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 for 2017, 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:
What are your strengths?
What do you do better than your competitors?
What unique capabilities and resources do you possess?
What do your competitors do better than you?
What can you improve given the current situation?
What do others perceive as your weakness?
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.
Do you know who your competition is?
Are you aware of your cash flow balance?
Do you test and measure your marketing efforts to ensure your message is the correct one?
To show you an example of a SWOT analysis that McDonald's (the burger place) did:
- 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.
- 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.
- Introduce healthier food choices to supply the increasing demand for healthier food.
- Change customer habits and find new customer groups.
- 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."
Do a SWOT analysis right now!
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