When was the last time you stopped to evaluate your business? For many of us, self-assessment ranks low on our daily to-do list. Between client meetings, billing, employee management and coffee runs, dedicating even an hour to SWOT analysis falls by the wayside. Before you know it, your company’s latest self-assessment is several years old.
Niki Jones Agency is here to change that. SWOT analysis is a vital ingredient in our strategic marketing process because it identifies the who, what, where, and why of your marketing plan. Then, we find you the sweet spot between messaging, medium, and audience to boost your marketing performance.
SWOT Did You Say?
With SWOT analysis, we identify your company’s assets, pain points, areas for growth and potential pitfalls. This information helps us determine your unique position in the market so we can design a campaign sure to get results. SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats
- Strengths are areas where your company excels. Perhaps you have a well-established brand identity. Or, you might be the only provider of your services in the region. Whether it’s products, customer service, or brand awareness, we want to know where you shine.
- Weaknesses are areas that need improvement. Maybe your website has a high bounce rate. Or, your contact information is out-of-date on your Google profile. Whatever leads traffic away from your company is a weakness we need to fix, stat.
- Opportunities refer to any potential ways to expand your business. These can include new target audiences, upcoming events, recent product releases, or additional media channels. In order to help you grow your business, we need to know what opportunities are on your horizon.
- Threats are phenomena that challenge your business’ success. For example, a direct competitor in your market place poses a threat, especially if their company ranks higher on Google than yours. We need to anticipate potential threats in order minimize their consequences before they arrive.
Translating SWOT to Strategic Marketing
SWOT analysis is not a new technique.But there’s a reason so many marketers continue to use this time-tested assessment: it’s a short process with a big payout. In today’s world, strategic marketing relies heavily on data analysis. (Click here to read an article on advanced data analytics in marketing). SWOT helps us focus our efforts on the data that matters most for your company. The more we narrow our focus, the higher your return on investment.
If it’s been a while since your last company’s last self-evaluation, set up a consultation with our marketing team today. We can look at your past SWOT analysis together. Think of it like dusting off an old yearbook: it might make you cringe at first, but in the end you’ll feel good about where you’ve been and where you’re going.