5 Reasons Why Your Brand Needs a Stellar SWOT Analysis
No matter if you have used a SWOT analysis method for years or never even heard of the acronym, it is important to understand why it’s so crucial for your brand, and how it can help with targeting your audience before any social media, advertising, or traditional marketing campaigns.
So what is a SWOT? SWOT is a helpful acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. With this analysis, you can define the internal factors (strengths and weaknesses) and external factors (opportunities and threats) that surround your brand.
Strengths: Food is high quality, customer service is great, high satisfaction from local customers
Weaknesses: No social media presence, mobile or online orders are minimal, smaller than average space
Opportunities: Loyal customers who could spread word-of-mouth on organic social media, strong local presence
Threats: Neighboring restaurants that have a great ordering system or larger storefronts, COVID-19 affecting in-person dining
See how easy it is? Here are five reasons you need a great SWOT analysis for your brand, especially if you’re looking to market online:
1. It identifies your brand’s core competencies.
Uncover the key differentiators that make your brand different. You can then turn that around and use it as key points in messaging when marketing your brand or business.
2. It makes any strategic planning a whole lot easier.
This helps you lay out specific goals to tackle next. Is one of your weaknesses a lack of presence on Instagram? Then, you need to assess whether you need to get all hands on deck for improving your Instagram.
3. Brainstorming sessions help you uncover some untapped opportunities.
This brainstorm session, with your team or alone at your laptop, may give you an “ah-hah” moment with that little lightbulb appearing above your head. These sessions can be helpful with creative inspiration and can help you develop what your marketing strategy needs to be.
4. It helps reveal some internal and external negative forces that could hurt your brand.
Okay, it’s honesty time. Even if you think your brand is absolutely killing it, there is at least one person who can think of at least one weakness. Self-awareness is a good thing because it can help you improve. On the external side, you can see the brands that are stealing your audience’s attention otherwise known as your competitors. Your competitors are a roadblock to gaining new customers, or they are taking some of your existing ones. It is important to conduct a thorough competitive analysis to identify their strengths, weaknesses, opportunities, and threats, and build your strategy around that.
5. It essentially costs nothing but brain power to conduct.
This is an easy, low-cost way of strategy that could change your outlook on social media or marketing strategy forever. If you identify where there is a need, you can take those action steps to remedy it.
Here’s a challenge: Get out a piece of paper, grab some sticky-notes, or pull up your notes app, and then jot down around 3 strengths, 3 weaknesses, 3 opportunities, and 3 threats for your brand. We promise you won’t regret it!
If you are looking to cultivate a marketing strategy, leverage the capabilities of social media, optimize your website, or assess your Strengths, Weaknesses, Opportunities, or Threats, we can help with that!
Juxt Marketing is a marketing firm based in Atlanta, Georgia that can serve as your outsourced marketing partner from wherever you are. We can put our 20 years of experience in brand strategy, identity, graphic design, web development, and digital marketing to work for you. Get in touch with Juxt Marketing to let us take that off your plate.