How do you conduct a SWOT analysis for your marketing plan?

You always need to have a solid strategy and market research is key for any business to succeed. Although this stage can be long - winded and tedious, it does provide a wider perspective that can be useful to manoeuvring or tailoring your strategies to fit in better with your end goals . When looking at feedback , some may be harder to hear than others - but you need to learn to take it constructively as an outsiders view can help a lot .

2?? Important Notes for Listing SWOT Factors: ?? Listing SWOT factors is an important step that requires a balanced mindset. Being too modest, too optimistic, or too pessimistic will reduce the effectiveness of this tool. Approach it like a fact-finding mission & get input from your teammates & customers to minimize biases. ?? Breaking a SWOT into two distinct phases can improve the effectiveness of the analysis. Strengths and Weaknesses are typically easier to gather as they are internal factors. Start there & summarize the findings. Listing Opportunities & Threats is often more challenging & time-consuming. But, with a summary of internal factors already in hand, it's easier to make insightful comparisons to external factors.

Strengths: Internal factors that give your company an advantage Brand recognition Customer loyalty Unique products/services Online presence/effective marketing Financial position Weaknesses: Internal factors that hinder success. Limited resources Poor brand recognition Low customer retention Product or service limitations ineffective marketing campaigns Opportunities: External factors that you can take advantage of Industry related Emerging trends Untapped market segments New technology Changes in consumer behavior Weakening competition Threats: External factors could pose challenges Increasing competition Changes in regulation or laws Economic downturn Negative public perception or bad reviews Changing customer needs and expectations

Step 2 as listed is why the original SWOT tool is ineffective. Instead of opportunities being external, think of them as internal. Every weakness you have needs a corresponding opportunity to eliminate or reduce the impact of that weakness. Also a good check to ensure that weaknesses you list are material and not just a nuisance. I have a proprietary method I use in my Strategic Action Workshops that always pinpoints gaps in the proper segments. And in one day, teams isolate and value 4 key opportunities (ideation to cash), that they can own, accomplish and defend. Especially important if you are planing a financial event.

Weaknesses – Let's call them Learning Ladders: Rather than seeing weaknesses as flaws, let's view them as opportunities for growth. Each weakness is a rung on the ladder to your marketing plan's evolution. Can't crack the code of social media engagement? Congratulations, you've just identified a Learning Ladder! It's not about avoiding or hiding weaknesses. It's about climbing them, one rung at a time, until you reach new heights.

I think that the SWOT matrix is very old school in terms of today's Marketing purposes. I don't do this with any of my current clients unless they ask for it.

A SWOT analysis should not be viewed as static but rather as an iterative process. It is important to regularly revisit and update the SWOT matrix to adapt to changes in the business environment, market trends, and customer expectations. By doing so, organizations can identify emerging opportunities/threats and adjust their strategies accordingly.

90-day action plans are very helpful in moving the needle on priorities identified through the SWOT analysis. Giving careful consideration to where you want to make an impact each three-month time period ensures you keep the main thing the main thing. You can also set up systems to track progress weekly and monitor progress monthly. It allows you to efficiently and effectively employ data-driven decision-making practices throughout the journey toward achieving set business goals. Having the necessary intel to consistently engage in productive conversation with stakeholders and regularly inform choices ensures the marketing plan remains nimble in execution and focused on the pursuit of the desired results.

SWOT can be applied in career strategy and personal development. I am a digital marketing student and I use SWOT analysis to create strategic moves in my career and personal growth. It has allowed me to create a clear pathway to success and happiness.

A detailed SWOT analysis can provide significant insights for businesses but once you understand them and define your focus, A SWOT analysis should be updated regularly to keep marketing strategies in line with the changing business environment.

I do think it’s important to do quarterly SWOT reviews when a company is brand new. They may find that conditions are not what they originally anticipated and they may need to pivot or adjust based on changing conditions that can be either internal or external. Also, there are major events (considered external) that can have major impact ie. a recession, a pandemic like Covid, or tech developments like Artificial Intelligence that may be considered an opportunity for one company but to another business sector, it could be a threat. Some can be classified as both.

Professionally, I work with small business in improving their profitability and revenue flow. I look for Strengths in their current financial practices, Weakness in what is non-effective in their marketing practices. I can usually point out around forty new methodologies in improve their Opportunities. Threats can come externally from competition in the same industry or internally from indecisive or uncooperative personnel.