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Day 17: [Marketing Audit Asset 7] SWOT Positioning

Learn Your Strengths & Weaknesses

If knowledge is power, then a SWOT Analysis is the foundation of your future business success.

In this lesson you’ll learn: What a SWOT Analysis is, how to perform one and what to do with the information you learn.

First off, what is a SWOT Analysis?

According to Wikipedia, a SWOT Analysis is a structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or business venture.  In simple terms, it’s the compass that guides your business from start to success.

SWOT Analysis: A Breakdown

Each of the four SWOT sections are important on their own, but the combined data gives you a competitive advantage.  Let’s look at each part in more detail to give you an idea of how important it is to know this information.

Internal Factors

  • Strengths – The first section helps you determine how to allocate your resources for the highest possible potential for revenue growth and profitability.  The marketing audit you’re currently going through is an excellent way to uncover your strengths.  You can also ask your employees or customers what they think your strengths are.
  • Weaknesses – Upon completion of this marketing audit, you’ll know exactly what some of your weaknesses are.  Work on building each of the assets in this audit that you’re currently lacking and look at what your main competitors are doing for some additional ideas.

Some typical strengths and weaknesses are your human, financial and physical resources.

External Factors

  • Opportunities – Your business growth requires seeking out new opportunities, including new potential customer groups, developing new product and service categories, geographic expansion and broader product distribution.  Which of these areas can you explore, long and short-term, as part of your strategy?
  • Threats – In addition to your direct competitors, there are a number of threats to your business.  Like all risks, the more you know about them, the better prepared you’ll be to handle them.  Having contingency plans in place beforehand is key to coming out ahead of the curve.

Some typical opportunities and threats are market and economic trends, political and demographic trends and changes to your existing business relationships.

Once you’ve determined your strengths, weaknesses, opportunities and threats, it’s time to turn that data into a plan of action.

What To Do With Your SWOT Data

One of the best things you can do with the information you’ve learned is to strengthen your positioning in the marketplace.  For example, Andy the Accountant could focus on serving only local B2B clients rather than all local businesses in general.  This specialization can give Andy a competitive advantage when marketing his services to B2B companies.

You can also perform a SWOT Anaysis on your main competitors.  The more you know, the less likely you’ll be caught unprepared when your competition makes a change or launches a new product or service.  You may even be able to beat them to the punch.

take action today
Spring Into Action: Perform an initial SWOT Analysis for your business. Be sure to include feedback from your employees and customers.  This should take approximately 120 minutes.
  Have a question? Just ask in the box below!


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