Marketing Strategy vs. Business Strategy: Getting Them Straight | E68

Today, we’re demystifying a frustration many of us face: the difference between marketing strategy and business strategy. Spoiler alert: despite how often they’re confused, they are not the same thing.

The Distinct Lines

Jen Macdonald, a marketing manager at Evolved, joined us to discuss this very topic. As Jen noted, “A business strategy focuses on how the business is going to achieve its goals. Where does the business want to get to? By what point? What investment do we have to make that happen? And how are we going to get there? This is where marketing comes into it.”

Marketing strategy is there to support and guide a business strategy, never to replace it. The marketing strategy defines the ways in which these business objectives can be met. Jen rightly emphasized, “The two do go hand in hand, but it’s definitely not the same.”

The Confusion in the Air

Jen pointed out a significant issue:

“The line goes a little bit hazy when you start looking at things like proposition and productisation and who your ideal client is, because ultimately the business should decide where in the market they'd like to be positioned.”

This haze often stems from a reactive business environment, particularly post-COVID, where the panic of acquiring clients overshadowed long-term strategy. It’s a reminder that while quick wins feel good, sustainable growth requires strategy that’s meticulously aligned with business objectives.

The Consequences of Misalignment

Emma brought up a painful reality many of us have experienced—the panic-induced abandonment of strategy. She warned, “If you're not willing to hang your hat on something for the best part of a year, I would argue that's probably not a business strategy.” Swapping tactics when the going gets tough can derail both business objectives and team morale.

Moreover, a lack of strategy can severely impact workplace culture. Ruta added, “It causes under performance from a technical point of view, but it also causes underperformance because people aren't aligned. People don't know what they're working towards.”

Navigating the Storm

So, how do we communicate this to our often busy and strategy-deprived leadership? Jen stressed the importance of regular communication: “In my opinion, any markers working on the marketing strategy always need to have a direct line to the board or to the founders.” Keeping these channels open ensures that if (or when) shifts occur, they don’t blindside the marketing strategy or team.

Additionally, Emma suggested using a more subtle approach by conducting a marketing audit. “You can always report back via the medium of an audit that there are gaps between marketing and where you think the business is the business is headed,” she explained. This aids in surfacing the invisible disconnects without the confrontation that directly asking for a business strategy might induce.

Conclusion

Understanding and respecting the demarcation between business strategy and marketing strategy is crucial for any organization aiming for sustainable growth. Both elements must exist in harmony—a symphony of structure and creativity that drives the company toward its goals.

Next time you find yourself swimming in this murky water, remember to maintain open lines of communication with leadership and never forget the power of honest reflection and audits. Because let’s face it, without a solid foundation, even marketing can’t save the day.