We are at the beginning of the 2009 baseball season and all the teams have already researched the other teams and all the players they will be facing. Can you say the same about your business or your marketing plan?
When you need a quick snapshot of your strategic marketing plans that explores your business performance, competitive climate, emerging market trends, and looming obstacles, try a quick SWOT Analysis: Strengths, Weaknesses, Opportunities, and Threats. Take a good SWOT into your marketing plan and you could hit it out of the park.
Whether you’re doing this on your own or with a team, taking a SWOT in your marketing plan helps you find ways to minimize weaknesses and maximize strengths. Match strengths with market opportunities that may result from your competitors’ weaknesses or shortcomings.
And remember, when you are taking your SWOT, there are no silly ideas or thoughts. Sometimes a seemingly inconsequential comment can lead to a huge opportunity.
How does the SWOT work?
Using a whiteboard, flipchart, or sheet of paper, create a grid of four cells or four lists. Label each grid with a yes for strength, W for weakness, EITHER for the opportunity and T by threat. Start your brainstorming. Even if you do it alone, it shouldn’t take more than 10 minutes to get creative.
Think about the big picture and be painfully honest as you brainstorm the four SWOT components. Here are some sample questions to consider for each quadrant of the chart:
- Strengths:What makes your company unique? What are the things about your company that make you good at what you do? How does your company stand out from your competitors? What advantages does it have over other businesses?
- Weaknesses: What areas does your company struggle with? What are your customers complaining about? What are your employees complaining about? What are the unexpected needs of your sales force? What are your biggest operational weaknesses? Money? R&D? Dirty? Size of the company?
- Opportunities: Where are your strengths not being fully exploited? Are there emerging trends that fit your company’s strengths? Is there a product/service area where you could do well but don’t compete yet? Can you take advantage of your competitors’ weaknesses? Can you take advantage of industry consolidation to acquire/merge?
- Threats: Internally, what financial, development or other problem areas threaten your company’s performance? Externally, are your competitors becoming stronger than you in niche areas? Are there emerging trends that amplify one of your weaknesses? Are your threats economic, geographic, or political to your operational success?
Making the most of your SWOT
Start a SWOT analysis whenever you find yourself stuck in a strategic or creative rut. Use it to identify strategies and goals for creating complete marketing programs, content requirements for any writing project, essential components for internal communication programs, pros and cons of a new product introduction, or any other strategic project.
If you can afford the time, research your topic to approach the SWOT with a truly open mind and objectively grounded view. Customer, vendor, or market surveys can also help you gain valuable insights that will improve your SWOT, as well as your business. Conduct customer surveys to measure brand and/or company image perceptions, product attribute preferences, and web usage preferences.
Move along. Take a SWOT, come out swinging on your marketing programs.
