Twin Cities Inbound Marketing | SWOT What, Why, Why now?
SWOT analysis in this economy is more important than ever.
What is it? Why, and Why now?
SWOT stands for: Strengths, Weaknesses, Opportunities, Threats
This is important because many small businesses get off track in tough times. By utilizing a solid understanding, Your business can find niches, fill them, and create new opportuntities along the way.
I have yet to find a customer that tells me (after the fact) that the analysis, and unbiased insight was useless.
Most people want to know and have clarity, and direction moving forward. This is a core place to get a handle on how to compete. Have at least 5 solid points for each category, then challenge yourself, ask your colleagues, customers, etc. to verify and get very specific.
Strengths: What is it that your business is good at?
Why is this important to your customers? What is it that you do better than anyone else?
Weaknesses: What is it that you do not do very well? What areas need improvement?
How does this affect your performance?
Opportunities: Do you see any opportunties that can improve your position with your target market? (besides Inbound Marketing)
Threats: The barriers to entry into your field of expertise, how easy or hard? What limitations are hurting success (today, tomorrow, the future)
Knowing where your at, and where you are trying to get to is important, for those that carefully put the time into it will reap the benefits of higher ROI, increased customer retention / word of mouth mentions, and enjoy their business.