Now that you have an idea of how (and whether!) your company will operate online, it’s time to really step back and analyze your Strengths, Weaknesses, Opportunities, and Threats — that is to say, perform a SWOT analysis. This is a well-known technique perfected more than forty years ago and still in common use today. There is no better way to analyze your company!
You can further break this analysis down into a consideration of the internal and external attributes of your company. Strengths and weaknesses are considered internal — that is to say, they are attributes of your company or business itself. Opportunities and threats are considered external — that is, things that can help or hinder you originating from beyond your control.
What you want to identify are your company’s (or your business plans):
- Strengths: What is going to be helpful? What do you have going for you?
- Weaknesses: What are some potential problems or flaws in your business or plan?
- Opportunities: What are some favorable conditions and trends that may help you succeed?
- Threats: What are the negatives that might have an impact on your company’s performance (competition, economic climate, etc.).
A SWOT analysis, if conducted realistically, can give you a very clear idea of whether your company is viable. If it is, it can help you predict problems, smooth out your plans, and gain a greater understanding of your challenges in the future.
Once you’ve done this to your company, you can also perform a SWOT analysis on your marketing campaign. For example, you might come up with something that looks like the following:
- Strengths: Product addresses a well-known need, should be able to attract people’s attention
- Weaknesses: Product does not necessarily stand out from competition
- Opportunities: Targeting a niche segment of the population for whom the product will hold greater appeal
- Threats: Competition from similar products already existing online
From this sort of analysis, you’ll be able to make stronger decisions about your product, your company, and your marketing strategies — online or off.
If you want to discuss this approach with one of our marketing experts, we offer a free consulting session to all of our new clients. Click here to request your free consulting session now!
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