Exploring your brand and that of your competitors, in relation to strength, weakness, opportunity and threat - allows reflection of potential performance, devising effective brand marketing strategies.
Introduction
Why it's important to complete regular S.W.O.T analysis...
The S.W.O.T analysis process starts with the assessment of your own brand, in relation to:
Strength
Weakness
Opportunities
Threat
Followed by the consideration of these aspects of your competitors’ brands. Assessing liabilities and assets supports strategy development in the areas of brand and marketing development.
Make it your goal to master the skill of turning your weakness to strength, and threat to opportunity. - Rebecca Henshaw
Assessing your unique brand..
Lets look at the 4 areas in more detail, in relation to your brand...
Strength
What do you do better than anyone else?
What do your customers see as your strength?
What are your advantages?
Weakness
What do you feel could improve your brand?
What do your customers see as a weakness or area for improvement?
What are areas to avoid?
Opportunity
Where/what opportunities you see?
What practical or technological applications that could improve your position?
Threat
What are your obstacles and barriers?
What are the weaknesses that threaten your brands potential?
Assessing your competitor brands..
Lets look at the 4 areas in more detail, in relation to competitor brands...
Strength
What does your competitor do better than anyone else?
What do your customers see as your competitor strength?
What are your competitors advantages?
Weakness
What do your customers see as your competitor’s weakness?
What do your competitors' customers see as your competitor’s weakness?
Opportunity
Considering your competitor weakness, identify where/what opportunities you see, for your brand to exploit.
Threat
Considering your competitor strengths, identify where/what threats you see, for
your brand.
Math time!
OK not really... 2 formulas to remember, though...
Your weakness + competitor strengths = your potential liabilities
Your strengths + competitor weakness = potential assets
FREE - Download my S.W.O.T Analysis Template and Guide!
STRATEGY DEVELOPMENT
Insight from the analysis, regarding your opportunities to exploit potential assets and combat potential liabilities, supports effective strategy development. For example, should you see that your competitor has a poor online presence and your social media interactions are strong and growing, you could look at ways to leverage these interactions to become community growth and sale opportunities.
On the other hand, should you discover that your online presence is lacking but your competitor has a strong online presence, you need to devise strategies to combat this potential threat. Investing tie and money to improve your online presence is where strategy focus needs to be.
Services & support
EMPLOY A PROFESSIONAL OR GO IT ALONE?
Some business owners and Entrepreneurs opt to employ the services of a professional brand consultant to conduct a S.W.O.T analysis or support in strategy development after the audit. It is common for a business owner to have mixed and often negative feelings at the end of a brand audit process. Your business may not have been performing the way you have expected, and feelings of disappointment are common. Business owners, staff and stakeholders may also conduct an audit with an elements of bias. A third-party can respectfully navigate difficult areas and concepts, supporting the best result for the business.
FREE - S.W.O.T Analysis template and guide
Use my S.W.O.T Analysis template and guide to assess the effectiveness of your brand’s performance, measuring your brand' potential opportunities and threats. Now you can create an effective marketing strategy to ensure your brand's future growth.
Did you download the resource?
Was it helpful? Reach out and let me know.
Wishing you well on your brand journey!
Rebecca Henshaw | graphic designer