SWOT Analysis Improves Effectiveness of Marketing
Before launching any given marketing campaign, it’s a good idea to conduct a SWOT analysis to evaluate its feasibility. SWOT, which stands for Strengths, Weaknesses, Opportunities, and Threats, involves analyzing factors that can help —or hinder—the achievement of specific objectives.
Strengths capture the positive aspects internal to your business that add value or give you a competitive advantage. Weaknesses capture the negative aspects that detract from the value you offer or place you at a competitive disadvantage. Opportunities and Threats are external factors, such as changes in your market or the economic environment that may affect your campaign.
Once you’ve captured all the factors you believe are relevant in each of the four areas, compare the internal strengths and weaknesses to the external opportunities and threats. See if there are ways to use your strengths to better take advantage of the opportunities ahead or to at least minimize any harm that threats may present. Perhaps there are ways to turn certain weaknesses into strengths.
Let us help facilitate your next SWOT analysis. Chances are, we can offer new insights to help improve the effectiveness of your next campaign.