A Marketing SWOT analysis is a powerful tool to help develop your marketing strategy.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
A marketing SWOT will help you create a clear overview of what’s working, what’s not and what you can do better!
It will help you organize your top strengths, weaknesses, opportunities and threats into an organized list. This easy-to-view-grid of your strengths and weaknesses not only presents you with new perspectives but also helps you see how you can leverage different angles to take advantage of all the opportunities that exist in your marketing strategy.
Internal
Strengths and weaknesses are internal to your practice and are usually within your control.
1) Look at your strengths.
Examples of marketing strengths include:
- A LinkedIn network of people who need your firm’s services
- Posting relevant content to LinkedIn regularly
2) Consider your weaknesses
Examples of marketing weakness include:
- Low engagement on Facebook posts
- Little to no insight into the needs and expectations of the Facebook audience
External
Opportunities and threats are external. You can take advantage of opportunities and protect yourself against threats, but, ultimately, they are out of your control.
3) Explore opportunities
Examples of marketing opportunities include:
- E-mail database that hasn’t yet been put to use
- Strong client reviews that could be used to market your strengths
4) Cast an eye on your threats
Examples of marketing threats include:
- Your competitions addressing your niche market
- Your usual audience can’t afford your rates due to economic factors (eg Covid)
Examples by: Kate Danielle & Vela Agency
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