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.
