SWOT Analysis

What is a SWOT analysis and why you should still use it

What is a SWOT analysis and why you should still use it

I always recommend to businesses that they should conduct a SWOT analysis when starting to develop their digital marketing strategy.

In my #curlymarketertip video today I go through what the SWOT analysis is and why I feel it should be done at least once by a business.

SWOT stands for Strengths, Weaknesses, Opportunities and Threats.  As you see by the wording it is easy to understand what you are looking to review about your business.

What I have learnt from doing these is that when you know what you are good at, where you are weak, where are the opportunities and what are the threats that could hamper you going after those opportunities you can begin to cement a clear picture as to how your business needs to proceed.

If you are looking for more information about what a SWOT Analysis is, then check out this post that I wrote.

ame>

I hope you enjoy this post and please share with your community.

If you are looking to understand how to create a Digital Marketing Strategy you can get my ebook by filling in the form below and you will be asked to confirm your subscription to my blog.

But don’t worry you can unsubscribe at any time.

Posted by Phillip Twyford in Strategy, 0 comments
How To Do The Best SWOT Analysis For Successful Marketing Growth

How To Do The Best SWOT Analysis For Successful Marketing Growth

Every company needs a starting point before it can embark on a journey
of self-discovery.

Therefore, it is important that you always take a moment to reflect on how your business is doing both internally and externally.

The SWOT analysis allows you to do this in an easy way in order to identify the current Strengths, Weaknesses, Opportunities and Threats.

One great advantage of conducting a SWOT is that it does not require technological innovation.  A white board, a black marker, and you and your team fully focussed on reviewing the business is all that you need to begin.

How To Do The Best SWOT Analysis For Successful Marketing Growth

On your white-board draw one line down the middle and then draw another line across the middle so that you are left with 4 blank spaces. In the top left put the heading strengths, top right put weaknesses, bottom left put opportunities and finally in the bottom right put threats as per the diagram below.

 

Designate one person to be responsible for capturing the information onto the board, and then begin to critically review the business both internally and externally under each of the headings by brainstorming together.

When everyone involved believes each section has been exhausted the information should be collated, documented and then strategically reviewed by the team.

While it sounds simplistic, I would ask you not to judge until you have tried it a few times.

Why Should The SWOT Be Part Of Developing Your Strategy?

One of the key things I have learned from doing these is that you begin to see clearly how a weakness, if not treated, could get worse and could become a potential threat putting an opportunity and/or a strength in jeopardy.

For example, if you have identified that one of your business’s strengths is customer service yet a weakness is staff education or morale, eventually, if this is not tackled the levels of customer service could become affected if the staff feel the company does not care about them or their contribution.

Even though the SWOT analysis is a simple tool and possibly deemed old school, I do believe it is still valuable to use not just at a business planning stage, but at various business growth points to ensure the path proposed for the business can, and is, still being followed.

But a word of warning.

This tool like anything else will only be useful to you and your business if you actually fully review and put into action what is discovered.

Simply writing words on the board which is then left to gather dust is just as useful as doing nothing in the first place.

If you would like to know more details on how to do a SWOT analysis check out this great article by Tim Berry 

I hope you enjoy this post and please share with your community.

If you are looking to understand how to create a Digital Marketing Strategy you can get my ebook by filling in the form below and you will be asked to confirm your subscription to my blog.

But don’t worry you can unsubscribe at any time.

Phillip (The Curly Marketer)

 

 

 

Posted by Phillip Twyford in Analysis, 0 comments