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Traditional Marketing

SWOT- The Must Have for Any Business!

What is SWOT and why is it important?
SWOT analysis is an effective tool for helping you identify where to concentrate your business efforts.

Want to match your company’s strengths with the best market opportunities?
Need to improve your processes or try to figure out how to compete with your competitors or other market factors like the economy?

Then you need SWOT.

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

A SWOT analysis should consider both internal and external factors that can impact your ability to meet your business objectives. You don’t need a highly paid consulting firm to perform a SWOT analysis. Here are some of the basic questions you need to consider to complete your own SWOT:

• Strengths. Ask yourself: What does your company do better than any other? What do you do that no other business does? What distinguishes you from the competition? Focus on your strengths in your marketing materials, and tap your best performers (and friendly customers) for their insights into your business.
• Weaknesses. Where has your business struggled? Consider every possible angle: Do you have weak seasons during the calendar year? Issues with customer satisfaction or returns? What are some factors that have caused prospects to balk during the sales process? Quiz your employees too. Are they lacking any tools that could help them serve your customers better or do their own jobs better?
• Opportunities. Look inside your company and outside for ways to expand your offering. Visit your competition (in their shop or on the web) to see where they are failing to satisfy their customers. Subscribe to any relevant industry journals, or at least check them out online regularly, to keep up to date with trends in your industry.
• Threats. As with opportunities, you’ll need to look outside your company, to the competition and wider trends in your industry. Are the market forecasts for your industry strong? Do long-term cultural trends favor your industry, or do they suggest a need to monitor your course? Look inside your company too: Are your finances solid? Is employee retention strong?

Any and all efforts you make to take the time to analyze what you are doing well and where you can improve will almost always turn up at least one new idea to help you continue to grow. A SWOT done even once a year, is better than doing nothing at all in the analysis department.

Remember: “If you always do what you have always done, you will always get what you have always gotten.”— Anthony Robbins

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