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.
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.