A SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis can accurately evaluate a company’s internal and external environment. This evaluation aids in the preparation of an effective marketing strategy. Many small companies, solo professionals, and home-based businesses fall into the typical trap of focusing on their distinctive competencies, and tend to neglect the presence of competitors. A SWOT analysis provides an excellent opportunity to do just that.
Think about other companies that provide similar products or services on a local, regional, or national level.
Ask yourselves a few questions:
– Can my prospects get what I offer online or over the phone? (If so, you’re competing regionally and nationally).
– What’s different about my product, service, and/or delivery than what my competitors offer?
– How are the companies I admire providing the types of products or services I’d like to provide a few years from now?
– How are other companies offering value and convenience?
Now it’s time to SWOT your company. Take a piece of paper and divide it into four equal boxes. Mark the boxes “Strengths,” “Weaknesses,” “Opportunities,” and “Threats.”
Fill the boxes with the information from what you’ve just learned about your company and your competitors
Final Step: Forming your Marketing Message!
Your marketing message will want to emphasize your unique strengths and go after available opportunities. At the same time, you will want to be aware of your weaknesses and watch out for threats in the market place.
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