The following terms are often confused in marketing articles: business strategy, marketing strategy, and brand strategy. In the material, we will show how these terms differ and how they are similar.
A business strategy is a step-by-step instruction aimed at achieving the success of a particular company. Business strategy includes decision rules that are used to determine the main rules of operation.
Having a business strategy helps a company:
- clearly follow the set goals;
- track success;
- meet market conditions that are constantly changing;
- ensure transparent external and internal communications.
A company’s marketing strategy is focused on advertising. Marketers use various tools during the execution of the chosen strategy to increase the visibility of the company. It, in turn, builds brand loyalty and improves sales in the long run.
Peculiarities of marketing strategy
The marketing strategy of brand promotion is aimed at creating a positive image of the company. A well-thought-out strategy helps to intelligently allocate the company’s resources and increase the volume of sales. The marketing strategy is part of the overall strategy of the company. It is based on the main components of the marketing complex: product, price, place, and promotion.
Online tools for implementing this brand promotion strategy include:
- Social Media Marketing (SMM).
- Email distribution.
- Contextual advertising.
- Targeted advertising.
- Collaboration with thought leaders, bloggers, etc.
- Search Engine Reputation Management (SERM).
Online marketing specialists often use several tools at once to achieve their goals faster.
Brand strategy is a brand development strategy, the goals of which are to form the identity of a product or service and improve its assets.
Why do you need a brand strategy
A correctly formed brand strategy provides insight into the following issues:
- How will the brand be created?
- What target audience is it designed for?
- What will the brand be like after a certain period of time, for example, a month, six months, or a year?
A brand positioning strategy allows you to form a vision for the company, starting from the concept and ending with communication with the target audience.
The main differences between the strategies
As we noted above, confusion between the three terms often occurs. And it is not surprising. Because the goals of all three strategies are frequently the same, and the methods of implementation are intertwined. Both brand, marketing, and business strategies are aimed at achieving company success. However, brand strategy is primarily responsible for brand development. A marketing strategy is concerned with creating a positive image, and, in turn, a business strategy is aimed at the success of the company as a whole.
It is necessary to develop the company by following all three strategies, because they are interconnected and generally have a single goal – the success of the company. At the same time, the visual and communication strategy of the brand should not be ignored. They invest their considerable share in the development and achievement of brand goals.
One of the components of successful implementation of all strategies is timely adaptation to new conditions. We also recommend involving specialists in the work on the marketing component, as they know how to quickly promote the brand. Therefore, if you need, for example, strategy optimization in social networks, lead generation, or identity, contact individual specialists or a digital agency immediately. It will help you save time and money on unsuccessful decisions.