Finding a way for your business to stand out in 2021 can be very challenging! Especially when we live in a world filled with saturated industries and established businesses. So, you may get to a point where you need to ask yourself where you want to go, how you might want to get there – and what might get in your way. It’s essential to research what is working well for your business while also acknowledging what isn’t working so well. Cue your SWOT analysis.
A SWOT analysis is an effective model to evaluate the Strengths, Weaknesses, Opportunities and Threats of a business. You need to know what your goals are, analyze its competitiveness, how the environment can impact it, and then set a strategic plan of action!
This is a crucial step in order to evaluate your brand’s current position before you decide on any new strategy. Utilize your strong marketing efforts to make the most out of what you’ve got, what you may be lacking and how to distinguish yourself from competitors.
Let’s dive deeper:
Strengths
Look at the positives here! Ask yourself what you’re doing right. What’s working for your brand? What are your advantages? How are you distinguishing yourself from your competitors? You can also take the time to reflect on your selling proposition, and what makes it unique! Ask others what they see as your strengths, too. It could be anything such as your skills, your experience, your staff’s motivation, etc. Maintaining consistent branding messages, building connections and growing on a platform are great strengths that your company could have!
Weaknesses
Now unfortunately, it’s time to face the unpleasant truths and find out what isn’t working for you. What could your brand improve on? What are you lacking? What may others around you see as a weakness? Where may you have fewer resources than others? Identity those areas you can improve on to be more competitive. For instance, to build an outstanding business, it’s crucial to maintain your content creating, writing and marketing skills!
Opportunities
Opportunities are a chance for you to receive positive openings, but you’ll need to claim them for yourself! Think about what future opportunities are open to you. What are some trends you’ve noticed that you could take advantage of? Which strengths could get turned into opportunities? Being able to spot opportunities can make a huge difference to your brand’s ability to compete!
Threats
This is where you need to consider any conditions that could affect your business. It’s a scary thought, but one that needs to be considered. Look at who your competitors are and what they’re doing that could be harmful. Remember to take a good look at your weaknesses that could be posing as threats. It’s also so important to follow trending consumer behaviours so your brand can keep up!
It may seem overwhelming, but going through these steps to develop your SWOT analysis is incredibly beneficial! Once you have your results, it’s time to reflect on them and pick the ones you want to work upon to achieve your mission and goals. In short, you should:
- Select the strengths you’ll use to seize the wonderful opportunities and mitigate those annoying threats!
- Pick the weaknesses you’ll transform into strengths
Going through a SWOT analysis, finding what makes you tick and fixing all the little things will definitely help your business grow on social media and increase profits. Trust us, the results will be worth it!
Looking for more marketing tips and strategies? Head to our blog to read how to implement the latest marketing tools into your business.
