discover where you fit in the marketplace
A S.W.O.T. is an exercise to help you get a birds-eye-view of where your brand fits in the marketplace. S.W.O.T. is an acronym for Strengths, Weaknesses, Opportunities and Threats.
What do you know you do well? What sets you apart from the competition in a great way? What’s your unique value proposition–your unique offering to your particular target customer?
For example, if you have a small, family-owned hardware store and want to stay competitive in a changing, upper-middle-class neighborhood, your strengths might include expertise, over-the-top customer service, responsiveness and reliability.
What are the emerging needs in your market? As technology and society evolves, many new opportunities arise for serving a particular type of person or offering a particular new service. Is there an underserved market you could focus on? What unique connections do you already have?
In the hardware store example, you might have new opportunities to make close relationships with other local businesses, contractors and developers that the big chain stores won’t have. Make that into a strength.
This analysis is extremely helpful to start a new project. At Tech Diva Media, we include the S.W.O.T. analysis during the Discovery Phase with clients so we know what we’re working with.
While on the surface you may need a new website, identity upgrade or an app…but behind that need, I’m guessing you need a fresh way to grow or sustain your business. To do that, we need to know who you’re competing against, where you uniquely fit in the marketplace, what opportunities you can capitalize on, what weaknesses you need to leverage, and what threats you don’t want to ignore.
Alright, let’s be honest…where are you lacking? What are others doing better than you? What’s holding you back or limiting you? By acknowledging it, we can be creative in your positioning so your weaknesses lead to strengths.
For example, in the hardware store example, your weakness may be a limited inventory or open times compared to Home Depot or Lowe’s. You may also have a minimal marketing budget.
What’s worrying you about your changing market or new competitors? What negative opinions have you heard about your industry? Are there changes or new regulations in your industry that are affecting you?
If you have a locally owned hardware store, a threat could be another small, locally-owned store across town that opens and caters to the market with a concierge service or other unique feature.
Once we clarify your market + offerings with the S.W.O.T. analysis, we can now map out the milestones for your project and set a timeline. At this stage, it’s easier to prioritize your goals and be realistic about what to work on and when.
This eliminates those moments when you wonder if you’re working on the most important thing for your business or getting distracted. It also creates a “touch stone” for us to stay focused throughout the project. By understanding your market and goals, we can design something that produces the result you’re looking for.