Why Do A SWOT Analysis?

A SWOT (Strength, Weakness, Opportunity & Threats) is a useful analysis that helps companies develop effective strategic planning for both online and offline. This exercise takes into account not only your own business, but your competitors and the current business environment. Completing a SWOT analysis every 6 months can help identify ways to maximizing your strengths, minimize weaknesses/threats and uncover new opportunities.

To develop a comprehensive SWOT analysis, organize a brainstorming session with key executive members of your company. The agency facilitates the discussion based on the four categories outlined below.

STRENGTHS
What does your company do well?
What makes you stand out from your competitors?
What advantages do you have over other businesses?

WEAKNESSES
List the areas that are a struggle. What do your customers complain about?
What are the unmet needs of your sales force?

OPPORTUNITIES
Where are your strengths not being fully utilized? Are there emerging trends that fit with your company's strengths? Is there a product/service area that you could do well in but are not yet competing?

Take a closer look at the business environment. (E.G. a customer segment is becoming more predominant, but their specific needs are not being fully met by your competitors.) Often, opportunities arise as a result of a changing business environment.

THREATS
Look both inside and outside of your company for things that could damage your business. Internally, do you have financial, development, or other problems? Externally, are your competitors becoming stronger, are there emerging trends that amplify one of your weaknesses, or do you see other threats to your company's success?

Advanced SWOT
The agency can help conduct a more in-depth SWOT analysis to help clients understand their company's competitive situation. The agency can enhance a SWOT analysis through research surveys to learn more about perceptions of the client’s business, products and competitors.

Research areas can include:
1) Customer awareness, interest, trial, and usage levels
2) Brand, site, and/or company image
3) Importance of different site or product attributes to your customers
4) Product and/or site performance.

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