Any business or marketing plan should include a SWOT analysis. It enables you to devise a strategy based on what you need to do given the current market condition, rather than what you want to do or how you feel. It evaluates your marketing capabilities in comparison to competitors, as well as the opportunities that emerge as new technologies are released.
What is SWOT?
It’s a 2 X 2 matrix, as you’re probably aware, that sums up internal Strengths and Weaknesses against exterior Opportunities and Threats. All competitors in the marketplace have access to these external opportunities and risks.
Why is SWOT useful?
SWOT analysis is a crucial element in developing a digital marketing strategy. The high-level view will assist you in identifying the most critical issues that must be addressed to meet your business objectives.
While any sort of SWOT analysis is preferable to none, I’ve found that when these five factors are considered when developing the SWOT, the technique works best for digital marketing. I recommend that you double-check your SWOT or SWOTs to ensure that they are:
- Based on existing SWOT for the business:
You must first consider the big picture before applying SWOT to your marketing approach. What are the most important concerns that must be addressed for the company to succeed? According to Malcolm MacDonald, this should preferably not be overly broad, but rather focus on a specific market or consumer category. We have marketing tools and templates to help you design a winning marketing strategy at every step. Our tried-and-true marketing solutions are informed by marketing specialists you can trust, from benchmarking to competitive analysis, auditing, and goal-setting.
- Uses a TOWs matrix approach:
We find the so-called TOWs matrix approach beneficial when developing SWOT – wish there was a more sensible name for it. The TOWs matrix format’s strength lies in the fact that it not only provides a review but also assists you in developing and summarizing market-improvement initiatives. SWOTs are frequently relegated to the appendix of a report or relegated to the shelf without being used to drive action, but the TOWs approach incorporates the SWOT into the entire strategy process to aid in the creation of a plan.
- Is designed specifically for use on the internet, and includes multichannel marketing:
Because the Internet and other digital technologies bring new opportunities and threats, creating a SWOT for the Internet is essential to addressing this problem. Customers have a variety of channels to choose from, so your Internet SWOT should take that into account. As a result, your SWOT should consider how a company’s online presence interacts with the offline world. Customers frequently require and desire to contact a firm by phone, callback, and in many circumstances, organizations must rely on offline media such as print, direct mail, and television.
- Considers key digital marketing activities:
The Internet-specific SWOT can be examined in the areas of customer acquisition, conversion, retention, and growth, which are the four key areas of online marketing activity. You may make a distinct SWOT for each of these, which is very useful if you’re in charge of a certain region.
- Have further information on certain markets as necessary by the company’s size:
Breaking the SWOT down further, as a piece of advice, maybe valuable for very large corporations. A SWOT analysis will be conducted for a given country or kind of country – for example, mature versus rising markets. Alternatively, for a B2B company, a SWOT might be produced for major customer groups, such as larger organizations versus smaller organizations. Marketers can acquire a lot of information into their strategy by using SWOT and TOWS.
Trust us with your digital marketing strategy, and we will take care of the rest.