What is SWOT analysis and how to use it?
SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats. It is used to visualize the brand and highlight the most important elements of its digital landscape. SWOT analysis is a reliable alley to almost all marketeers, as it provides them with valuable insights when creating an effective digital marketing strategy, launching successful marketing campaigns, or improving the online reputation of the brand in general. SWOT analysis is a report of the brand most important Strength points such as competitive advantage(s), Weakness & brand aspects that need improvements, Opportunities for success, and the Threats of the brand digital essence.
SWOT analysis is at the core of any successful brand. Not only does it provide digital marketing insights, it also helps forecast the life-cycle of the digital brand, and gives marketeers the opportunity to maneuver the digital landscape and establish a successful digital empire.
SWOT analysis gives marketeers a way to maneuver the digital landscape and build a successful digital empire.
Refers to the strength points of the brand whether it’s competitive advantage(s), market share, brand proposition, brand accessibility, etc. This includes every exceptional or exclusive aspect of the brand, product, or service offered that differentiate the brand from other brands in the market. Strength points play an important role in the success of the brand as it represents how well the brand is suitable for the targeted segment.
In SWOT analysis, weaknesses refers to the deficiencies, limitations, and disadvantages of the brand along with brand aspects that require improvements. For example, choosing a consumer-centric strategy could mean sacrificing expensive features, or vice versa. Weaknesses can include internal and external factors such as shortage of qualified specialists (internal factor) or the company proposition compared to competitors (external factor), it can also include current and future factors such as regulations on import/export of certain products (current factor) or anticipated change in consumer trends (future factor).
Not all brands are created equal
In SWOT analysis, opportunities represent the brand chances for growth, infiltrate new markets, or strengthen foothold in current markets. Having a predefined list of opportunities can help marketeers monitor the digital landscape with a seek and exploit mindset. Opportunities may include technology development, new routes, etc.
In SWOT analysis, threats represent any major roadblocks that could negatively affect the brand’s image and success. Threats are usually external factors, but in some cases can also include internal factors such as workforce/product issues or glitches. Identifying the threats of the brand can help marketeers create a counter-strategy for when these threats arise.