What is a SWOT analysis?
A SWOT analysis is an abbreviation for your strengths, weaknesses, opportunities and threats in your business as it stands.
If you are busy with your marketing plan, a good place to start is by doing a SWOT analysis and identifying how your customers think, and any potential threats or opportunities that might affect your marketing and advertising attempts.
Some questions you should be asking yourself:
STRENGTHS:
Firstly, What are your strengths?
Secondly, How do you do better than your competitors?
Thirdly, Which unique capabilities and resources do you possess?
WEAKNESSES
What do your competitors do better than you?
How can you improve given the current situation?
What do others perceive as your weakness?
OPPORTUNITIES
What opportunities exist in your market?
How can these opportunities benefit you?
Do you belong to any networking groups – this could be an opportunity to market your company.
THREATS
Do you know who your competition is?
Are you aware of your cashflow balance?
Do you test and measure your marketing efforts to ensure your message is the correct one?
For example, here is a SWOT analysis for McDonald’s (the burger place):
McDonald’s Strengths:
- The largest fast food market share in the world with over 36 000 outlets in 119 countries. (estimated)
- Partnerships with the best brands; Coca-cola, Dannon Yoghurt, Heinz Ketchup and others.
McDonald’s Weaknesses:
- Negative publicity, heavily criticized for offering unhealthy food to it’s customers.
- Unhealthy food menu; the menu is largely formed of unhealthy meals and drinks.
McDonald’s Opportunities:
- Introduce healthier food choices to supply the increasing demand for healthier food.
- Change customer habits and find new customer groups.
McDonald’s Threats:
- Trend towards healthy eating and the increasing rejection of fast food.
- Expensive lawsuits against McDonald’s.
One last thought:
“Only when you acknowledge your strengths and weaknesses in your business, and are fully aware of your customers’ experience when buying from you, will you be able to market your company effectively.”
In conclusion, I would advise that every business owner needs to conduct a SWOT analysis on a quarterly basis, as circumstances are ever-changing.
Do you need guidance on conducting a SWOT analysis for your business or marketing plans?
Why not get in touch with me to attend our GrowthCLUB sessions?
What is GrowthCLUB, you ask?
GrowthCLUB gives small to medium-sized business owners the chance to participate in a STRATEGIC business planning day with other like-minded owners. In this way achieving a better overall understanding of how to run their businesses, and formulating a structured 90-day plan for massive action, specifically designed to immediately impact their own companies.
Business owners step out of their business environments every quarter to meet and engage with their business coach, other business owners either face-to-face, in a conference setting, or by attending a virtual workshop via ZOOM.
Connect with me today to find out more!
Onwards and Upwards,
Coach Bert
www.bertweenink.com
