Whether you’re revitalizing your website or starting from scratch, the process is the same. Here’s 4 tips to guide your website creation process.Continue reading
Planning and executing your marketing strategy can be done in so many ways. The more experts you talk to, the more opinions you’ll get, and rarely will you find overlap. So, RevRoad set out on a course to answer the question: What is the best marketing framework to help entrepreneurs build a robust marketing plan that is simple enough to use on a daily basis? Not surprisingly, we came up with many answers. However, we decided to look at successful marketers such as Netflix, H&M, and Coca Cola. All of these companies use versions of SOSTAC® to accomplish their goals. Originally developed by PR Smith in the 1990s, this framework has gone through a series of iterations, most recently updated to capture the intricacies of digital marketing.
Obviously these are large global companies. How does SOSTAC® help entrepreneurs just starting out? SOSTAC®, although simple in format, results in tremendous value if done right. This is helpful to companies of any size. Other benefits provided by SOSTAC® include ease of use, referenceability, application to current marketing practices, and comprehensive solutions. The RevRoad marketing department recently adopted the SOSTAC® model for these reasons.
As a brief introduction SOSTAC ® stands for:
- Situation — where is the company now?
- Objectives — where do you want the company to be?
- Strategy — how do you get it there?
- Tactics — how exactly do you get it there?
- Action — what is the plan?
- Control — did you get there?
The following is a graphical representation of how the system works.
The structure of SOSTAC is a simple logic that builds on an in-depth Situation Analysis which helps inform strategy and tactics. This type of logic enables better decision-making and therefore better plans. Most importantly, it is a more simplified approach, retiring the notion that a lengthy traditional marketing plan is needed to reach objectives. As the entrepreneur, you should reference it often.
Furthermore, SOSTAC ® contains a logical order for tackling plans and is used to assess processes critically. Including an in-depth SWOT analysis, the main differentiator of SOSTAC is the focus on implementation. Each module involves answering a series of detailed questions like:
- Who is your ideal customer?
- What is your stickiness or wow factor?
- How will you reach your customers?
Once these types of questions (among many others) are answered, you are ready to execute and track progress.
“The SOSTAC ® marketing model, created by PR Smith, is a popular and widely used model for marketing and business planning. Whether you’re creating an overall marketing or digital marketing strategy or improving individual channel tactics like SEO or email marketing, this is the tool to use.”
— Daniel Nilsson, Marketing Editor After becoming a RevRoad portfolio company and selecting the Marketing service package, the first step is to build a SOSTAC ® model for your company. RevRoad will help create a cohesive and workable plan, then use the Control element to follow up and ensure it is working. This is a collaborative effort, during which we are dedicated to answering any questions you may have. We look forward to working with you. Ready, Set, Rev!
Written By: A.J. Rounds
2020 Marketing Landscape
We are now entering the second quarter of 2020. At the time of this writing, you and I are currently under heavy restrictions of quarantines and physical distancing for COVID-19. However, that doesn’t mean that marketing budgets disappear. In many cases, companies are ramping up their marketing spend. The following paragraphs are the top marketing objectives, budgets, and results predicted for 2020.
Top Marketing Strategies and Objectives
Marketing channels most implemented in 2019 and carried through 2020 continue to be email, social media advertising, and blogging/content marketing tactics as reported by Sales and Marketing Management. SEO strategies follow as a close fourth place.
Top marketing objectives for 2020 include converting leads to customers, increasing sales leads, increasing brand awareness, producing thought leadership content, and increasing website traffic. Interestingly enough, SMM also reports that most leads are still found through referrals, trade shows, and events. The percentages are as high as 63% (referrals) and 44% (trade shows) respectively. Print advertising and direct mail are the least utilized at 3% overall.
Marketing Dollars Spent
In support of these marketing strategies, SMM also reports that 56% of budgets are being allocated to digital marketing, 52% of budgets to website development, 36% to trade shows/events, and 27% to content/email marketing.
RevRoad Marketing Initiatives for 2020
This data coincides with current RevRoad and portfolio company marketing strategies. RevRoad is also ramping up our marketing spend online, building home and landing pages to convert that marketing spend, generating more content on LinkedIn, social media, and blogs, while still building person to person relationships (at a socially safe distance). RevRoad continues to invest resources into new videos produced by our amazing video team to promote online.
As mentioned, we will be revamping our website to be more focused on you and other entrepreneurs who’d like to apply. This includes restructuring and formatting content better. Our goal certainly falls in line with converting leads into sales and increasing brand awareness. As a start, we recently launched a services page complete with videos to ‘show’ not ‘tell’ about the services we offer to scalable companies like yours.
Without question, the largest portion of marketing budgets for 2020 will be allocated to digital strategies. Based on what SMM reports and what we’ve seen at RevRoad, the marketing channels mentioned above produce the greatest ROI.
Good luck with your marketing efforts. Whether it’s a pandemic or other changes to the economy, don’t be afraid to adjust your marketing strategies to accommodate changing business needs. Keep going. You’ve got this!