You have covered the 7P's of marketing mix in the previous chapter. Now, let's focus on SOSTAC framework here which will help you implement a marketing plan for any product.
Let us start by understanding what is SOSTAC planning model and what are the stages of SOSTAC framework. We will also look at a SOSTAC framework example and how relevant is SOSTAC framework in digital marketing.
What is SOSTAC planning model?
Developed by PR Smith in the 1990s, the SOSTAC framework will help you develop a digital marketing plan. This framework will also aid you in tracking your progress. It will be a useful tool for you to analyse and predict whether the desired marketing goals can be achieved or not.
The SOSTAC framework in digital marketing is considered as one the most effective and advanced models that help a systematic implementation of strategies. Let us now see what SOSTAC stands for and what are the stages of SOSTAC framework.
What are the stages of SOSTAC framework?
Each letter of the term 'SOSTAC' denotes a stage of an organisation's marketing plan, as shown in the picture below. Each stage in this model is equally critical. With each stage of the SOSTAC framework, you have to question and analyse several essential questions that will help you achieve your final objectives.
SOSTAC Framework Example
Let us understand this further by taking the example of Monzo, a pioneer in digital banking in the United States.
Situation Analysis
Source: 15writers
Objectives
- Sell: The initial expansion should aim for 10,000+ debit cards delivered by March 2020, with $100,000 in transactions completed by the end of the year (15writers).
- Serve: In terms of quality, the firm must receive 100+ favourable evaluations from customers in the United States who are happy with the promptness and convenience of the financial services provided during the first six months of its arrival (15writers).
- Sizzle: The firm should get 5,000 new Facebook followers from the United States and 5,000 new Instagram followers from the United States (15writers).
- Speak: Within the first 6 months after market debut, new articles placed on the aforementioned social media pages must be liked or reposted by 100+ persons from the United States on average (15writers).
- Save: The choice for online promotion also results in significant advertising expense reductions (15writers).
Strategies
- Bold and straightforward positioning
- Unique Value Proposition of online bank in contrast to traditional banks
Tactics
Source: 15writers
Actions
- Social Media Marketing
- Contests and Engagement Campaigns
- Live Events
Control
- Social Medi Engagement
- Consumer feedback and proactivity
- Number of leads generated
Summary
The SOSTAC model will help you strategise your marketing actions and help you to track the progress to come up with a feasible plan. As a budding marketing professional, this plan will help you analyse the existing marketing plans and develop new strategies for any brand or organisation. With a fair bit of understanding about formulating a marketing plan, we will focus on brand management frameworks in the next two chapters.