Need A New Marketing Strategy?
SWOT analysis in marketing and business will help you decide which marketing strategy you should use to get the best result for your business.
The SWOT strategy helps you to capitalize on the opportunities using all the strengths. It will also help to avoid the threats and minimize the weaknesses of any plan. Strengths are the factors that are going to help you get better results. Your company will do well if you can base your strategy around these things.
So, with strength being an internal factor, this means you CAN control it. Things like resources, investment, and skilled labour are considered as strengths. In SWOT analysis, you could consider the following things as your strengths; such as your
Brand recognition – If your company is well known by the people then it can act as strength for your marketing strategy. .
Also the Locations of the business – If your company or shop is located in the city centre then you are likely to have a very good business.
Then there is Introducing something new – What better way to capture the market than providing newer products? If your firm can come up with new ideas, then your marketing strategy will be based on innovation and novelty.
Weaknesses are also internal factors that will derail you from making any progress. When doing a SWOT analysis, you need to consider which things will make your marketing strategy look weak and unconvincing. The following factors can be called;
Not distinguishable feature – You cannot stand out in the market if your products are no different from the rest of the competitors. You need to have your own signature or identity.
Lack of online presence – In the modern era, online marketing is a key way to grab the customer’s attention. If you are not doing enough online, then you cannot succeed well.
SWOT analysis will look at almost everything as an opportunity. This is because you never know what events or situations you can use as a marketing weapon.
Advancement in technology will always be an opportunity, If your company buys newer technology. Or they come across newer ways to produce goods.
An increase in demand, a situation may arise when the demand for your goods may increase both locally and internationally. If that happens, then you need to seize the opportunity. You can advertise the fact that your goods are wanted abroad and thus create a brand name for yourself. This is smart marketing.
Then there is Social Events , nothing increases the demand for certain goods like social events.
Threats develop and come out of nowhere for any business, So it is better to identify them as soon as possible. That way the SWOT analysis will have a contingency plan to dominate the threat. Threats could be…
Competitors lower price - This has to be the toughest threat to deal with. If your competitor lowers the price of their product, then there are very few things you can do about it. People are always likely to go for things that are less expensive. However if your SWOT analysis in marketing has this noted down, then you are likely to have a backup plan for it. Offering better quality or promotional offers may help.