10 Jun SOSTAC Marketing Model
SOSTAC Marketing Model.
A useful tool for creating a marketing plan was developed by best selling marketing author and consultant, Paul R. Smith, in 2011. He calls it SOSTAC ® (link to http://www.PRSmith.org). It provides a simplified approach to creating a business or marketing plan for anyone who has never had to create one before. I am a great admirer of Smith’s work and I am reproducing the central tenets of it here today to create awareness of the tool. PR Smith published an update to his original work for digital marketers in 2015, and this is available for purchase on Amazon.
This article reflects Smith’s updated model.
The SOSTAC model’s core components are as follows:
S – Situation Analysis – where are we now?
O – Objectives – where are we going?
S – Strategy – how do we get there? The big picture view
T – Tactics – details of strategy including the marketing mix and communications mix? The detail
A – Action – who does what, when and the processes and systems that support metrics
C – Control – measurement and metrics. Tracking progress
We can then add in the 3M’s – Men, Money and Minutes. These represent manpower/ human resources, budgets and timescales.
Situational Analysis involves:
We begin with situation analysis because we have to figure out where we are right now before we rush off to where we ultimately want to be. This requires:
- analysis of our marketplace – SWOT;
- analysis of our customers – who they are, why do they buy from us, how do they engage with us
- analysis of our competencies – what are we really good at and how strong are our brands
- analysis of the current market trends – what’s hot, what’s not;
- analysis of our performance or results – key performance indicators and 5 S’s – Sell, Serve, Speak, Save, Sizzle.
Click on the link below right now to view the full version of this article and to discover the details behind the other five components of SOSTAC.