Whether you’ve been in business for a day, a month a decade or you are still yet to make the big leap, conducting a SWOT analysis is a great way to identify strategies to improve your marketing plan. This type of analysis is divided into four sections – Strengths, Weaknesses, Opportunities and Threats, and is a powerful insight into the future of your business and what could impact it’s success.
S – Strengths
Strength analysis involves positive, internal attributes that help your business succeed. These are factors that your business can control such as location, brand recognition or expertise. Think about anything that gives your business an edge or unique factors that make you stand out from your competitors.
W – Weaknesses
Weaknesses are internal factors that you need to work on to improve your business and areas that you struggle with. What gives you a competitive disadvantage and what causes you to lose sales? These can include limited resources, lack of expertise or poor location.
O – Opportunities
Opportunities are a summary of external factors which your business can potentially provide growth or benefits to your business. Think of things you can take advantage of in the external market and strategies you are not fully utilising which could offer great value to your company.
T – Threats
Threats include negative factors which your company has no control of and could place a risk to your growth. Challenges created by emerging trends, developments or technology, which you will need to prepare your business to overcome.
Conducting an in-depth SWOT analysis will help you to have a better understanding of where your business stands in the market and its competitive situation. Use this analysis to create a marketing plan which utilises your strengths, takes advantage of your opportunities and uses strategies to prepare for threats while avoiding weaknesses.
Here at Clarity Marketing and Communication, we can develop a marketing strategy for your business and continue to help your business achieve its goals. To learn more, contact our experienced marketers on 1300 060 204 or submit an online enquiry.