As you continue to develop your business, using the SWOT analysis can prove extremely effective.
SWOT analysis is a straightforward model that analyzes an organization’s strengths, weaknesses, opportunities and threats to create the start of a marketing strategy.So what do the acronyms S.W.O.T. stand for?
It’s an easy and effective tool companies can use to get constant temperature on their business.
STRENGTHS:
- What Problem does your company Solve?
- What are your competitive advantages?
- What do people in your market see as your strengths?
- What factors mean that you “get the sale”?
WEAKNESSES:
- What could be improved? Key leanings of what’s hasn’t worked in the past
- What feedback has your customer-base given you as a weaknesses?
- What is impacting sales? Are you seeing the best ROI for your Product Pricing & Packaging?
OPPORTUNITIES:
- What trends are you seeing in your company? Industry?
- How can technology impact your growth?
- Changes in government policies, population profiles, lifestyle changes, etc.
- Grassroots | local events
THREATS:
- What obstacles is your company facing now?
- What is the competitor marketplace look like now?
- How is not having digital technology tools threatening your business?
- Where are you with debt or cash-flow?
Recommendation: Create 4 sections on a piece of paper, one section for each category. Alone or with your team, start analyzing your Strengths, Weaknesses, Opportunities and Threats.
