Marketing SWOT Analysis
Marketing SWOT analysis helps marketing professionals and marketers identify the key factors, relevant issues and necessary processes that are necessary to be looked into when planning marketing strategies and call-to-actions. Both business analysis and market analysis work hand in hand with the usage of a marketing SWOT analysis. These documents ensure a business that they are well-guided and precisely directed in the achievement of their marketing goals and objectives.
Knowing how to develop a SWOT analysis for the marketing requirements and needs of the business can benefit companies a lot in terms of creating programs and activities that can further widen the business’s market reach and improve the current condition of the their marketing strategies and action plan implementation. Listed in this post are several marketing SWOT analysis examples that you can refer to if you want to have guides when making the document.
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Things to Remember When Creating a Marketing SWOT Analysis
Creating a marketing strategies checklist can be more efficient and effective if you will first have a marketing SWOT analysis. With the help of the latter, you can identify the appropriate and correct strategies that you can execute in a timely manner depending on the internal and external conditions of the business as well as the previous and potential results of its marketing efforts.
If you already want to immerse in the processes of marketing SWOT analysis planning and creation, it is important for you to always remember the following:
- Your marketing SWOT analysis should present a gap analysis. This means that you must provide information about the current state of the marketing operations and programs of the business. You then compare the existing condition of the company with the state that it aspires to be at. Distinguishing these two conditions can let decision-makers create action plans that can bridge the gap between the now and the future.
- Do not cover any lapses and weaknesses of the business. It is highly recommended for the weak points of the company to be showcased so that the management can be aware of their existence. The presence of gray areas can also help create developmental strategies, which is one of the purposes of creating the marketing SWOT analysis.
- Present the internal factors or the business’s strengths and weaknesses in an organized manner. Come up with brief descriptions that will allow stakeholders to know the reasons on why particular items are listed in the document. Come up with a detailed and structured discussion to make the marketing SWOT analysis more understandable.
- Know how to properly use and maximize the marketing SWOT analysis document. Make sure to use the document in a way that you can compare your marketing activities to that of your competitors. Are you better when it comes to marketing? Or are your marketing activities just at par with that of your competition?
Acknowledging the presence of competitions and the way they affect your marketing undertakings can help you a lot in observing what can be done for you to improve and get a bigger share and exposure in the marketplace.
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Internal Factors to Give Focus on During the Creation of a Marketing SWOT Analysis
Depending on the purpose on why a marketing SWOT analysis is created, there are a variety of information that can be included in the document. However, there are general internal factors that are commonly found and evaluated when making a marketing SWOT analysis worksheet. Some of the internal factors, which can either be strengths or weaknesses, of the business, when it comes to marketing include the following:
1. List down the marketing expertise of the workforce. Know whether they have the appropriate deliverable and professionalism that can help the business maintain or even further improve its marketing activities. As much as possible, your workforce must be an added value to the company. You may also see personal SWOT analysis examples.
However, there are some instances like lack of professional experience in the field of marketing that can place your employees in the list of your weaknesses.
2. Think of the demographic location of the business. Are you in the right marketplace? Can you reach your target market within the location that you selected for the business? Knowing whether your business location is a strength or a weakness can help you identify ways on how to cope up with the current situation. This will also allow you the proper marketing strategies and tactics that will be best for your current condition when it comes to location.
3. Assess the marketing processes that your business is currently implementing. Identify whether your operations is at par with the quality standards that the business have initially set. All the procedures related to your marketing activities and processes must be assessed so that it will be faster for the company to identify the weak spots of marketing efforts which also weakens the business operations, sales, and branding. You may also want to know how to prepare SWOT analysis for business.
4. Present how your products are presented to the market or your target audience. You have to identify whether your products, services, and other offers are innovative or not. You also have to include a discussion in your marketing SWOT analysis on whether your offers can be easily differentiated and separated from that of your competitors. You may also check out why every business needs a good SWOT analysis.
5. List all the other marketing aspects of the company that you think can either add or deduct value to your operations and the way people perceive your corporate image, reputation, and overall business presence.
The items that you will come up with will depend on the range of your market reach, the scope of your marketing activities, the nature of the industry where your business operations, and the particular types of marketing strategies that you execute. You might be interested in manager SWOT analysis examples.
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External Factors to Look into in the Development of a Marketing SWOT Analysis
Your marketing SWOT analysis will not be complete if you will not include the list of the threats and opportunities that the business can be faced with. By incorporating industry analysis, you can ensure that the external factors that can impact the marketing activities of the business will also be considered and identified. Some of the marketing threats that you need to prepare for may be any of the following:
1. Know the new products, marketing programs, and other innovations of the competitors of your business. Brainstorm on how you can come up with a unique marketing activity and strategy that can generate more attention.
2. Keep an eye not only on your existing competitors but also on new competition. Especially in highly saturated markets, businesses need to make sure that their marketing activities and efforts are enough to let their products and/or services standout from the same offers of other businesses. You may also see detailed SWOT analysis examples.
3. Be updated with the pricing strategies, marketing tactics, and special offerings of the competition. Know how they develop their deals and other promotions. In this manner, you can compete with them accordingly as price comparison is one of the movers of purchasing decisions. You may also like how to use SWOT analysis to build market research plan.
4. If possible, list down the distribution channels of your competitors. This will give you access to the means and ways on how they reach the market that you are also targeting.
Aside from threats, there are also opportunities that the business can give focus on. Keep in mind that not all opportunities must be grabbed, which is why these items must be fully reviewed and assessed. You may also check out HR SWOT analysis examples.
Some of the opportunities, if realistically existing at the moment, that you can include in your marketing SWOT analysis are as follows:
- Getting new market segments or moving to a new marketplace
- Teaming up with potential business mergers and marketing partners
- Using new marketing channels and platforms that can provide high returns of exposure and/or sales
- Presence of joint marketing venture proposals
Once all factors, issues, and concerns about the marketing activities of the business have been listed in a marketing SWOT analysis, it will be easier to create marketing strategies, action plans, and objectives that are aligned with the vision and goals of the business. Try to draft a marketing SWOT analysis now and see how it can give you a new perspective when planning and implementing marketing efforts and undertakings.
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