Why would you create a simple detailed SWOT analysis? A SWOT analysis is a key component of any digital marketing plan. The diagram provides a detailed look of a business by uncovering what the company excels at and areas that need improvements.
The term SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. The four elements allow a business to group information together for the purpose of laying out a marketing strategy.
Strengths and weaknesses are internal factors that a company can use to help focus marketing objectives around and improve on. Opportunities and threats are external factors that help build momentum in the current marketplace and develop ways to reduce risk.
A simple detailed SWOT analysis focuses on each of these four factors by grouping information together to create an effective digital marketing strategy. The analysis can help business owners develop new ways to expand their reach and uncover new markets to tap in to. The analysis is visual and helps make sense of information to promote organizational growth.
How to Get Started with a Simple Detailed SWOT Analysis
- What is your marketing objective: Decide on marketing strategies to analyze and focus on.
- Build the grid: Design a large square and divide the square into four smaller squares.
- Label each block: For the top two squares write the word “Strengths” and “Weaknesses”. For the bottom, two squares write the word “Opportunities” and “Threats”.
- Fill out each section: Include all the factors that match your business for “Strengths” “Weaknesses” “Opportunities” and “Threat” section.
- Analyze and draw conclusions: Use the information to compare the positive and negative elements. If the positive outweigh the negative elements, then it is time to construct objectives to move the marketing plan forward. If the negative outweighs the positive, then you may want to conduct more research and make adjustments.
The goal of a simple detailed SWOT analysis is to build a successful marketing plan that promotes growth and can be measured and optimized.
Figuring out Your Strengths
- Do you have any advantages in your marketplace?
- How can your company outperform your competitors?
- Is there something unique about your company?
- What do people like about your company?
- What factors determine the growth of your company?
- What is the Unique Selling Proposition of your company?
Develop your strengths using an internal and external perspective of your business. You want to create strengths using all available marketing data. You also want to analyze strengths through the eyes of your customers to determine why they interact and engage with your business.
If you run into a roadblock when identifying strengths, make a list of all the characteristics of your organization. Use each characteristic to draw strengths from.
Another way to find strengths is to analyze your competitors. If your competitors are known for providing high-quality products, then offering affordable products might be a strength for your company.
Finding your Weaknesses
- What can your business improve?
- What should your business avoid?
- What do your customers hate about your business?
- What is preventing your business from generating sales?
- What prevents people from doing business with your company?
Consider all the internal and external perspectives of your business. Are there weaknesses that people see that you don’t? Research what your competitors are doing and determine areas that makes them successful. Do your competitors offer products through an online store, but you don’t? Then, your company cannot reach as many people as your competitors.
Do not try to mask your weaknesses for strengths. The digital age makes it very easy for people to find information about your company. Most people conduct research using their mobile device when they visit a local business. They will see past any information that has been manipulated to standout in the marketplace.
Locate Room for Opportunity
- What technology are you using?
- What trends are you tapping into?
- What are similar markets that relate to your company?
- Are you connecting with buzz-worthy communities?
- Are there benefits from changes in government policy?
- What lifestyle changes relate to your company?
Finding room for opportunity will help your company find ways to reach potential customers and tap into new markets. The needs of your customers change as time moves forward. You may find that products that were difficult to sell are now beginning to pick up momentum as top performing products begin to decline.
If your company is a music store that sells used merchandise, you may find that the interest of compact discs is declining, but the sale of vinyl records is beginning to take off. This could allow the company to create unique package deals that include both formats of music at a price reduction.
Paying attention to opportunity will help future proof your company in the marketplace and allow your business to be flexible as changes occur.
Uncover potential Threats
- Are there any obstacles that may impact your business?
- What markets may prevent your company from competing?
- Are there changes in your marketplace that could limit your reach?
- What technology changes are creating problems for your company?
- Does your company have cash-flow issues?
- Are your weaknesses preventing your business from growth?
Potential threats can wreak havoc throughout your organization. The best way to prevent anything that threatens your business is by acknowledging the damage of potential risks. Your company must be flexible in the marketplace to ensure that your company can move in and out of different markets.
A potential threat could be a potential hack through a POS portal that allows your company to take online and off-line payments. This will allow your business to research all available options and decide which minimizes each risk. This information will help prepare your company for potential threats that could negatively impact your business.
The goal is to uncover as many potential threats as possible to prevent any risk that could fatally damage your organization.
Create a Simple Detailed SWOT Analysis for a Digital Marketing Plan
A SWOT analysis is a serious tool to drive growth for your business. Spend as much time as you can afford to thoroughly analyze your organization from top to bottom. A well-defined SWOT analysis could be the difference from rapid growth to consistent decline.
- Only focus on precise and verifiable information
- Continuously condense your list of factors by prioritizing them to ensure that you spend your time on the most significant factors.
- Make sure that all options are carried through to the end of your marketing strategy.
- Apply objectives at the right time. You would not try to make a sale to a customer at the brand awareness stage of your marketing plan.
Ensure to use it in conjunction with other business strategies like Unique Selling Proposition, Content Strategy, Social Media Strategy to name a few. The key is to get a comprehensive picture from the data your organization collects.
A simple detailed SWOT analysis is the fuel to fire to ignite your marketing objectives. Once you have a solid understanding of your company’s current position in the marketplace, you will be able to develop effective marketing objectives to promote growth. Each objective will allow you to construct digital marketing strategies to uncover key performance indicators that will ultimately help maximize your return on investment.