As a business owner, you know that good marketing is a crucial component for success. It involves all processes concerned with attracting and retaining customers. Developing relationships with clients and meeting their demands are essential to profits and growth. Using a matrix to analyze your organization’s strengths, weaknesses, opportunities and threats (SWOT) is an important part of marketing strategy.
Strengths include the specific capabilities and assets that give you an advantage over competitors. These are unique factors that are conducive to realizing your goals. Determine the things that your company does better than others. You should consider this internally as well as from the viewpoints of customers and the market in general.
In-house deficiencies that put your organization at a disadvantage are weaknesses. These include factors that can be improved or things to be avoided. They should also be assessed from both internal and external viewpoints. Be as honest as possible. An experienced sales leader such as Eyal Gutentag will be knowledgeable of assessing strengths, weaknesses and potential solutions.
Make note of external opportunities that may be leveraged to gain an advantage. This might include new technologies, trends and competitors’ mistakes. These should match up with assets. Also, figure out which opportunities become available when certain deficiencies are eliminated.
Threats include outside factors that could negatively impact business. Acknowledge obstacles that may prevent you from achieving organizational targets. Are there vulnerabilities that jeopardize your company? Such risks may be from neutral sources such as changing government regulations or demographics.
A SWOT Analysis is a helpful tool. Create a 2 x 2 matrix where strengths and weaknesses are on top, and opportunities and threats are on the bottom. Place elements that help achieve objectives to the left, and harmful ones to the right. This analysis equips you to take an honest assessment of your company’s position and devise marketing strategies.