What Is A SWOT Analysis for Marketing?
When in doubt, SWOT it out.
Conducting a regular SWOT analysis can help keep track of where you are and what areas you should be addressing in your marketing campaigns.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
A SWOT analysis is used in marketing when conducting a “Situational Analysis” and allows you to look at the current landscape, including the things you do well and the things you do poorly. You can apply a SWOT analysis to your marketing campaigns, your team or yourself.
Conducting a SWOT Analysis For Your Marketing Campaign
1. Know What You’re SWOTing
First, you’ll want to work out why you are doing your SWOT analysis. Have a clear objective in your head. Is it to understand your Social Media performance? Is this due diligence before a marketing campaign?
2. Conduct Your Research
You might want to look at completing a PESTLE analysis, which will bring in some more significant concerns that can start to populate your SWOT. You may also want to research your competitors, looking at their current strategies. You’ll also want to look at your customers too.
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3. Fill In Your Matrix
It’s best to conduct your research and then fill in your SWOT, as sometimes, what you consider a threat at first may be a strength when you do some digging.
What Are Examples of Strengths in a Swot?
Strengths are the things your company/marketing/SWOT Subject does well. Perhaps you have a better company culture than other businesses, and that’s something you want to shout about.
Some examples of strengths are:
- Adaptive to change
- Highly engaged audience
- Good Search visibility
- Agency relationships
- In-house expertise
- Better quality product than competitors
- High service levels
What Are Examples of Weaknesses in a Swot?
Weaknesses look into things your SWOT subject doesn’t do well. Perhaps all the competitors offer a service that the SWOT subject cannot match.
Some other examples of weaknesses are:
- Low social media following
- Low market share
- Higher prices
- Lower budgets
- Less staff than competitors
What Are Examples of Opportunities in a Swot?
Opportunities are a mixture of the “unfair advantages” that the SWOT subject has and the opportunities opened up in the market. For example, perhaps your team has a highly trained sales team that could give more in-depth help, which may justify a higher price than your competitors.
More examples are
- Emerging trends
- Audiences not targeted or served poorly by competitors
- Geographic opportunities
- Emerging markets
- National, local or industry events
What Are Examples of Threats in a Swot?
Threats are anything that others do well or things that may cause your business to struggle. For example, maybe unpredictable weather may impact your services? Or perhaps a competitor has a patent that may cause your products to become obsolete.
More examples are:
- Laws and regulation changes
- New entrants in the market
- Cheaper competitors
- Investments in new technology
- Competitors being purchased
Using a SWOT for Marketing
Keeping an eye on your SWOT analysis factors is key to a marketing campaign’s success.It allows you to keep poking away at weaknesses and sharpening your strengths. Consider running micro-campaigns or Integrated Marketing Communications campaigns with messaging to address one or more of the SWOT factors.
