If you’ve ever written an annual marketing plan before, then you’re no stranger to the SWOT analysis. It’s a basic element of any plan, or at least it certainly should be. While it’s basic, it is crucial to a good plan and it can be very enlightening — at least with the spin that I’m about to put onto it.
Related: What Volkswagen Can Teach You About Values-Based Marketing
For anyone not familiar with the staple that is a SWOT analysis, then here’s how it rolls:
- S is for strengths: These are assets that give your organization a competitive advantage in the marketplace, or the skills that you possess that really set you apart from everyone else in your industry.
- W is for weaknesses: These are areas where your competition has a leg up on you, leaving your business vulnerable to some sort of loss. These are issues that you really should address if you want to remain competitive.
Add This Dimension to a Traditional Business Analysis for a Fuller Marketing Plan
