When people hear the term “SWOT” as it relates to marketing, most may think the exercise is a pretty outdated mode of understanding internal and external factors that affect one’s business.
What marketers may fail to realize is that a SWOT analysis, while simplistic in nature, is still virtuous in the insights it can impart. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. These categories are often depicted in a four quadrant box that lists each of these things as is relates to your product, business, marketing plan, etc.
While it may seem like a very trite exercise, some true insights can be gained from it. SWOT analyses require a business owner or organization to dig deep and think about one’s positioning in the marketplace and what that means as it relates to a business/company’s overall health and flexibility in an ever-changing market. Additionally, a SWOT analysis is the perfect springboard for beginning marketing planning. Prior to brainstorming new ideas, this analysis makes you carefully and thoughtfully evaluate where you have been and where you currently are. That is invaluable in trying to chart your next move and forging ahead.
When was the last time you completed a SWOT analysis for your business? Do you think that understanding your strengths, weaknesses, opportunities and threats provides value to your organization?
Tell us what you think in the comments!