4.10 customer management(2)
Customer Management
SOSTAC in Practice
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Learning Objectives
By the end of this session you should develop an understanding of SOSTAC and applicable elements for CW2.
Recap…..Examples of SMART Objectives
Objective 1. Engagement: Achieve 3% of existing customers to interact socially with the brand in the next two years.
Objective 2. Acquisition: Increase brand visibility from January 2021 through to December 2023.
Objective 3. Development: Increase email frequency from one email per quarter to one email per month from January 2023 through to September 2023.
SMART Objectives
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Strategy is about how do you plan to get there in terms of fulfilling the objectives set.
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PR Smith’s SOSTAC Model
Source: PR Smith (2021)
SOSTAC® Planning Official Source - PR Smith
A simple but highly effective model for planning DEVELOPED BY PR Smith
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SOSTAC Planning in 3 minutes by PR Smith
https://youtu.be/ZdTw3BjJMIc
How do I integrate the SOSTAC® and RACE frameworks? - Dave Chaffey Digital Marketing
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Source: Chaffey, 2022
https://www.davechaffey.com/digital-marketing-glossary/sostac-marketing-plan-model/
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Develop SMART objectives
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Example
OBJECTIVES & STRATEGY LINK
Where do we want to be
Ho do we get there
MONITORING PERFORMANCE
Are we getting there?
Metrics/KPI
Customer Retention rate
Customer Satisfaction Score (CSAT)
Customer Lifetime Value (CLV)
CAC-to-CLV
Activity 1
Situational Analysis & Objective Setting
After reading short case study from MoneySavingExpert blog provided, you are required to do the following:
Provide an overview of the situation- where the company is now
Write down two objective for the company
CW2 Objective Setting
Come to the seminar with three draft objectives based on your CW1 evaluation.
NB:
Remember to outline three issues faced by your CW1 company
Use key customer management terminology to frame three SMART objectives
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