Alright, it’s back to basics with this one. We all remember our marketing classes (maybe), and the SWOT analysis. It represents strengths, weaknesses, opportunities and threats. An ideal analysis when reevaluating your marketing strategy. The 2011 year is upon us and you need to determine what is the next best step for your company. You need to take a step back and learn exactly what your store needs to do to improve sales and using the SWOT analysis will help you through that process.
SWOT Analysis Basics
This strategic planning method is used when determining the goal of your business and identifying each favorable and unfavorable factor. Internal factors will be classified as strengths and weaknesses, while external factors will be considered threats and opportunities. This analysis helps match your resources and capabilities.
Strengths: Your strengths are what you’re good at. You need to sit down and put them in writing so you focus on what are your strengths exactly. This way you have it right in front of you, instead of jumbled up in your mind, and you can start to develop your competitive advantage.
Weaknesses: Again, write out your weaknesses. That way you can see what they are exactly. As a store owner, you need to know these things so you can improve and will exist no more.
Opportunities: Take a look at products outside your normal realm. You may be surprised that there are new opportunities just waiting to happen, which in turn can help increase sales and build a better business. There may be new technologies, unique wholesale products or unfulfilled customer needs, which can help you create a long lasting business.
Threats: Of course, analyzing threats will help determine a better strategy. Knowing them will help you prepare to face them head on. This can be a change in consumer’s tastes or new substitute products to fulfill their needs. Whatever they are, you need to be prepared so you can stop them before they even begin.
Taking the time to determine these 4 things within the SWOT analysis will help you develop a better marketing plan.
So, What’s Next?
The next step is to determine the plan of action. What can you do to maintain your strengths, improve on weaknesses, take an opportunity and Continue reading “Marketing Tip Of The Week: SWOT Analysis” »