Why do I need a Marketing Strategy?

A simple question with a not-so-simple answer.

Strategy is one of those terms that means everything and nothing. It sounds valuable but too abstract to quantify.

It’s that Jackson Pollock hanging on the wall. Everyone ‘oos and ahhs.’ One sold for $61 Million in 2021, and another valued at $500 Million in 2023. Yet, for all the implied value, you look at the splashes upon splashes of paint and think: “My toddler could have done that.’

It looks easy because someone put years of thought, talent, and research into creating the perfect mess.

So, how might we make strategy more tangible? Let’s put it in perspective.

What is marketing strategy?

A marketing strategy is a long-term plan that outlines how a company will achieve its goals by connecting with its customers. It’s the ‘why.’

Marketing strategy is nested under your overall business strategy. The two must align to deliver full value to stakeholders and customers.

What is a marketing plan? Isn’t that the same thing?

A marketing plan is a document that outlines tactics, channels, and timelines to achieve the strategy's objectives. Marketing plans can be for the company, brand, product, or project. Marketing plans communicate the ‘how,’ ‘what,’ and ‘when.’

Many companies create annual marketing plans to inform budgeting and resource allocation. This visually displays all the activities that will occur to meet goals.

Why do you need a marketing strategy?

Marketing strategy is the overall goal. It’s your north star that everything else should follow.

Marketing programs that don’t have a strategy don’t know what they are working towards or what paths will get them there. The output isn’t cohesive and can confuse your buyer.

Our CFO says not to waste money on strategy and our CRO wants to know exactly how many leads it will generate.

Fair.

You know that resources are limited if you are a corporate executive or business owner. It doesn’t matter if you have a small business or a Fortune 500 — budgets and people are never infinite.

A marketing strategy ensures that your money is spent wisely - the team has a clear direction and is taking measured bets with your investment.

No marketing strategist can guarantee a specific ROI or number of leads generated. They can make an educated guess.

The snarky answer is that throwing money out the window has a guaranteed negative ROI. Don’t you at least want to know where we are throwing it?

I have a strategy. It’s to sell more.

Hope is not a strategy, nor is selling more for the sake of selling more.

A strategy will guide you to the markets, products, or offers that will give you the best chance of ‘selling more.’ The strategy will give those prospective customers a reason to buy.

What about KPIs, OKRs, and Metrics?

Those can be embedded in your marketing plans and into your marketing strategy. The business world loves numbers.

The problem is that teams can forsake the mission in pursuit of short-term numbers. This may deliver a pat on the back on Wednesday, but by Friday, the team is at it again, trying to hit the next short-term goal.

Marketing strategy is the bigger picture. It’s the top of the mountain.

We’ve done fine without a strategy. Why would we change now?

This little thing called ‘technology’ continues to turn the business world upside down. It’s not the gadgets per se; it’s the speed of change.

Technology has accelerated the buying cycle in almost every industry. It’s also changed how we, as humans, make buying decisions.

If you don’t have a strategy informed by current market insights, you might as well print out the ‘Everything Must Go’ signage.

Why don’t some companies have a marketing strategy?

Because they haven’t met me!

There are four reasons why companies don’t have a marketing strategy:

1. They don’t know how. Strategy is a more senior function. Many marketing departments don’t have the resources to guide them through the process. That is where marketing consultants like Corporate Prose come in to help.

2. They have a short-term focus. They feel pressured to continue delivering short-term value. They are focused on hitting daily, weekly, or monthly KPIs and deprioritize longer-term thinking. Marketing leaders can reset expectations by showing how short-term projects build to longer-term outcomes.

3. There is a misalignment in function. Some industries confuse marketing strategy with responding to sales inquiries or, worse, with acting as the de facto cheerleading team. In this scenario, senior leaders need to be taught what marketing function should be — and how it can bring positive ROI to the business.

4. They have one, but aren’t using it. This is called ‘shelf garnish.’ It is when a team does all the work to create a plan to show shareholders — then do whatever they want after it gets turned in.

How can a marketing strategist help us?

I’m glad I asked! We can evaluate the market, your messaging, competitors, and products and then identify the best way to present them to potential clients.

To make it tangible, we’ll take strategy from Jackson Pollack to Edgar Degas. As a marketing strategist, I’ve provided companies with:

1. Market Analysis: comprehensive market research projects that show where your market or industry is headed, what today's and tomorrow’s buyers may need, and short-, mid-, and long-term targets.

2. Go-to-Market Plan: a strategy with a step-by-step plan focused on launching a new product or into a new vertical market.

3. Marketing and Sales Program Restructure: rework how marketing is structured and what they are doing, and create an actionable plan with support to turn around revenue

4. (re) Positioning roadmap: laser-focused strategy on what to sell, who to, what matters, what to say, and why a customer will buy your product/business over competitors.

5. Message Architecture: business and market analysis paired with crisp copywriting to convey the value of your business, product, or service to buyers. These are like messaging cheat sheets for your teams.

6. Marketing Plans: annual business plans with marketing activities, budget, timelines, and resource allocations.

7. Marketing Innovation Workshops: facilitated training to get teams ‘unstuck’ and thinking about how to capture more marketshare with existing resources.

Marketing strategy is a good investment.

That is — if you use it.

Let’s chat about how to turn strategy into action.