When creating a marketing plan for your business, you probably have realized that there are several different parts that you have to include. These include a SWOT analysis, market research, budget, and more! But what do these different parts mean? Well it is easier to understand each of the pieces separately so let’s talk about the SWOT analysis portion of the marketing plan you need to create for your business.
What is the SWOT analysis?
This analysis covers the strengths, weaknesses, opportunities and threats that pertain to your business. But why is this important when you are creating your marketing plan? Whether you have an existing business or are starting a business, discovering the SWOT analysis will give you crucial information to see the potential of your business, while realizing different ways that you can improve. In order to develop your SWOT analysis, you must look at the environment that your business creates, and the environment (the industry) that it is in.
What do my strengths and weaknesses look like?
The strengths and weaknesses of your business can be found when you look internally in your business. These are the positive and negative points that your business has. This can be anything from having creative employees creating content to help you get leads to hiring a new marketing agency to fulfill your needs because you have realized that you can’t do it by yourself. People normally have a hard time recognizing or calling out weaknesses but you won’t be able to improve your business if you think that everything that your business does is golden.
What do my opportunities and threats look like?
The opportunities and threats of your business can be found when you look externally outside of your business. These are found after you have an understanding of the industry that your business is in. What do your customers need? What are other competitors doing to steal your leads? This can include prices, competitors and their products and strategies, and other external environment components that can give your business opportunities and threats.
Check out this video on creating your SWOT Analysis
Courtesy of Palo Alto Software
Now that you have the basics of the SWOT analysis of your marketing plan, take the time to create it or update it! This is also a great way to get your employees involved because they may see things differently than just the way you do. But remember to evaluate every aspect of your business and turn over every stone, to help create a solid marketing plan that will launch your business to another level of success.
If you'd like help creating a holistic marketing plan for your business, let's chat!