Increase B2B Sales with this Marketing Strategy (Works every time)
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Strategy is the specific plan or proposal that a company uses to achieve its goals.
Tactics are the way a company operates in order to achieve its goals.
For example, a business might use strategy to create a plan to produce more sales, or to find new customers or to improve its product or service.
A tactic is a way a company operates in order to achieve its goals.
The two types of work are usually, but not exclusively, different.
Let's now go deeper and then review some examples.
Strategy and tactics are two concepts that are often used in the same context, but the two terms have distinct meanings.
Strategy is the overall plan of action that an organization, company, or individual will take to achieve a particular goal.
Tactics, on the other hand, are the specific actions taken to implement the strategy.
It is important to understand the differences between strategy and tactics in order to make informed decisions that can lead to successful execution of strategies and attainment of goals.
Strategy is the overarching plan of action that outlines the steps that need to be taken in order to reach a goal. It is a long-term approach that involves making decisions about the organization’s resources, capabilities, and goals.
According to the Harvard Business Review, strategy is “a set of choices” that provides direction and focus to an organization’s activities (HBR, 2017).
A strategy should be specific and measurable, and should outline the steps that need to be taken and the resources that will be used to achieve the desired outcome.
Tactics, on the other hand, are the specific actions taken to implement the strategy. Tactics are the short-term steps that are taken to reach the strategy’s objectives.
According to the Harvard Business Review, tactics are “the means by which strategy is executed” (HBR, 2017).
Tactics are the day-to-day activities that are necessary to execute the strategy, such as marketing campaigns, product launches, or customer service initiatives.
Tactics are often specific and measurable, and should align with the overall strategy.
The differences between strategy and tactics are often overlooked, and it is important to understand the distinctions between the two concepts in order to make informed decisions.
The strategy is the overall plan of action, while tactics are the specific steps that are taken to implement the strategy. A successful strategy is one that is well thought-out and includes specific, measurable objectives that are aligned with a company’s goals.
Tactics should be specific and measurable, and should be tailored to meet the objectives of the strategy.
Understanding the differences between strategy and tactics is essential for making informed decisions that can lead to successful execution of strategies and attainment of goals.
For a more specific helpful article about marketing strategy and tactics, go here:
Marketing strategy vs tactics (the difference)
1. One of the most common strategy errors in business is failing to plan ahead.
This could be a result of a lack of resources, a lack of knowledge, or simply not taking the time to do the necessary research and analysis. Without a well-thought-out strategy, it can be difficult to make sound decisions and maximize resources.
As a result, businesses can find themselves making poor decisions that cost them time and money.
2. Another common strategy error is failing to identify the target market.
Without a clear understanding of who the company is trying to reach, the company can end up spending money on marketing efforts that are not reaching the intended audience.
Additionally, it can be difficult to create a product or service that meets the needs of the target market if those needs are not clearly identified.
3. A third strategy error is failing to set realistic goals.
Without goals, it is difficult to measure success and make adjustments as needed. Additionally, without goals, it can be difficult to motivate employees and create a sense of purpose for the company. Without a sense of purpose and direction, it can be difficult to make progress and achieve long-term success.
4. Finally, a fourth common strategy error is failing to properly monitor progress.
Without proper monitoring, it can be difficult to identify areas of improvement and adjust strategies as needed. Additionally, without progress tracking, it can be difficult to measure success and identify areas of improvement.
Overall, business strategy errors can be costly and can lead to a lack of progress. It is important for businesses to take the time to properly plan and analyze their strategies in order to ensure long-term success. Additionally, it is important to set realistic goals, identify the target market, and monitor progress in order to maximize resources and achieve success.
For an excellent article about choosing high level marketing strategies to gain customers, go here:
Market penetration vs market expansion (the difference)
Tactical errors in business are mistakes made by organizations in their daily operations which can be costly and can even lead to the eventual failure of the business.
Some of the most common tactical errors include:
1. Failing to plan for the future:
Many businesses make the mistake of focusing on the short-term, or the moment, and not looking at the future. This can lead to missed opportunities, missed deadlines, and other problems. A business must have a strategy or plan for the future if it wants to achieve success.
2. Taking on too much at once:
Many businesses become overwhelmed by taking on too much at once and then struggling to keep up. It is important to prioritize tasks and delegate responsibilities so that the business can stay on track.
3. Not investing in the right resources:
Businesses need to make sure they have the right people, technology, and other resources to complete tasks efficiently. If a business fails to invest in the right resources, it can lead to costly delays and mistakes.
4. Not responding to customer feedback:
Customer feedback is invaluable and can provide businesses with valuable insights into how they can improve. If businesses fail to listen to customer feedback and make changes, they can be missing out on opportunities to grow and improve.
5. Not staying on top of trends:
Trends in the market can be an early indication of what the future may hold. If a business fails to stay on top of the latest trends, it can be left behind by its competitors. These are just a few of the common tactical errors in business. By recognizing these mistakes and taking steps to avoid them, businesses can put themselves in a better position to succeed.
For an excellent article about increasing your communication with your customers, go here:
How to Create an Online Survey Using Google Forms (+example)
The most famous example of a strategic error in business is the disastrous decision to merge Hewlett-Packard (HP) and Compaq in 2001.
The merger of the two tech giants was a drastic move that was intended to increase HP’s market share and make them a more formidable rival to IBM.
The merger was approved by the HP board of directors and completed in May 2002.
However, the merger quickly proved to be a major strategic mistake.
HP and Compaq were vastly different companies and had very different corporate cultures. The integration process for the two companies was challenging and expensive, and caused significant disruption to the operations of both companies.
HP and Compaq also had different customer bases and products, which meant that the merged company was unable to exploit the potential of either company. In addition, the merger was met with widespread criticism by both customers and industry experts.
Many felt that HP had overpaid for Compaq and that the merged company was unlikely to be able to compete effectively against other tech giants. Furthermore, the merger did not result in the cost savings that were expected, and HP’s stock price plummeted soon after the merger was completed.
Ultimately, HP’s decision to merge with Compaq was a major strategic error that cost the company billions of dollars. It was a costly lesson in the importance of understanding the different cultures and markets of potential merger partners, and the risks of attempting to combine them without sufficient planning.
The most famous example of a tactical error in business is the failure of Blockbuster Video to acquire Netflix in 2000.
Blockbuster was the world’s largest movie rental company at the time, and Netflix was a small startup DVD-by-mail business. Blockbuster had the opportunity to purchase Netflix for $50 million, but due to a tactical error, they declined the offer.
The tactical error made by Blockbuster was that they failed to recognize the potential of the new business model that Netflix had created. They believed that their existing business model, which relied on customers visiting their stores, was the only viable way to rent movies.
This caused them to underestimate the potential of Netflix’s mail order service, and they were unable to capitalize on the emerging trend of digital streaming. In addition to this tactical error, Blockbuster also made a strategic mistake in not investing in their own digital streaming service.
While they attempted to develop their own streaming service in 2004, they were too late to the game and could not compete with the larger market share that Netflix had built up by that time.
By not investing in their own streaming service and not recognizing the potential of Netflix’s mail order service, Blockbuster allowed Netflix to become the dominant movie rental platform and eventually the streaming giant that it is today.
This tactical error cost the company billions of dollars and eventually led to its bankruptcy in 2010.
The failure of Blockbuster to acquire Netflix serves as a lesson to all businesses to remain agile and always be on the lookout for new opportunities.
Companies must recognize the potential of emerging trends and invest in technologies that can help them remain competitive in their industry. Failing to do so can have dire consequences for any business.
A business can become more strategic and less tactical by focusing on long-term objectives, planning ahead and setting goals, and investing in resources that will help the company reach its goals.
The first step in becoming more strategic is to develop a long-term vision and a plan for achieving it.
This means setting clear, measurable goals and determining how to reach them.
To do this, a business should look at the current market and industry trends, identify potential opportunities and risks, and consider how its competitors are positioning themselves.
This will help the business develop an effective and achievable strategy.
The next step is to invest in resources that will help the business reach its goals.
This could include hiring staff with the right skills and experience, investing in technology, and forming strategic partnerships. It’s important to ensure that the resources are used effectively and efficiently to achieve the desired outcome.
Once the resources are in place, a business needs to plan ahead and set deadlines for goals and objectives. Regularly reviewing progress and making adjustments along the way will help ensure the strategy is on track.
Finally, it’s important to measure the success of the strategy and make sure it’s delivering the desired results. This means regularly assessing the results and adjusting the strategy if necessary.
By focusing on long-term objectives, planning ahead, investing in the right resources and measuring the success of the strategy, a business can become more strategic and less tactical. This will help ensure that the business is well-positioned for long-term success.
1. Developing problem-solving skills:
Problem-solving skills are essential for strategic thinking. Problem-solving requires the ability to identify, analyze and solve complex problems. Research has shown that practice in problem-solving activities improves strategic thinking skills (Kulik, et al. 2007).
2. Developing creative thinking:
Creativity and “out-of-the-box” thinking are an essential part of strategic thinking. Research has found that creative thinking skills can be improved through the use of exercises that encourage divergent thinking (Runco, 2004).
3. Developing decision-making skills:
Strategic thinking requires the ability to make informed decisions. Research has shown that decision-making can be improved through the use of decision-making models and decision-making games (Kotter and Schlesinger, 1991).
4. Developing analytical skills:
Strategic thinking requires the ability to analyze situations and data. Research has found that analytical thinking skills can be improved through practice with analytical exercises such as case studies and simulations (Kail and Cavanaugh, 2010).
5. Developing communication skills:
Strategic thinking requires the ability to effectively communicate ideas and plans to others. Research has found that communication skills can be improved through practice in activities such as public speaking and group discussions (Driskell et al., 1994).
For a very helpful group of articles about marketing strategy, go here: