Do You Need a SWOT Analysis?

Every business needs to have a SWOT done annually.  NOTE - before you embark on a SWOT Analysis, you need to have a thorough knowledge of your target market and have completed a competition analysis of your top three competitors.

So what is a SWOT Analysis?

SWOT stands for:

  • STRENGTHS - what are your company's internal strengths and of those strengths, which ones are truly unique to your business that cannot be claimed by a competitor?
     
  • WEAKNESSES - what are your company's internal weaknesses?  What are your competitor's weaknesses?  How can you overcome your company's internal weaknesses and capitalize on your competitor's internal weaknesses?
     
  • OPPPOTUNITIES - What external opportuntities exist for your company? 
     
  • THREATS - What external threats exist for your company?

Why is doing a SWOT important? 

Knowing your company internal strengths and weaknesses compared to the competition's strengths and weaknesses can greatly assist in your brand positioning and knowing your different/better story or UVP (unique value proposition).

If you would like assistance in conducting target market review, competition analysis or SWOT Analysis, please contact us.

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