We often hear businesses talking about their marketing strategy when they really mean their marketing plan. These two things are related but serve very different purposes.
Confusing these two things can lead to missed opportunities for your business and muddy the direction of your marketing, especially in luxury-focussed industries.
A marketing strategy answers the question "Why are we doing this?"
Your strategy includes the big-picture thinking and defines what you want to achieve, who your audience is, and what makes you stand out in the market.
A strong marketing strategy should include:
For example, when creating a social media marketing strategy for a brand targeting the luxury market, you would need to communicate exclusivity and value to your audience.
A solid strategy can only be put in place when you have strong research, insights, and a deep understanding of your target market.
A marketing plan, on the other hand, answers the question "How will we make the strategy happen?"
Your plan will break down the actionable steps you need to take to bring the strategy to life. A good marketing plan should include:
For luxury focussed brands, this might mean high-quality content creation that speaks to your audience, a detailed rollout schedule for new product launches, or planned influencer collaborations.
At Floor Ten, we support you to develop a marketing strategy that will lead to successful campaigns.
So, whether you’re refining your content marketing strategy starting from scratch we always make sure that you follow a clear, intentional path— and don’t get caught up in random tactics.
Meet us on Floor Ten where we will elevate your content marketing with a clear strategy and solid plan. Find out more here.
Jacqui Patton is the MD of Floor Ten and a Marketing Strategist.