What is a SWOT Analysis and how can you use it effectively in marketing. In this Free Digital Marketing Course, we look at what is a SWOT analysis? How are they done and how are they beneficial to you and your business?
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Importance of performing a SWOT analysis
Before deciding on any new strategy, every organization should conduct a SWOT analysis. A SWOT analysis focuses on four key areas:
– Strengths: Identify the strengths of the organization that give you an advantage over competitors.
– Weaknesses: Identify the weaknesses that result in disadvantages compared to your competitors.
– Opportunities: Identify the opportunities that you can exploit to your advantage.
– Threats: Identify the threats that can cause trouble to the business or the brand.
Ensure your SWOT is customer-facing
It is important to ask your customer-facing departments (Sales, Marketing, Customer Service) to review your SWOT analysis to ensure that you have not missed anything.
– Start with a customer list. It’s always a good idea to create a list of customer respondents to start with.
– Supplement the list with demographic profile information that you specify as a custom field, such as industry, customer type, products purchased, and so on.
– Conduct some qualitative research to uncover what’s important to your customers when they are buying what you are selling. You can ask open-ended questions and then tighten those up with some specific attributes that play a critical role in how customers choose to purchase your products or services. You need to be specific. Don’t simply say “price” — this is useless. Use criteria such as “walking distance from my home” as an example.
– Do several short surveys to gauge what your customers see as your strengths.This could be as simple as creating a list of strengths and asking if they describe your company, with the answer options being Yes or No. Also, be sure to list elements that you think are your weaknesses or that you aren’t sure you do well and see if your customers agree.
– Ask customers about external influences. Remember that opportunities and threats are also a component of your SWOT and you can survey your customers to find out how the opportunities and threats that you perceive impact them. Do they have similar opportunities and threats or widely different ones?
– Match your strengths with suitable opportunities which can support them. An example: if the company has low costs and can therefore maintain low prices, and the market demands low-priced products, make the most of this situation: penetrate the market.
00:00 Importance of performing a SWOT analysis
02:53 Ensure your SWOT is customer-facing
04:50 How do you review your SWOT analysis
07.30 Identifying priority audiences
10:00 What are buyer personas?
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