I use this little gem of a tool all the time in my strategy sessions. It’s an absolute classic in the industry – a brilliant way to analyse both small and large businesses with a strategic lens.
When should you use this method?
If you want your marketing strategy to actually work.
If you’re launching a product, a solid SWOT analysis will help you prioritise what’s important and give you clarity on where to focus. It’s an absolute game-changer when it comes to building a marketing strategy that’s on point.
I always suggest doing this in collaboration with key decision-makers and department heads in your business, plus an external expert who can bring a fresh perspective. A consultant can highlight things that may have been overlooked and isn’t afraid to ask those tough questions. From experience, I can say this is a go-to tool for seasoned marketers. It’ll help you make smarter decisions, saving you time, money, and a lot of unnecessary stress.
Who should use this?
SWOT analysis is a quick and easy way to do a self-assessment based on feedback from the people who matter most. I use it when I’m creating online marketing strategies because it helps me shape the plan and backs up my strategy.
If you use it to assess your current situation, it’ll help identify the best way forward. If you’re thinking ahead, it’ll provide insight into future planning and strategy. You’ll uncover areas to build on, identify weaknesses, and spot gaps. In short, it helps you figure out what’s working, what’s not, and what you can do about it.
SWOT stands for:
- Strengths
- Weaknesses
- Opportunities
- Threats
The basics of SWOT
A solid SWOT analysis lets you map out both internal and external factors that affect your business. You’ll get a clear view of your strengths, weaknesses, opportunities, and the potential threats you might face.
Internal Factors
Strengths and weaknesses are things you can control. These are areas within your business that you have influence over and can change if necessary.
External Factors
Opportunities and threats are things outside your control. These come from the external environment and are happening whether you like it or not.
The lowdown
Align your strengths and opportunities with your business goals.
You’ll need to work on the weaknesses you’ve identified, but even better, focus on strengthening your existing strengths. These are the areas that should form the backbone of your strategy moving forward. When addressing weaknesses, be honest with yourself. Self-doubt or overconfidence won’t help you grow.
The SWOT analysis will give you insight into your internal and external opportunities, but it doesn’t replace a proper competitor analysis – which you should definitely be doing whether you’re developing a business strategy or a marketing plan.If you want to tackle the analysis yourself (and you’re a marketing pro), definitely pull in your CEO, sales, HR, and finance leads – basically anyone with decision-making power in your company. I’ve also got a downloadable template for you, so grab it here!
