Marketing Plans - the SWOT Analysis
SUMMARY OF SWOT ANALYSIS
In simple terms there are three main phases to a marketing plan - understanding where you are today, deciding where you want to be, and then building a route map and activities to get there.
The first part is to really understand where your business is today and the market in which it works.
A really good tool to help you look objectively at this is the SWOT analysis
Stands for
• Strengths
• Weaknesses
• Opportunities
• Threats
The SWOT analysis is one of the most powerful tools in the marketers toolbox - and lots of marketing professionals would argue that it the most important one they use. To make it as robust here are a few tips which may help:
1. Ensure it is relative to your competitors as mentioned i.e. what differentiates you
2. Try not to do it all yourself - ask your customers, partners, suppliers, staff , owner of non- competitive business etc what your strengths and weaknesses are
3. Think about having a brainstorm - using the rules we have agreed
4. If you have some very different segments or product/service areas do a SWOT for each (avoid averages which can hide issues).
5. Think about using an Avatar to create 2 or 3 customers which helps you focus
6. If you have several business functions think about doing a SWOT on several rather than the whole company
7. Try to reduce the number of SWOT items to 3 in each section using the tools from the Action Plan
8. Look at the likelihood of Opportunities and Threats or your ability to respond to help you eliminate some
9. Ask for each statement "Which means that...." as a way of clarifying the statement.
In simple terms there are three main phases to a marketing plan - understanding where you are today, deciding where you want to be, and then building a route map and activities to get there.
The first part is to really understand where your business is today and the market in which it works.
A really good tool to help you look objectively at this is the SWOT analysis
Stands for
• Strengths
• Weaknesses
• Opportunities
• Threats
The SWOT analysis is one of the most powerful tools in the marketers toolbox - and lots of marketing professionals would argue that it the most important one they use. To make it as robust here are a few tips which may help:
1. Ensure it is relative to your competitors as mentioned i.e. what differentiates you
2. Try not to do it all yourself - ask your customers, partners, suppliers, staff , owner of non- competitive business etc what your strengths and weaknesses are
3. Think about having a brainstorm - using the rules we have agreed
4. If you have some very different segments or product/service areas do a SWOT for each (avoid averages which can hide issues).
5. Think about using an Avatar to create 2 or 3 customers which helps you focus
6. If you have several business functions think about doing a SWOT on several rather than the whole company
7. Try to reduce the number of SWOT items to 3 in each section using the tools from the Action Plan
8. Look at the likelihood of Opportunities and Threats or your ability to respond to help you eliminate some
9. Ask for each statement "Which means that...." as a way of clarifying the statement.
