Business Strategy & Marketing Strategy – are they related?

It's common for businesses to overlook the inherent link between business strategy and marketing strategy, thinking the two are only loosely related. More often than not, marketing strategy is an afterthought or worse still, considered to be ‘advertising’.

However, it’s critical for your business to recognise marketing as the execution of your business strategy – it’s your song and dance (in a good way) and the visible delivery to your customers of your business’s strategy.

In simple terms, your business strategy and business plan are the foundations from which a marketing strategy and marketing plan are created. I will go as far as to say business strategy and marketing strategy are so closely related that they are one of the same (or should be). For example, a brilliant marketing strategy with market and customer insight data to back it up can influence business strategy to emerge. However, many businesses don’t view business and marketing strategies this way.

On the bright side, this creates a HUGE opportunity for your business. Buck the trend I’m seeing and differentiate your business by aligning your business strategy to your marketing strategy.

So, if you’ve got a business strategy and plan (or in your head soon-to-be documented) – you’re halfway to creating a winning marketing strategy and plan that will generate revenue, whilst steering your business in the direction you want. But please, do me a favour, and make sure your business and marketing strategies are both given the importance they deserve.

Having said all this, it’s not expected as a business owner or busy sales & marketing head that you have it all figured out. Outsourcing your marketing strategy to a professional allows your business strategy to be viewed objectively and the opportunity cost of outsourcing it may be lower than your time - often your time is better spent on sales activities.

Thanks for reading!