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The Good, the Bad and the Ugly of the Detailed SWOT Analysis
If you are an advertising or marketing student, an entrepreneur or a business professional – get ready to learn about one of the most basic and useful tools for marketers that are still widely practiced today – SWOT Analysis. Like many subjects in school that students shy away from (learning the quadratic formula in Maths, reading Brave New World for English) or it’s the most uncomfortable subject that everyone in health class is embarrassed to learn about ) – a comprehensive SWOT analysis is just something you have to face learning and stick to writing regardless of how advanced our advertising methods are. A detailed SWOT analysis will be around forever and can really help you understand the environment your product or service is in and what you have to offer your potential customers that your competitors have missed. So here it is in plain English – the good, the bad and the ugly of a comprehensive SWOT Analysis.
As a professional marketer working in this field for over 15 years representing many companies across North America, I stand behind the benefits and effectiveness of developing and using a detailed SWOT analysis. Before starting a new project, whether for myself or a client, I have, and will continue to develop, a SWOT analysis. My suggestion to you is that if you want to execute your marketing initiatives like a professional development plan, then you need to think and act like a professional marketer. In this article I will share with you…
o What is good about developing a proper SWOT Analysis “The Good”.
o What is the “Disadvantage” of developing a proper SWOT Analysis
o What if SWOT analysis doesn’t provide value to my marketing plan? “Sad”
So why do seasoned advertising executives claim that a comprehensive SWOT Analysis of your product/service can open your eyes to an opportunity you never imagined? Let’s put it this way – if you’re a new business owner and you need to sell your business to prospective employees who are ultimately responsible for reselling your business idea – it’s probably best to have a clear concept. What is your business about? The vision, mission and core values of your business are so important to determine whether or not customers see your product/service as a necessity. Is the product category you’re in full of competition or are you just yesterday’s trend? All these answers can be yours – by breaking down your company into a SWOT Analysis.
What is important about SWOT? The easiest way to answer this question – found in the summary – clearly stated – SWOT will tell you what are the strengths, weaknesses, opportunities and threats for your business. Strengths and weaknesses are the characteristics of your business that are identified internally – what is happening in your company’s environment? Some of the strengths you can have are whether you were the first entrant in a category (ie Red Bull in the energy drink category), whether your company has won an award, what differentiates you from your competitors (do you have something they have? Copy so hard?) The weakness may be that you weren’t “one of the originals” and with all the gazillion types of soap available today – you lack that “must have” feature. Or maybe your product or service is a seasonal item – so your main sales peak only occurs in a certain quarter of the year – in which case – how does the company fare for the next 3 quarters? Strengths and weaknesses are easy to identify if you really sit down and think about what your company is, stands for and offers to your customers. Opportunities and threats are identified externally – these are aspects that happen outside of your company that you cannot control. Going back to the Red Bull example, the fact that the public was often feeling tired and looking for a “pick me up” – paved the way for Red Bull to really follow through with the public. And perhaps, the simplest example of risk is something that most companies seem to be facing today – the depressed state of the economy and the public being cautious about their spending. These four aspects are quick and easy ways to reach your company and with a little thought – you can open your company to opportunities that you did not originally see.
What’s so bad about a comprehensive SWOT Analysis – well for a first timer, be prepared that this is just one of a gazillion SWOT Analyzes you’ll be doing on a variety of companies and products. But don’t worry – practice makes perfect. Sometimes the first few SWOTs can take some time to crack the formula, but soon it will be as easy as riding a bike.
The concern of a detailed SWOT analysis is very rare but has seen the light of day. Maybe the product category is so complex that SWOT doesn’t really answer the immediate questions for your business. Or you’ve finally completed what you thought was an amazing analysis, only to realize that after investing a large amount of money in your “dream project” you’ve entered an oversaturated market and your product (without great added value ) will soon disappear into the masses – YIKES! Also, some companies mistake their internal strengths for external opportunities – which is where your SWOT analysis becomes flawed and unhelpful.
So even if as a first timer you are discouraged by what an internal or external feature does, the fact is that sometimes you need to research your category so that you can really enter into some interesting opportunities when you get to know this process. , there’s a good chance you’ll start dreaming up SWOT analyzes and start applying them to your everyday life – one of the great things about a comprehensive SWOT analysis is that it’s the foundation that really sets your business up for It takes into account yourself, your employees and most importantly what you need. present your customers.
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