- What Is a SWOT Analysis?
- Why Does a SWOT Analysis Matter?
- What Are the Key Characteristics of a Good SWOT Analysis?
- What Makes a Good SWOT Analysis Template?
A SWOT analysis is an effective tool for many different scenarios. Marketing teams use them to understand the Strengths, Weaknesses, Opportunities, and Threats of their brand. They can use this information to create more effective marketing campaigns. Let’s dive further into why a SWOT analysis is crucial for every brand’s success.
What Is a SWOT Analysis?
As stated earlier, SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. By filling in each one of these components, marketing teams can better cater their efforts to their brand and make informed decisions. The strengths and weaknesses of a brand are internal factors, meaning they exist within your company and you have the power to change them. Opportunities and threats are external factors that you may have less control over.
There are many ways to do a SWOT analysis. Most teams use a template that is divided up into the four components. Then, they sit down and have a brainstorming session to determine what information they need to fill in. You may need to base your SWOT analysis on company research and data, as well. The key is to have a clear understanding of your strengths, weaknesses, opportunities, and threats.
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Why Does a SWOT Analysis Matter?
A SWOT analysis can allow your team to get to know the status of your company across various metrics. It gives you a realistic view of your room for growth and what might be holding you back. Businesses use SWOT analyses for the following reasons:
- To allocate their resources — If your marketing team is spending all of its time and efforts creating content that no one is engaging with, your SWOT analysis can tell you what new direction you can take. Likewise, it can tell you what’s working and what to continue investing in.
- To build a clear foundation — Although a company can benefit from a SWOT analysis at any stage, it’s especially important for new brands or those who are looking to make some serious changes. This information can help you decide which areas to focus on.
- To learn about their competitors — The threats section especially focuses on your competition. It’s important to be aware of what edge they may have over you in order to come up with strategies to win your section of the market. Likewise, the other components of the SWOT analysis can help you understand what gives you a leg up.
- To learn about their customers — Looking outward at your customers and target audience can give you a better idea of what kind of marketing messaging your team should be creating.
- To identify room for improvement — Even if your brand is steadily growing, there are always areas to improve. Doing regular SWOT analyses can keep your brand relevant and on top of its game.
What Are the Key Characteristics of a Good SWOT Analysis?
A good SWOT analysis has the following characteristics:
- Factual — Don’t just rely on your team’s opinions. Look at your marketing analytics to understand each component of your SWOT. Prior to even doing the analysis, have your team research each component of the SWOT. It may even be wise to include an external person who has an unbiased view of the company. Even getting as many perspectives as possible can help you capture a more realistic picture of where the company stands. Likewise, try to find external information about your brand and industry.
- Action-focused — When filling out your template, make each line action-oriented. For instance, under strengths, you could write, “Rapidly hiring new employees.” This helps you better understand what needs to be done and what is already in the works.
- Clearly defined — Avoid vague phrases like “strong brand values” or “sustainable practices.” Though these can be good starting points, it’s more helpful to define everything you discuss clearly. For instance, you could write, “Communicating our core brand values — human connections, supporting local businesses, and practicing sustainable agriculture — through our social media, direct mail, and website content.” Likewise, you could elaborate on sustainable practices by saying something like, “We saved over 100,000 gallons of water in six months by changing our manufacturing process.”
- Goal-oriented — Create your SWOT analysis with your company’s goals in mind. What does your team hope to achieve with your marketing efforts? What do you want to change? What impact do you want to make? All of these are important questions that can guide your discussion and help you pinpoint important information. The purpose of a SWOT analysis is coming up with information that can help you make meaningful changes and decisions.
What Makes a Good SWOT Analysis Template?
When making a SWOT analysis template, you need to be as specific as possible. The key to a successful one is having it organized and filled with details. When filling out your template, ask your team these questions for each section:
- What are the positive qualities of our brand?
- What have we accomplished as a company?
- How do we reach our goals?
- What are our specialties?
- What are our areas that need improvement?
- Why can’t we reach certain goals?
- What is lacking in our company?
- Who is interested in our products or services?
- What market trends work in our favor?
- What external resources can we use?
- What can our competitors offer that we can’t?
- Do we expect a downturn in our industry?
- What is putting our success at risk?
Learning how to do a SWOT analysis can help your marketing team gauge where your company is in the present moment and where you are headed. By considering your strengths, weaknesses, opportunities, and threats, you can make more impactful and focused marketing campaigns. Contact Consultdex to find top-quality experts who can help you improve your marketing efforts.