The structured planning method or technique for evaluating a business project’s or venture’s (S)trengths, (W)eaknesses, (O)pportunities, and (T)hreats is more commonly referred to as “SWOT analysis.” If you and your company have developed a product that could be a real game changer or revolutionize a particular industry, the next step is to market and promote it. But before you do this, you want to keep in mind that it is certain differentiators, not the features of that product that matter most. You can identify these by performing a SWOT analysis of your company and your competitors.
A structured method of planning, SWOT is used in conjunction with evaluation of the weakness, opportunities, strengths and threats. Additionally, there are weakness and strengths are internal factors because your company has control over it. However, the external factors include threats and opportunities where the company has no control. Most of the web design companies use SWOT to find out whether a website is user friendly. This is an important step as most of the companies use new and innovative ways of improving the experience for the users.
At Cloud Marketing, we know that the strengths and weaknesses of most companies are internal in nature. Conversely, the opportunities that arise and the threats that your company might face are typically associated with or attributed to external elements. What makes SWOT analysis such a powerful business tool? It can help you discover exploitable opportunities that your company can benefit and profit from. Additionally, if you understand the nature of your company’s weaknesses, you’ll be able to eliminate or manage those threats that you might otherwise be unaware of.
Furthermore, by using SWOT analysis to look at your business as well as the competition, you’ll be able to develop a website marketing strategy that will separate your from your competitors and possibly become an industry leader. Plus, you can use SWOT analysis in a personal context to develop or further your career by taking advantage of your abilities, opportunities, and skills or talents. Ironically, SWOT analysis was developed in the 1960’s. Yet it can still be used today for two different purposes – as an icebreaker to help start marketing strategy planning or as a more sophisticated market strategizing tool.
Cloud Marketing is here to help you understand SWOT analysis and how your business can benefit from utilizing it. For more information, please contact us today.