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SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
You may have used it before, but don’t overlook this simple, powerful tool that can give you a new perspective on old problems and open your eyes to challenges headed your way.
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Do It Right
Be brutally honest about what your organization does well (and what it doesn’t), as well as the challenges you face. It’s tempting to sugar-coat the negative, but it won’t help you in the long run. Keep it short and sweet. Use short, active phrases and save the wordy sentences. Use facts, figures and examples when you can, but don’t get stuck on the details. Think now – and later. Consider the current situation, as well as what’s likely to happen in the future. Many items can fall into more than one category; a threat might also be a weakness. Don’t be too concerned about where things fall, just record them where they seem to fit best.
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Brainstorm
Take advantage of the power of brainstorming by developing your SWOT with a group of 6 – 8 people. You want the benefits of a group, but not so large that it’s hard to keep everyone on track. Appoint someone as facilitator and another as scribe to chart ideas.
Try to include a variety of points of view in your group. The perspective of the marketing department will be vastly different than sales, financial or production departments. Even if you want to focus on marketing, having diversity in your group can make your SWOT stronger. You can also include board members, customers and other stakeholders. You don’t have to agree on everything. As you brainstorm and discuss, try to get a general consensus but your group doesn’t have to agree on every point.
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Nuts and Bolts
Whether you are a SWOT veteran or a newcomer, the list below can get you thinking about some key issues you should evaluate. Add your own questions and use your brainstorming session to generate more ideas, thoughts and issues you need to consider.
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Strengths and weaknesses
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These are the internal factors that impact your organization – resources, assets, skills, etc. Do you have a great company culture that supports innovation? A weak production department? Loyal employees with tons of experience? Low morale? When identifying strengths and weaknesses, ask yourself how you stack up in these areas:
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Management and organization structure, adequate staff in key positions; outside agencies and vendors
Ability to quickly implement ideas, products, services
Brand awareness and perceptions of your brand
Mission and vision of the organization
Financial stability and resources, budget constraints, ability to generate revenue or raise money
Staff experience and competencies and employee morale
Organizational structure
Knowledge about industry, customers and potential customers
Internal processes, workflow and systems
Location and office space
Technology tools and systems
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Opportunities and Threats
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These are external factors that impact your organization – changes to your industry, competitor activities, new products, changes in demographics, etc. These factors are outside of your control, but create the market environment in which you work.
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Customer needs; demands for new products or services; satisfaction levels
Customer perceptions of brands and awareness; reputation of you and your competitors in the marketplace
Share of market
Market trends; areas of growth
Communication trends; methods in which your customers and target audiences get information
New technology that can change how you and your competitors produce your products/services
Pricing of products and services
Competitor strategies and plans; major new initiatives of competitors
Suppliers
Partners
Agreements and contracts; long term sales agreements (held by either you or your competitors)
Patents and exclusive products
Changes in government regulation, taxes, accreditation, etc.
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Once you have completed your SWOT, it’s time to do a little analysis. Looking at your chart, what jumps out at you? Are opportunities – or threats – immediately apparent?
Here are a few more questions to help you hone in on key strengths, weaknesses, opportunities and threats. |
Do you have opportunities to create new products/services to tap unmet consumer demand?
Does a competitor have a certain part of the market locked up?
What weaknesses hinder your ability to move quickly on new ideas or to make changes in marketing or business strategy?
How is your organization perceived in the marketplace? Do your customers see you the way you want them to?
Which weaknesses are the biggest obstacles? How can you
address them?
What marketplace trends (more electronic communication, new production technology, changing demographics) will impact the way you do business now? Will they help or harm what you do?
Are there any regulatory changes or restrictions that impact you or your communications programs? (Do Not Call list, spam e-mail regulations, etc.)
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The beauty of a SWOT is its simplicity and the summary it provides. Use your SWOT analysis to refine your marketing strategies, spur action in your organization, be proactive about changes and trends in the marketplace and evaluate where you are relative to your competitors. A good SWOT can help you see where gaps exist in the marketplace, and how you can fill them with the unique strengths of your organization. Don’t forget to check out our SWOT worksheet at fixyourmarketing.com.
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