There is a lot of talk lately about “strategy” in the marketing world.
As AI continues to take over significant chunks of the marketing execution market, on which many marketers have built their businesses, strategy has been held up as the logical position of strength for marketing professionals.
Unfortunately, no one seems to be able to define strategy or what a strategist does.
Most of the time, what people are calling “strategy” is simply a mislabeling of a plan.
Other times, people are intentionally trying to make strategy sound like some mythical gift from God, only a few select mortals have been granted the wisdom to enact.
So, what is strategy, and how is it different than a plan?
Some will disagree with me. Maybe you will, too. For better or worse, here is how I define the two.
What is Strategy?
My working definition of strategy is this:
“Strategy identifies your unique power, and how to leverage it to a specific point of success.”
What gives you or your business unique power that your competitors do not have, or would have a difficult time accessing?
How do you leverage that unique power to achieve a defined point of success for your business?
If you can answer those two questions, you have a solid foundation for a business strategy.
How Do You Identify Your Unique Power?
A lot of businesses will look at something they do well and assume that’s their power.
“We put our customers first”
“We’re the cheapest option!”
“We’re the fastest option!”
“We’re the largest provider!”
“We make the best widget.”
While these can all be helpful, they don’t represent real power for your business.
Your unique power is something that gives you an outsized advantage and position of strength, which would be extremely difficult for competitors to copy without a cumbersome investment.
This power might come from a wide variety of areas, depending on your business.
- A patent you own
- The hyper-focused targeting of a niche no one else has identified
- Intentional targeting of the opposite market as a competitor (economy vs luxury)
- A production process that moves faster at a lower cost, etc.
- Combining two categories into one that no one else has thought of or executed well
- Combining several processes into one cohesive system (chainlink systems)
The possibilities are endless. The key is that your power must come from something that isn’t easily copied by competitors.
If everyone can make simple changes to their business and match you, then it’s not a unique power.
What is a Plan, and How Is It Different From Strategy?
A plan is, in fact, different than a strategy.
While a strategy identifies your unique power and seeks to leverage it to a specific point of success, a plan is the step-by-step process for achieving said success.
Once you have a strategy, you need a clear plan that everyone can follow to achieve the end goal.
Your strategy aligns your team philosophically. Your plan aligns them procedurally.
Your plan keeps everyone on track, accountable, and moving in the same direction.
Without a plan, your strategy can’t be implemented.
Without a strategy, your plan is just wishful thinking.
You Must Be Able to See The Forest Amongst the Trees
One of the best things you can do when attempting to develop a winning strategy is to take a step back from the trees and look at the forest.
Naturally, you are extremely close to your business. Half the time, all you see is the detail in the bark, let alone the tree, let alone the entire forest.
The most effective way to gain a full perspective of your business and the market you’re in is through an outside set of eyes.
Someone who is not biased for or against your business. Someone without the baggage and knowledge of your day-to-day highs and lows. A person who can come in and maintain an objective point of view while reviewing both your business and the market.
I can’t tell you how many times over the last decade I’ve sat in a room (or Zoom, of course) with a client where they were adamant about a specific positioning of their business.
Fast forward twenty minutes and a few (seemingly to them) dumb questions, and we’ve identified that their best positioning is actually a bit different, and it matters.
Regardless of Strategy or Plan, Decisions Matter
If you aren’t willing to make tough decisions, it won’t matter what your strategy or plan is; it won’t work.
By very definition, if you’re going to create a winning strategy, you will have to focus on some things and let others fall to the side. You may even need to let some things go altogether.
Once you land on a strategy and a plan for executing it, you need to be laser-focused on doing it well.
We’ve all had great ideas and not executed them. We’ve all lost focus or gotten scared before.
Winning teams stand on strong strategy and execute plans with confidence and consistency.
Do you have a strategy, a plan, or wishful thinking?
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