marketing research allows brands to get a more comprehensive look at the market, to better understand current and potential customer’s wants and needs.
- Challenges, Goals, & Opportunities –
Fully comprehending the challenges, goals, and opportunities of carving out your segment of the market will enable you to not only hit marketing objectives by finding untouched consumer bases but also mitigate potential hazards that could arise in the future.
- Competition Analysis – It is extremely difficult to create a unique marketing strategy if you are unaware of the marketing efforts of your competition. Studying their marketing techniques will help shed light on what actions you should be taking, as well as what actions you should be avoiding.
- Pricing & Positioning – After you’ve studied your competition, the next step is to be truthful about your position within an industry. This entails understanding if the goods or service your brand provides is high or low end. Once you have that information, then you can decide a reasonable price point for your goods or services.
- Messaging – Messaging is a core component of your overall marketing strategy. Once you’ve obtained insights from the analysis of your competition, you can develop a message that takes into account all the data (i.e., demographics, education, career, etc.) that makes up your targeted audience.
- Strategy – When you’ve determined that you’ve firmly grasped the core of your brand and all elements of the marketplace, you can then begin to build your marketing strategy based on the method you deem best fits your brand’s budget and objectives. Common marketing strategies to consider include content marketing, social media marketing, SEO, influencer marketing, etc.
- Execution – While this is technically the last step, you are far from finished. After you’ve implemented your strategy flawlessly, you have to monitor constantly and fine-tune it to ensure you’re staying on course.