“Focus on the right message for the right people at the right time.” – Russell Glass
We’ve all heard the terms, ‘strategy’, ‘plan’, ‘goals’, ‘objectives’ and so on thrown around before. These words are often used interchangeably, inevitably causing confusion for busy business owners who just give up and shelve the whole thing for another day. So, let’s have a little pause and think, “What IS a marketing plan anyway?!”
The definition of a ‘plan’…
1. a detailed proposal for doing or achieving something. 2. an intention or decision about what one is going to do. The marketing plan specifically outlines all the steps involved when it comes to selling a product or service. It needs to include steps on how you can get in front of your audience and ideal clients, turning them into customers and service users. Here at Octima, we like the SOSTAC (sometimes known as SOSTIC) method of marketing planning.What is SOSTAC?
SOSTAC is a model we use for ourselves and our clients. Below we will delve into what these letters stand for, and how you can use each element of SOSTAC to create comprehensive marketing plan.Situational analysis
This is a thorough audit of the business – looking at the business as a whole, including current marketing presence and past activity. We see where we are now, what’s worked well thus far and also what hasn’t worked. It’s a chance to gain a broad overview of the situation we are in right now, before we embark on any marketing journey. It doesn’t make sense to clear the decks completely if a particular area is already working well for you. Likewise, there’s no point ploughing on with things that DON’T WORK, so it’s an opportunity to really scrutinise your activity.Objectives
This is where we take a look at high level business goals – the direction that the business is going and where you want to be in a few months, a year, 5 years etc. The objectives for the marketing plan must be linked to business goals. It is also worth noting that these objectives must be SMART.- This means that they must be specific- what exactly do you want to achieve? Don’t be vague. For example, more followers on Facebook is vague. 100 more followers on Facebook is specific.
- They must be measurable, so we are able to set something which is an indicator for success.
- They should be assignable; who is responsible for achieving the objective?
- Make sure they are realistic; don’t set something you know you won’t be able to achieve as this will only dampen your spirits.
- Finally, objectives must be time-bound. When should the objective be reached by?