Do you know what a SWOT analysis for marketing is? A SWOT analysis is a very powerful tool that could help you understand your market, your target audience, and your overall business better and from multiple perspectives. It could help clarify to you and your team how best to market and promote your company, and what challenges you need to overcome right now as well. What does SWOT mean? How can a SWOT analysis help you do all of this? And what's the best way for you to conduct a SWOT analysis to optimise your marketing efforts?
In this article, we’ll answer all of these questions and more to help your business to gain insight into how you can run better and more successful marketing campaigns while developing strong marketing strategies to grow your business long-term. Read on to find out how.
If you want to take the next steps into your marketing training with us, we at The Entourage can help you further develop your business's growth through our vast library of resources and expertise available.
SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. It's a powerful method to analyse various aspects of your business from your marketing plans to your customer experience, and more.
A SWOT analysis helps you:
It's able to do this by helping you see a specific area of your business from multiple angles and show you what strategies and tactics need to be built to grow your business to the next level.
So why should you do a SWOT analysis? Just from reading the above definitions, have you started thinking about what strengths your business has? Or even what opportunities are there for your business and team out there?
So imagine sitting down and investing some time and effort into working a SWOT analysis into your marketing plan, or other areas of your business.
You'll get more value out of doing a SWOT analysis if you do it with a goal in mind. Whether it's to review your current social media strategy, take advantage of new marketing opportunities, or even addressing issues such as high advertising costs, viewing it from this lense will let you find the right path and the best next steps to take to improve on your overall marketing in your business.
Overall, knowing what your strengths are means you can use them in many different ways. Understanding your weaknesses can give you a chance to work on them and turn them into strengths. Seeing the opportunities at hand gives you the chance to jump on it before the competition. And recognising threats allows you to prepare for them and navigate them better.
So, how do you actually conduct a SWOT analysis in a way that will help you get tactical and actual outcomes to follow up on? There are many practical ways you can do a SWOT analysis.
Let's have a look first at exactly what you should be asking when conducting a SWOT analysis, especially to help optimise your marketing to the next level:
Let's put this into an example. Let's say you're an e-commerce business selling 1 product for a niche market and you're reviewing your brand and product recognition in the market.
Looking at this SWOT analysis, there are a number of things you can start doing to increase your brand and product recognition, and become THE product and brand go-to for the problem you solve.
From hiring a full-time marketing and social media expert who can look after your community in a way that not only nurtures but incentivises them to continue to engage, build stronger loyalty, and increase referrals, to doing press releases and influencer marketing to increase knowledge on your product and brand, to jumping on new channels for promotion such as TikTok.
This is a pretty basic start to a SWOT analysis on one area of a business's marketing but is it starting to make sense?
A SWOT analysis doesn't always have to be done alone. It's often better to do it with the relevant teams and leaders in your business who would know the specific area you're analysing best. It takes time and a lot of strategic thinking to do a full SWOT analysis but it's one of the best ways to review parts of your business from a holistic point of view.
A SWOT analysis is useful to review and analyse your overall marketing and business strategies and plans. It allows you to review the internal cogs in your business to the external influences that could affect your business, and then take action on the points you've found from your analysis. A good way to do it is not just when you have specific problems or areas you want to investigate, but regularly on whole sections of your business too to ensure you're taking advantage of the most important opportunities that come your way.
If you want a chance to learn more about how to improve and optimise your marketing strategies as well as your overall business operations, join us at our upcoming FREE digital event, The Entrepreneurs' Marketing & Sales Summit, featuring some of the biggest entrepreneurs in Australia there to help you get a head start on building your marketing strengths today. Hear from Catch.com.au, Frank Body, Thankyou, and Booktopia on their top marketing and sales business strategies, and get ready to take your business to the next level. Secure your FREE seat today.
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