If you aren’t familiar with a SWOT analysis, let me give you high level explanation. It it basically an exercise to identify your Strengths, Weaknesses, Opportunities, and Threats. If you look at the image I have provided, you can see that they are built in quadrants to help you isolate areas that are internal assets or external assets and/or threats to your business.
How the heck does this relate to your marketing strategy?
In my opinion, there are few things you should consider before you dive deep into the SWOT analysis. If you have a better understanding of these things, you will be in a solid position to gather the data for the SWOT analysis and it will be more relevant.
Let’s get started…
1) Who’s Your Target or Ideal Client? – Wouldn’t it make it alot easier to find your threats, strengths, and weaknesses if you knew your target or ideal client? I think so…I like to use an exercise to dive deep into who my target or ideal client is. Take 30 minutes and really get clear on who it is you are marketing to. How old are they? What are their pain points? What does their day look like? Give them a name if you can, and make them real.
Now that we are clear on who we are targeting..
2) Market Research – Sit down and identify all your potential competitors that are targeting your ideal client specifically. As you find competitors that are targeting your exact client identify them as threats. More specifically, how are they a threat. We are basically preparing our data for the SWOT to tie all this togther later.
3) Identify Your Assets – Now that we understand our competitors and our target market you need to take inventory. Take 15-30 minutes and write down all the assets that you have that you would consider strengths in targeting your ideal client. Consider all of those things that are shortfalls in your assets to target your ideal client. When I say assets, I am talking about things like credibility, testimonials, messaging, newsletter lists, partnershipts, etc..Basically anything that will help you reach your target market effectively.
Now you are ready to SWOT…
I find that doing just this small amount of pre-SWOT information gathering gets me clear on who I am trying to reach. Gaps in my message or approach. And a very clear picture as to who else is competing for the minds of my prospect.
Get to work