I’m sure you’ve heard marketing consultants like me talk about the importance of creating a marketing strategy and then following a plan for success. But what exactly is the difference between an industrial marketing strategy and a plan? I can assure you they are not just consulting jargon.
In this article, I will delve into the nuances of these two concepts and explore how they contribute to the growth and profitability of industrial businesses. However, it is important to understand that industrial marketing strategies and plans go hand in hand.
While the two terms are often used interchangeably, a marketing plan and a marketing strategy are distinct from each other. A marketing strategy is the broader framework that defines a brand’s overall direction and positioning. It defines the target audience, the value proposition and the key messages that differentiate a company from its competitors.
It sets the stage for the marketing plan by providing a clear understanding of the market dynamics and opportunities.
A marketing plan, on the other hand, is a comprehensive document outlining the objectives, tactics, and resources needed to achieve a company’s marketing goals. It provides a roadmap that guides all marketing activities and ensures a focused approach.
While a marketing plan focuses on the specific actions and tactics to be executed, a marketing strategy provides the overarching vision and direction that guides those actions.
To summarize the differences into short sentences—Strategy is about answering the Who and the Why questions. While planning is about answering the What and the How questions.
The marketing strategy provides the overall direction and positioning of the brand. The key components of an industrial marketing strategy include:
When it comes to industrial content marketing, the strategy can not only be in someone’s head. It needs to be documented and refined over time using measurement and analysis. The survey results published by the Content Marketing Insitute show that only 32% of manufacturing marketers having a documented content marketing strategy.
They also said, “…too many content marketers are creating content for the sake of creating content – in many cases, this could mean responding to ad hoc requests.” I couldn’t agree more with that statement.
A comprehensive industrial marketing plan comprises of several key components that work together to achieve the desired marketing objectives. You’ll find some overlap between a plan and a strategy.
Measuring the success of an industrial marketing strategy and a plan is crucial for evaluating the effectiveness of the efforts and making necessary adjustments. Here are some key metrics to consider:
A well-defined marketing strategy and a detailed plan are essential for success in industrial marketing, especially in a globally competitive market(s). While a marketing plan provides a roadmap for achieving marketing objectives, a marketing strategy sets the overall direction and positioning of the brand.
By understanding the differences between these two components and effectively implementing them, industrial companies can reach their target audience, differentiate themselves from competitors, and achieve their business objectives. So, invest the time and effort in developing a comprehensive marketing strategy and a plan and propel your industrial marketing efforts to new heights.
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Industrial Marketing Today is an integral part of Tiecas, Inc., a Houston-based industrial marketing agency. We’ve been in business since 1987, serving the marketing needs of manufacturers, distributors, and engineering companies from various industries.