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Topic: Marketing and Strategy

Discussion Points • The difference between strategy and tactics • Why strategy is so important? • How to develop and Marketing Strategy

Enjoy the Episode - Happy Marketing!

Website Thingy: www.marketingstudylab.co.uk  The Professional Bit: https://www.linkedin.com/in/petersumpton/  Facebook Community: https://www.facebook.com/groups/marketingstudylab/  Tweet Tweet: https://twitter.com/cousinp81 

Transcript (this transcript isn’t 100% accurate but provides a decent representation of the conversation – soz for any confusion)

Peter Sumpton Hello, hello, hello. Welcome to another episode of marketing. And with me Peter Sumpton, the Lego master of marketing, hence the little wavy Lego man as we started. I'm marketing consultant first and foremost. But I cover everything within the marketing genre. My mission in life is to help as many companies as many organisations as possible, see the value known understand the value of marketing, and then implement it so they can become a marketing focused and orientated company. If they don't, they will disappear in the long run, usually, because this gives them a short term view of the world and not a long term view of the world. And specifically, not a long term view of the world from a customer's point of view. So what are we talking about today? So what we're talking about today is marketing and strategy. That old strategy thing? What is it? Why is it different from tactics? What should we know about strategy that we don't? How can we formulate a strategy quite easy. Those are the things that we need to know. And we need to understand to become a better marketer, I always always talk about good marketer, bad marketer. And there's certain elements, certain components, or certain things that good marketers do, that bad marketers don't do. And this is one of them, understand the importance of a strategy and understand the difference from a strategy to a tactic. And that's hugely important in marketing, hugely important in any walk of life, but marketing more than any. So on that, if you've got any questions about marketing strategy failand, to me, put them in the comments. And I'll do my best to answer them throughout this live or after it if you're watching post live, or indeed, if you're listening to the podcast, of which this will formulate into part of the marketing study lab podcast series. So let's get on with this strategy thing. What is a strategy? And why should we utilise one? So a strategy is quite difficult to quantify. Everyone talks about being strategic, everyone talks about having a strategy a strategic direction. The way I like to define a strategy is it's how we're going to get somewhere how we're going to achieve something which is usually an objective, but it gives us an overall view as to how we are going to achieve a particular something. Now in marketing, that is usually to increase a competitive advantage, or improve some kind of return on investment, usually through sales or something monetary. Now, it doesn't have to be monetary. It doesn't have to be monetary, as long as there is some kind of objective that we can then work out the ROI and we can quantify it. So from that point of view, this could be signups downloads, event signups attendance, it doesn't have to necessarily be monetary. But