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Develop a Marketing Strategy using SWOT Analysis

Read how the SWOT analysis can help you analyze the strengths, weaknesses, opportunities and threats and help identify crucial steps for your business growth.

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.

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