Exploring your brand and that of your competitors, in relation to strength, weakness, opportunity and threat - allows reflection of potential performance.
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:
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...
What do you do better than anyone else?
What do your customers see as your strength?
What are your advantages?
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?
Where/what opportunities you see?
What practical or technological applications that could improve your position?
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...
What does your competitor do better than anyone else?
What do your customers see as your competitor strength?
What are your competitors advantages?
What do your customers see as your competitor’s weakness?
What do your competitors' customers see as your competitor’s weakness?
Considering your competitor weakness, identify where/what opportunities you see, for your brand to exploit.
Considering your competitor strengths, identify where/what threats you see, for
OK not really...2 formulas to remember, though...
Your weakness + competitor strengths = your potential liabilities
Your strengths + competitor weakness = potential assets
Not so good at math? Me either - so I have created a template an guide outlining all the areas covered in this blog in a simple to print and fill out PDF! First , let's recap.
Let's recap and create a plan...
There are 3 steps to analyze your brand in terms of it's potential assets and liabilities.
Your S.W.O.T analysis - establish internal threats and opportunities
Your competitor S.W.O.T analysis - establish external threats and opportunities
Plan action for strategy development - strategies to exploit opportunities and eliminate liabilities
Download my S.W.O.T analysis template, following the link below: