The SOSTAC Approach is a marketing success model developed in the 1990s by strategic marketing communications expert PR Smith. It is an extension of the SWOT analysis involving 5 key components. Each component interrelates with all the others to deliver a cohesive roadmap to success. In each step, the goal is to answer the following questions:
1) Situational Analysis: Where Are We Now?
-Analyze opportunities
-Benchmark competition
-Document current performance
-Audit current customers
2) Objectives: Where Do We Want To Be?
-Define vision
-Set weekly/monthly expectations
-Align goals
-Set SMART objectives
-Key performance indicators
-Define a reporting plan
3) Strategy: How Are We Getting There?
-Define consumer segments
-Establish target demographics
-Positioning statement
-Marketing Mix
-Define multi-channel experience
-Build engagement & content strategy
4) Tactics & Action: What Are We Doing To Get There?
-Build a digital roadmap
-Media schedule
-Set allocation of budget and marketing resources
5) Control: How Do We Monitor Our Progress To Our Goal?
-Engage with our customers
-Review aggregation plan
-Qualitative feedback (surveys, etc.)
-Review progress
-Have we met our goals?
-If we haven’t met goals, how do we pivot?
There is no magic bullet for achieving success with marketing. It is a methodical well thought out process. The SOSTAC method involves clear strategic planning, goal setting, and optimization efforts to build a winning marketing strategy.
Through this exercise we are able to learn all of the necessary information about a client to achieve success. Anderson Collaborative applies this model to the projects we take on so we are measuring the progress made towards our goals.
If you would like to apply this to your own business but feel like you don’t know how to best proceed or are struggling to answer some of these questions, schedule a free consolutation with us! We’ll work with you to see how our agency can best help your business.
