Marketing Tip | SWOT Analysis

Have you ever heard about SWOT analysis? It can help in your business in many ways!

The abbreviation SWOT stands for “strengths, Weaknesses, Opportunities, and Threats”. The SWOT analysis is a form of strategic planning designed to analyze strengths / weaknesses; opportunities / threats that a business may have. In other words, it helps by serving as a basis for defining a possible action plan. It serves for both physical and online businesses, microentrepreneurs and large companies.

The #strengths and #weaknesses are #internal points of your business, that are things you have control over and can be changed, if necessary. On the other hand, #opportunities and #threads are #external points, which are related to the market. Analyzing these last two points, it is possible to control threats by taking advantage of the opportunities, but it is not possible to change them.

Generally, a SWOT analysis is represented as a grid, containing 4 quadrants, which show the 3 main factors of each topic.

Check out the layout I made:

In order to the analysis work, it must be done by the main business leaders, who are the creative minds of everything and who define the goals, together with a group of employees who have an important role in the company and are trustworthy.

Doing a #SWOT analysis is like having a debate, that is, the ideal would be if each person of the group formulated ideas about the 4 quadrants and put it in a point where everyone can see.

After that, gather similar ideas and allow additional information to be added. After organizing the ideas, make a ranking, and, using the voting system, organize the ideas starting from the most relevant ones. Of course these ideas will continue to be topics of discussion, and the leaders will be the ones who will give the final word.

Questions that can be asked during the meeting:

Strengths:

In what processes do you have success and profit?
What skills does your team have to offer?
What #competitive advantages do you have over your competitors?

Weaknesses:

What processes need #improvement?
Is your location ideal in order to have success?
Do you have any tangible assets that your business needs? (money, equipment, (...).)
Is there anything needed in your company to be more competitive?

Opportunities:

Is your market in #growth? Is there a trend that will encourage people to buy more of your product?
Do you have an event that your business can take advantage of to help you to grow?
Will there be any changes in regulations that may impact your business positively?
If your business is up and having success, do your customers have positive thoughts about you?

Threats:

Do you have any potential #competitors that can enter your market?
Will your #suppliers be willing to supply you with the necessary material at the price you need?
Can the development of #technology cause any negative influence on your business?
Could the constant change in consumer #behavior negatively impact your business?
Are there any trends in the market that could become a threat to your business?

After having your SWOT analysis complete, it is time to transform it into a real strategy: your #ActionPlan. First, it is important to analyze your qualities, and think of a way that you can use them to take advantage of opportunities. Then, think about how your qualities can fight the threats in the market.

With your action plan in place, start setting goals for your business, which can be short and long term. You can also think about how your external opportunities can help you to fight your internal issues.

Strategies that can be used for growth:

- Look for #investors

- Create a marketing plan

- Plan a great strategy for your business.

What did you think of the tip? Do you have any questions? Write in the comments!