Strategy. Strategy. Strategy. It's not a buzz word.

Strategy is not a marketing buzz word to be thrown around lightly in your workplace. The word is often incorrectly used in marketing discussions. For example, junior marketers think everything is strategy, including marketing tactics. 

I've worked with people who assume that if they say the word "strategy" once in every third sentence, they will look like geniuses to their bosses and co-workers. (Nope, sorry. You're just making yourself look silly to the seasoned people in your midst that know the difference between "strategy" and marketing tactics. They roll their eyes at you.)

Planning a strategy takes a global and satellite view of the situation to be addressed through marketing tactics. Strategy requires a deep understanding of your market, customers, competitors, product and goals.

Here's an example.

XYZ Company wants to double revenues in five years. For the past 10 years they have done very well selling just one product. But, recently, the product has become stale as their customers needs have changed and evolved.

The company's sales manager says, "If we just double our sales calls, we should be able to meet our revenue targets this year."

That's this year. What about next year? The product is already past its prime. XYZ Company can suck the last few dollars out of the marketplace with this product, but that won't be sustainable.

Basic blocking and tackling -- the standard marketing tactics of mailing more brochures, or adding new graphics to the website or making more sales calls won't lead to long-term growth.

Strategy? Ah, yes. A strategy must be developed using these steps.

1) Analyze the marketplace to see where it is going. Survey your current customers and prospects to see what they need now and in the future.

2) Collect current and past sales data.

3) Collect third-party data about industry trends. Is there really a need for this product over the next five years?

4) Study your competitors. What products have they introduced or retired?

5) Synthesize the information gathered in steps 1 through 4. See patterns forming? See where the industry in going? Any light bulbs visible to shed light on the future?

Maybe XYZ Company learned that their one product solved only half of the problems for customers. They needed to fill a new need in the market place. They concluded that if they added a few bells and whistles to the same product, their current customers could be retained, and new customers could be acquired.

Strategy? Yes, fill a new need and invest in product improvements. Create a re-envisioned product. Set the right price. Then, create a new and improved brand to support the product. Now, it's time to implement the marketing tactics -- sending the right message to the right customers and prospects at the right time. New brochures. Updated website. Add a blog and social media tactics.

See the difference? The strategy was to fill a need in the marketplace. The tactics generate the leads that result in new revenue.