Business Planning enabled by AI using SOSTAC® Methodology

This is the first of a series of four pieces that PR Smith is writing for CMCE in conjunction with a CMCE 40-minute webinar that he will lead on 14 November 2024 and that will focus on business planning enabled by AI using SOSTAC® Methodology. In this first article, PR Smith sets the scene by providing us with an introduction to the methodology and its practical application.

What is SOSTAC® Planning Methodology?
SOSTAC® is a simple methodology based on information, intelligence and logic comprising the following steps:

Situation Analysis (where are you now?) - customer, competitor and company analyses, plus external trends/developments analysis. This is the foundation of any great plan. an introduction to the methodology and its practical application

Objectives (where are we going/where do we want to go?) - from mission, to vision to carefully quantified SMART KPIs.

Strategy (how do we get there?) The shortest part of any plan – as Forbes journalist George Bradt says ‘companies that can’t fit their strategy onto the back of a napkin will not exist in ten years.  

Tactics (the details of strategy) – who would have thought that the dullest ‘P’ (Place) would become the key competitive advantage that is busily wiping out high street retailers.

Actions (how do we ensure excellent execution of the tactics?) - missing in many plans.  How to get your team behind (v rejecting) the new strategy and clever tactics.  Internal marketing is required for this.

Control (how do we know we’re getting there?) what are the key metrics we need to measure? Plus, what checks we need to make to ensure we are in control? 

What kind of plans?
SOSTAC® was originally created to deliver marketing plans and then digital marketing plans. It is now used in across a wide range of sectors and applications from business plans and project plans to HR plans. It so simple it works and people love it.

In the lead to the event, look out for additional information on the methodology and its practical application. In his upcoming pieces, PR Smith will discuss more in detail the key steps that characterise this approach. In the meantime, you can register here to join us for this interesting session!

 

PR Smith is a best-selling international author and speaker (incl. TedX Talker) and founder of both SOSTAC® Plans and the NFP edutainment programme The Great Sportsmanship Programme.