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WHAT'S
THE DIFFERENCE BETWEEN A MARKETING STRATEGY AND A MARKETING PLAN?
Quite
often people get confused about the difference between a marketing
strategy and a marketing plan.
We define marketing strategy as . . . "a
simple statement as to your overall plan for attracting prospects, and
converting them into first-time customers, and then lifetime, repeat
customers."
In other words, 'How are you going to make money?'
Your marketing plan is just a more detailed description of your
marketing strategy. First comes the 'general' -- your marketing
strategy -- then comes the 'specifics' -- your marketing plan.
The truth is, every business owner already has a marketing strategy
whether he or she is aware of it or not. The minute you begin taking
action -- any action -- to generate sales, you have a marketing
strategy. The action you take is your marketing strategy.
The important question is . . . 'how effective is that marketing
strategy?'
If your general plan of action is . . . "to spend a lot of money
on 'Awareness' ads to get your name out into the marketplace,"
then that is your marketing strategy. It's an incredibly costly,
inefficient and ineffective strategy, but it's a marketing strategy
nonetheless.
If your general plan of action is . . ."to promote the features
and benefits of your product or service to a specifically targeted
market," then that is your marketing strategy which will
produce good results because you are effectively targeting prospects who
are more like to buy your product or service.
Since you now know that a marketing strategy is your general plan for
generating sales, it must be obvious that it is impossible to be in
business and not have a marketing strategy. You can't generate sales
without having any idea of how you are going to generate those sales.
To determine exactly what your current marketing strategy is, simply
answer the following questions in as few words as possible:
1. What is your general method for attracting prospects to your business?
2. What is your general method for converting prospects into first-time customers?
3. What is your general method for getting repeat sales from your current
customers?
Once you have your marketing strategy spelled out, you are then in a
perfect position to ask yourself how satisfied you are with the results
you are now achieving from each part of your strategy.
Only by questioning
yourself about the effectiveness of your current strategy can you open
yourself to a much more effective and profitable strategy.
"You have permission to
reprint this article in your e-zine, at your website or in your
newsletter. The only requirement is including the following
byline..."
*Article by
Patricia Kopp. Visit www.creativeBUSINESSworks.com for more
original content on marketing tips, sales strategies and business
success.
Creative Business Works - "Promoting
Integrity and Success Through Marketing"
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