Marketing SWOT Analysis
We all go in for annual checkups at the doctor and take our cars in for regular oil changes, but have we ever considered taking our company marketing plan in for an annual checkup? If you haven’t taken the time to evaluate your company’s marketing, now might be just the time. One great method for analyzing your marketing plan is a SWOT analysis. As you may be aware, SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is a great way to take a look at factors of your business and marketing practices that you do not normally consider on a day-to-day basis.
Strengths: Take a look at where your marketing is most effective. Where do you shine? In what areas are you most knowledgeable and are you telling that story well? Why do people choose to work with you over someone else? What media has proven to be most beneficial and why?
Weaknesses: Consider the wonderful question of where your weaknesses are. These are potential opportunities for you to grow and for your business to grow. Do you currently get feedback on your marketing? If so, in what areas have there been complaints? Are employees being unproductive? Do your products or services have some weaknesses when compared to others in the space? Do you survey your staff? Pay attention to the areas of weakness that they see as well.
Opportunities: We’ve said it before: weaknesses are opportunities to become strengths. Those strengths are also opportunities: opportunities to expand and feature your expertise. So far, in this analysis, we have considered your marketing as it is. The “opportunities” aspect is a chance to also look beyond your current circle to consider other marketing opportunities in your area, field, and connections that might represent potential growth areas.
Threats: Consider your threats and competition. What are others in your field doing that you are not? Are other companies getting a leg up on you? Is the market for your product or service declining? Consider what might hinder your company from a marketing perspective. These are not reasons to freak out, but rather areas to consider where your company should shift its marketing focus in the future.
Conducting a marketing SWOT Analysis with your management team or staff can be extremely helpful and valuable. There are many different ways to analyze just how effectively you are marketing your organization, so find what works for you. Just make sure to do it on a regular basis. All of the questions listed above are great ways to ensure your company stands out in your field while preserving your marketing dollars for tactics that are truly effective.
If you want an outside opinion, marketing is what we do. Just contact us to start a conversation.