Whether you are strategic planning for your business or creating a marketing plan for a product, you'll find it useful to start by analysing your current situation. An effective tool to use for this is a SWOT analysis matrix.
SWOT is short for:
SWOT analysis (or a SWOT matrix) is a strategic planning technique used to help identify strengths and weaknesses, then compare them with market opportunities and threats related to business competition or external forces.
Why would you use it?
1) It’s a simple but strategic way to start the thinking process needed for planning
It will help you (or your team) begin thinking about things that they might not think of day to day, and provide a way to document them.
The idea of listing items in each category, evaluating the most important ones, and identifying connections can ignite the fire of creativity. People might be inspired to begin market research, look closer at their current competitors, or shine a new light on liabilities so they can be addressed.
Overall, a SWOT analysis allows individuals and teams to understand their businesses better — both in terms of the internal and the external environment.
2) It provides a balanced view
Let’s face it, it's easy to get excited about opportunities and strengths! But this tool forces you to also consider the downsides of your product or organization.
3) It’s great for teams
A single person can do the analysis, but the best results are accomplished when a team works on the analysis. It’s a way to bring employees from different functional areas and levels in the organization together to provide insights. And because the SWOT is easy to use, it promotes healthy discussion and assists individuals with different backgrounds to exchange ideas freely.
People in the meeting will all be on the same page, so to speak.
4) It's Flexible
It’s a tool that can be used for many applications -- it can be used to assess the current state of a company, product, or new business idea.
5) It’s tested
SWOT analysis not trendy, it is a tested method that works. And it works quickly – usually the initial SWOT can be completed by a team in less than an hour, creating data that is easily prioritized for further analysis and action.
Thanks for reading!
If you'd like more information about planning for marketing success or using the SWOT, please contact us.
Have you used the SWOT analysis recently? Let us know if the comments.
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