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The Good, the Bad and the Ugly of the Detailed SWOT Analysis
If you are a sales or marketing student, an entrepreneur or a business professional – get ready to learn about one of the most basic and effective tools for marketers still practicing today – SWOT analysis. Like many topics in school that students seem to avoid (learning the quadratic formula in Calculus, learning the Brave New World of English or a topic so unpopular that everyone in health class is embarrassed to learn about it) – a detailed SWOT analysis is just what you can do. they will have to deal with reading and writing practice no matter how advanced our marketing methods are. A detailed SWOT analysis will last forever and can really help you understand the situation your product or service is in and should give your potential customers a chance to forget about your competitors. So here it is in plain English – the good, the bad and the ugly of a detailed SWOT Analysis.
As a professional salesperson who has worked in this field, representing dozens of companies in North America for over 15 years, I consistently stand behind the benefits and effectiveness of developing and implementing a detailed SWOT analysis. Before I start any new project, either for myself or for a client, I have, and will continue to include, the development of a SWOT analysis. My advice to you is that if you want your marketing efforts to act like a professionally developed plan you need to think and act like a professional marketer. In this article I will share with you…
o What is good about developing a “Good” SWOT analysis
o What’s wrong with developing a proper “Bad” SWOT analysis
o What if a SWOT analysis doesn’t seem to provide value to my marketing plan? “bad”
So why do experienced marketing executives say that a detailed SWOT analysis of your product/service can open your eyes to opportunities you never thought possible? Let’s put it this way – if you’re the owner of a brand new company and you need to sell your business to your future employees who are ultimately responsible for selling your business idea – you’d better have some common sense. What is your business about? Your business vision, mission and values are very important in determining whether or not customers see your product/service as a need. Is the product category you’re in thriving, competitive or stuck in the past? All these answers can be yours – by breaking down your company into a SWOT Analysis.
What’s so great about SWOT? The easiest way to answer this question – found in an acronym – clearly defined – SWOT will tell you what are the strengths, weaknesses, opportunities and threats of your business. Strengths and weaknesses are the characteristics of your business identified internally – what is happening in your company’s environment? Some strengths you may have are being the first to enter the category (i.e. Red Bull in the energy drink category), any awards your company has won, what makes you different from your competitors (do you have something they don’t have? Is it hard to copy?) original” and combined with all the other types of soaps available today – you don’t have that “must have”. Or maybe your product or service is seasonal – so your key sales occur only in a certain quarter of the year – in which case – how does the company fare in the other 3 quarters? Strengths and weaknesses are easy to identify if you really sit and think about what your company stands for and offers to your customers. Opportunities and threats are identified externally – these are factors that occur outside of your company that you cannot control. Going back to the Red Bull example, the fact that the general public found themselves fed up and looking to “pick me up” – paved the way for Red Bull to pack a punch with the public. And perhaps, the simplest example of a threat is what most companies seem to be facing today – a depressed economy and a public that is cautious about their spending. These four factors are quick and easy ways to reach your company and with a little thought – you can open your company to opportunities you never saw before.
What is so bad about a detailed SWOT Analysis – well the first time, prepare yourself for this one of the only gazillion SWOT Analyzes you will do for different companies and products. But don’t worry – practice makes perfect. Sometimes the first few SWOTs can take a fair amount of time to nail down the formula, but soon it will be as easy as riding a bike.
The downside of a detailed SWOT analysis is very rare but has seen the light of day. Perhaps the product category is so complex that SWOT doesn’t answer any immediate questions for your business. Or you’ve completed what you thought was an amazing analysis, only to realize that after investing a lot of money in your “dream project” you entered a very crowded market and your product (without a huge added value. ) will soon be lost in the crowd – YIKES! Also, some companies mistake their internal strengths as external opportunities – which distorts your SWOT analysis and can make it useless.
So although as a first person you are disappointed by what makes an internal or external brand, the fact that sometimes you have to research your category to get into interesting opportunities once you are familiar with this process, there is a good chance that you will start dreaming about SWOT analysis and start using them in your daily life – one One of the best things about a detailed SWOT analysis is that it is the basic structure that sets your business from the point of view of you, your employees and most importantly what you have to offer your customers.
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