Emma Beavon takes you through the difference between the two types of strategies and which is the best option for your brand.
Marketing strategies can be the make or break of a brand; therefore, it is imperative that marketers make the right decision. Before you can make a decision about specific strategies, it is important to understand the difference between the foundational strategies.
This type of marketing strategy is a plan that can last for up to a year — only the short-term, hence the name.
It is often used to promote new products, services or sales. It is also the initial marketing strategy of start-up companies as a way to get their name out into the customer space. It is also easier to conceptualise than a long-term strategy as it is all about the ‘now’.
A short-term strategy includes a detailed action plan in which it specifies what platforms the marketing will appear on (such as TV, radio, print, social media). It also details who will be carrying out the strategies, what the budget will be, the expected profit and the forecast of sales. It is essentially a ‘calendar of events’ that pertains to a specific campaign.
Campaigns that are part of this strategy produce a temporary boost in sales and traffic to a business. This is because the focus of the strategy is to bring in new customers
; this a crucial part of business, especially for start-up brands or rebranded designs.
It is important to remember that short-term strategies are essential for long-term success but they should not be solely relied on
Examples of short-term marketing include:
- price promotions
- trade shows
- social media campaigns
This strategy’s main objective is to establish brand awareness and continue to produce results for years. It lays out more general objectives for a longer period of time and keeps the brand fresh and relevant. The ‘bigger picture’ is a huge focus of the long-term.
Customer relationships with the brand are becoming increasingly more important, as long-term strategies are there to ensure that these existing relationships are being maintained and nurtured
. This is the complete opposite of a short-term strategy, which focuses on new customers.
Working with a longer time frame also allows marketers to continually improve things as they will be able to see what does and doesn’t work and make changes accordingly.
The strategy is a consistent one that does have short-term wins that contribute to the bigger picture. However, marketers won’t see immediate results, but rather, the results will be clear after a longer period of time.
Without long-term strategies in place, the success of short-term strategies can be short-lived. The whole purpose of a long-term strategy is to safeguard the future of the brand.
Examples of long-term marketing include:
- content marketing
- search Engine Optimisation
- public relations
- social media pages
Why marketers should use a combination of both
It is beneficial for marketers to use a combination of both strategies. This is due to the fact that both have different purposes and goals, and using a combination is a way to get the most out of your marketing strategies.
Short-term is useful when you are looking for ways to increase your consumership or to launch a new service or product. However, long-term is used to keep existing customers and continue to nurture that relationship.
Only using one of these strategies can actually have a negative effect on your brand. For example, only using tactical strategies can result in short-termism. This will see instant results but will, however, see a huge spike in consumer churn. This means that a brand will be gaining customers at a fast pace but will also be losing customers quickly as they will go to your competitors with better long-term plans.
On the other hand, only using long-term strategies will ensure existing customer relationships are nurtured and looked after but brands will never showcase anything new; therefore, never piquing new interest in the brand.
Short and long-term strategies work symbiotically, meaning a brand will only thrive if they use a combination of the two. These two strategies are basically maps that guide brands to success. Does your brand use a combination of the two marketing strategies and why? Let us know in the comments section below.