SOSTAC to grow their online presence like LFW

SOSTAC

 

SOSTAC is a planning model, originally developed in the 1990’s by PR smith (Smith, 2014).

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

 

Situation Analysis

 

GFW is bringing 30,000 guests including potential employers that come from America and Europe. This event showcases over 1,000 graduates from marketing, styling, journalism and design (Bumpus, 2015). In spite of thriving GFW has to keep up with the speed and numbers of graduates entering the job market. Mal Burkinshaw program director at Edinburgh College of Art states that “There is so much competition for jobs in the fashion industry” (The Future of Graduate Fashion Week, 2017). 

 

The business of Fashion (2017) think that GFW have fallen behind on technology in comparison to their main competitor LFW (London Fashion Week).  LFW is exceling with their social media platforms they have 1.2 million followers on twitter, 131K followers on instagram and they even have a YouTube channel with 1,699 subscribers. Whereas, GFW have 10.5K followers on twitter, 27K on instagram and they currently have no YouTube channel. The Business of Fashion (2017) suggest that “There needs to be a greater emphasis on technology and production, for GFW to grow”. GFW absence on their online platforms shows they are struggling to open their audience and reach out to more students and industry. 

 

Objectives

 

GFW need to be supporting students from other degrees such as digital marketing, photography and media communications. This is where the fashion world is heading as well as designers. According to BOF; talks between GFW and these course leaders are already undergoing (The Future of Graduate Fashion Week, 2018). 

 

GFW needs to grow their online presence like LFW in order to gain more exposure and partnerships for their event. global growth should be explored by GFW to fully connect students and industry on a internationally scale (The Future of Graduate Fashion Week, 2018).

 

Strategy

 

In order to achieve this GFW needs to start targeting the most important market Millennials and generation Z. GFW should be reaching out to students in Sixth form/College before they head to University. Art foundations should also be appealed to and made aware of GFW. In the UK half of the schools are cutting Design and technology GCSE according to the telegraph (2017). Kester Brewin suggest that schools are focusing more on maths and science which does not make any sense as the arts should be just as important. This is going to lead the decline in design based A-levels and degrees since schools are pushing STEM (Science, Technology, Engineering and Maths) subjects more.

 

Tactics

 

GFW need to utilise the use of influencers as part of their strategy. Influencers presence on social media, they have the audience numbers to increase the interest of the event on a global scale. They are consumers turned digital personalities, establishing a following through their online platforms, by posting videos or pictures of their lifestyle, fashion, beauty and products. According to DIGIDAY (2017) companies like to work with influencers to endorse their products directly to their customer. This is a utilised tool as the business of fashion argues consumers have the power of how they consume content and communicate with brands, and they are showing increasing preference for the opinion of trusted influencers, over hearing from the brands themselves (Forbes, 2013). This would be an effective strategy for GFW to promote their event.

 

Actions

 

GFW will contact the influencers, as well as brands that have worked with influencers to have them sponsor the event. This strategy could get influencers to participate especially if they have worked with one of the sponsors previously.

 

Control

 

According to Jeffrey Rayport, a Harvard Business school academic who is the Head of Influencer Marketing & Brand Advocacy at Come Round, Word of mouth is known as the most influential marketing strategy. Accordingly, big brands are increasingly using influencers online to help spread their messages.

 

It is not uncommon for a respected Influencer to sell out an entire event, raise awareness of a brand, enhancing image and ultimately boosting sales from just one social post (The Economist, 2008)