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Have you ever been knee-deep in your marketing plans and realized you have no organizational structure? Maybe you’ve realized your Ad campaign is disconnected from your shop. Maybe you realized your Socials are disconnected from your content. Maybe you’ve realized your podcast isn’t finding topics to discuss anymore. At the beginning of a business, it can be extremely difficult to know if your brand is in the growth stage, survival stage or somewhere in between.
A SWOT Analysis can Help Your Business Grow
The good news is there is a dedicated tool to help unify your brand strategy across multiple mediums. Using SWOT analysis, you can gain a near-perfect understanding of what your brand looks like to consumers, and how to make the right edits.
What is a SWOT Analysis?
A SWOT analysis stands for “Strengths, Weaknesses, Opportunities, and Threats.” Fairly straightforward, this analysis breaks down what your company does well, what it does poorly, what its opportunities for growth are, and the biggest threats to your business.
Typical SWOT analysis starts with understanding your product from the top down. Where does your brand stick out? What elements of your brand would you prefer to keep in the dark? What parts of your brand are competitive? What parts of your brand need to be strengthened before your competitors gauge you?
I highly recommend getting someone to workshop your SWOT analysis with. You know what you think your brand’s SWOT is, but talking to someone else about your brand will open up your mind about what your customers and leads are already thinking about your brand.
Why does my business need a SWOT Analysis?
A swot analysis is the easiest way to know whether a piece of content is going to be “On-brand” for your business. It can be a point of reference for every social media post, every podcast, every website, and every blog post for your brand.
For example, if I know that my brand is strong when we are authentic, we should look at the weaknesses of the brand’s “inauthentic” content.
You can then take a look at your language on everything you have done in the last 3 months and determine what was successful versus what was unsuccessful. This can guide the language you use in your branding moving forward.
Furthermore, you can minimize your weaknesses by showing strength instead. When you get a bad review, you can look at it as an opportunity to open a dialogue with your customer rather than a threat to your brand name. For example, take a look at how this marketing genius took the opportunity to improve their image with a negative review:
In their response, they were able to show themselves as both a caring organization and a high-standard organization. This might even have had an impact on the individual that found the original review “funny.”
“What is the Value of a SWOT Analysis?”
Having a SWOT analysis at the center of your marketing strategy will act as a efficiency tool to help your business avoid procrastination. One of the most valuable resources every business has is the time spent on different revenue streams.
Marketing will inevitably be one of the most expensive things that your business has to do in order to survive. The more efficient that you can make your marketing process, the more valuable your business will be. If I have a 10% more efficient and profitable marketing campaign, that directly translates into a 10% higher valued business.
If you want to take a look at what I think is a phenomenal SWOT analysis to get started, check out this article on McDonald’s business strategy. https://bstrategyhub.com/mcdonalds-swot-analysis/
Additionally, if you have any more questions about a SWOT analysis or what it can do for your products/services, feel free to shoot me an email at RedDeadkidneys@gmail.com or tweet me at @metarketing
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