A strategic planning framework widely used in sales and marketing to develop comprehensive and effective strategies. It stands for:
- Situation Analysis: Understanding the current state of the business, market, competitors, and customers. This involves analyzing internal strengths and weaknesses and external opportunities and threats (SWOT).
- Objectives: Defining clear, measurable goals aligned with the vision. These objectives often follow the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound).
- Strategy: Establishing a high-level approach to achieving the objectives. This includes segmenting the market, targeting specific audiences, and positioning the product or service.
- Tactics: Outlining specific tools, campaigns, and actions to implement the strategy. This could include digital marketing channels, advertising, promotions, and content plans.
- Action: Detailing the execution of the tactics, assigning responsibilities, and creating timelines for delivery.
- Control: Monitoring progress, measuring performance against objectives, and making necessary adjustments. This step ensures continuous improvement and accountability.
SOSTAC provides a structured yet flexible approach to planning and is highly valued for its simplicity and adaptability across various industries.