If you perform a SWOT analysis of your business and marketing strategies, you can:
- Emphasize your Strengths
- Appreciate your Weaknesses
- Recognise Opportunities to build on
- Aim to eliminate Threats
There are many methods to do marketing campaign analysis but if you select SWOT analysis:
- You can discover ways to conserve resources in producing the campaign
- You can create a more effective program and
- It will maximise your overall profits and build a business in a short span of time.
What is SWOT?
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. You can say that strengths and weaknesses as internal factors which are in your control. Opportunities and threats are external factors that are out of your control. By recognising your strengths and weaknesses, you can build on your strengths to grab opportunities, while you work on your weaknesses to become unaffected by threats.
When you utilise SWOT to highlight competitive advantages by relating strengths to opportunities, this is called MATCHING. This is where you discover your niche and start with it. When you relate your weaknesses to threats and use it to change your strategy, that is called CONVERTING.
For instance, let’s consider you are marketing a product to people who are in the age group of 20’s. But your loyal customers and potential new customers are in their 30’s. Meanwhile, 20-year-old are moving to the next stage.
By following your old marketing strategies, you are losing business. But by advertising to your older customers, you are generating sales. Another conversion strategy could be to design products that appeal to young buyers. In both the cases, you have identified the problem with the help of SWOT, and those are clues for your marketing to grow business.
In a few cases, threats and weaknesses can’t be easily converted. But with expertise and skill, they can be minimised. This will be clear if you understand the SWOT elements, and then apply them to an example.
Let’s consider that you run a number of fitness centres. Your SWOT will look like below:
- New, tidy locations
- More facilities with advanced equipment
- Lots of personal attention to visitors from fitness trainers
- Group sessions
- The absence of facilities such as a spa, pool, steam bath
- Space constraints which can accommodate only 250 members, limits income
- Management issues
- Setup is more suitable for singles, but may not be as appealing to families
- Many people want to lose weight and be fit
- A lot of facility locations are in your surroundings with young professionals who want to train people
- Another competitive fitness company has been established in your locality for years
- Government regulations and policies
- A poor economic situation, means people have less income
Focusing on all this, you might want to market above mentioned facilities as:
- A cool and new trending way to work out
- Sign up now before limited spots are occupied!
- Special personal attention.
- Meet and follow our young trainers in group sessions
- Specific offers for early registrations, and group discounts for families
These are few BASIC ideas for a particular example to understand how the SWOT analysis really focuses on a marketing campaign. Obviously, testing before trying is compulsory. Discuss with your sales folks whether the marketing approach is working? Would you need another approach which works better? Only by testing will you be hundred percent sure. To summarise SWOT is a great way to start with.