You have probably heard the term “marketing strategy.” You also probably know that having a marketing strategy is essential if you want to grow your business. A strategy will ensure that your day to day activities move you in the right direction, and your efforts will be focused on how you are going to get things done.

Defining Strategy and To-do

The definition of strategy is, “a plan of action or policy designed to achieve a major or overall aim.” Other words for strategy are master plan, game plan, and procedure to name a few.

A strategy describes how you are going to get things done by making goals such as gathering information or providing resources. It is designed to move you in an ever-forward motion towards growth. A strategy answers the question of how do we get from here to there? It helps you realize your vision through an actionable plan.

For example, let’s say you are the owner of a gourmet deli. You have a vision of becoming a chain deli throughout the state. Your mission is to bring gourmet food to people who cannot afford it. Your goals will be concrete outcomes like bringing the food to all local schools within the next two years. Your strategy will focus on how you will achieve getting the food to all the local schools.

In comparison, the definition of a to-do list is, “a list of tasks that need to be completed, typically organized in order of priority.”

A to-do list is static. It is simply a list of tasks that you intend to do. It doesn’t have a long-term plan that will guide you towards winning the market in which you are competing.

When to Develop Your Strategy

Your strategy will come after you have defined your vision and your goals. Like I stated above, your goals are the things you need to do to achieve your vision. The strategy you develop will incorporate the actionable steps to complete your objectives. Strategies come before you take action.

You must know exactly what you are trying to achieve and why so you can develop a strategy that will take you from where you are right now to where you want to be.

As you develop your strategy, keep in mind that you aren’t the only pony at the show. Your strategy should establish how you intend to win the prize. What will make you distinct from all the other businesses like yours? Why will customers choose you over the next guy with similar products? Your strategy should have the answers to those questions.

If we use the deli example above, you could say you will be taking gourmet sandwiches to children in the local school district every Friday. You stand out because you make gourmet sandwiches for children at local schools. This is also why customers would choose you over the next guy.

You should reevaluate yourself and your business periodically to ensure the answers to “how you stand out” and “why choose you” are still accurate and relevant.

How to Develop the Strategy

The first step in creating your strategy is to do a careful evaluation of your industry landscape. You need to know who your customers are and who they are not. Develop a detailed understanding of your customer’s needs and identify unique ways of creating value for them. You also must analyze your competition’s current strategies and consider how they might change in the future based on industry trends and technology.

Your strategy should be in-depth and detailed enough that you can clearly see how you will meet the customer’s needs in a way the competition does not.

Perhaps the most difficult part of creating the strategy is writing it out. It must be detailed but easy to understand by every employee. The result should be a plan of action that can be followed from CEO to frontline employee.

In summary, develop your strategy by doing the following:

1. Evaluate the Industry.
2. Know who you serve and who you don’t.
3. Understand your customer’s needs.
4. Identify unique ways to create value.
5. Analyze your competition’s current strategies.
6. Consider how strategies may change in the future.
7. Write out an understandable and in-depth, detailed plan.

Do not underestimate the value of your strategy statement. If done well it can have a substantial impact on your success.

In “Can You Say What Your Strategy Is?” by David J. Collis and Michael G. Rukstad, they say, “Words do lead to action. Spending the time to develop the few words that truly capture your strategy and that will energize and empower your people will raise the long-term financial performance of your organization.”

To-do lists are great for remembering general tasks like going to the grocery store or picking up the dry cleaning, but it won’t propel your business forward. For that, you need to invest the time in a strategy. Go ahead, give it a shot. See where it takes you.