How Does The SWOT Analysis Pertain To Your Marketing Team?
When you are looking for a new way to market your company you will likely go through a number of scenarios and things to try and figure out what will work and what will not work for your company. The SWOT analysis is commonly relied on by many companies as it can help you to gain valuable insight to your company and will make it easier on you to find marketing promotions that work effectively. What is the SWOT analysis and how can you make it work for your marketing team? Let's look at it a little bit closer.
The SWOT analysis is used to help you see your customers needs and wants and to understand your given market. Are you dealing with a niche market or a larger market? To understand the SWOT analysis, we have broken it down into smaller categories for you.
STRENGTHS and WEAKNESSES
The S is for strengths and the W is for weaknesses. This is where you will know what type of things make your company strong and what things are weak. You need to understand that there are going to be assets that you have and your competitors do not have, making you stronger in this sense. Take a look at each of your products to decide what makes them better from your competitors and where they may be lacking against your competition. How does your brand compare with that of other companies in your industry? Do you find that you have a higher level of customer service but you may end up lacking in other areas like product quality? You need to get to know all of the strengths and weaknesses that you have so you can build upon them and to market the positive ones. Your products are what your customers will look at and what causes them to buy from your company. You need to make sure that you are able to understand what the customers really see in your products so you can pinpoint these items to market toward them. What makes your product innovative and how does it match up to your customers demands. When you have a product that really stands out you need to ensure that you are able to capitalize on it so your customers can see it. Getting the exposure for it is important for your company as you have to jump before your competitors catch on and they start making knock-off products.
OPPORTINITES and THREATS
The O is for Opportunities and the T is for threats. You have to know your market well enough to plan for market changes and to know what your competitors are doing. Change is a daily occurrence and you need to have plans in place that help you to react to them and can keep your company in the top of the search engines and in your customer's minds. Again you need to know your products well enough to take advantage of the opportunities that they can provide for your company before your competition can do so. Competitors are going to be the threat that you have to concern yourself over. Respond to the threat of other companies in your market by promoting your company ahead of theirs and to focus on what you can bring to your customers over what the competition is offering. To stay in touch with your competition you need to become one of their customers. You need to stay in tune with new products they are creating as well as being able to focus on