SWOT Your Competition!
A SWOT analysis explores the strengths, weaknesses, opportunities, and threats associated with your business. Criteria such as unique selling points, seasonal and fashion influences, political effects, philosophy and values, and likely returns help create content that encourages conversation, which will increase social media ROI.
Bring out the best in your business by shining a light on its strengths.What makes your business unique? Which employees help you succeed? Digging deep into your strengths promotes positivity within your brand and creates a culture that will help your business thrive.
Nobody wants to admit to weaknesses in their business, but tuning into yours can help you create a rapport with your customers. It shows you are willing to hear your customers and fix the issues that create a barrier to sales. Show your customers that you are part of the solution, not the problem, by uncovering your weaknesses and creating solutions.
If you could change one thing about your business, what would it be? That one thing could be your opportunity to boost sales and brand loyalty. Opportunities could include ways to tackle obstacles or ways to connect with your community. Missed opportunities could result in a loss of revenue, a decrease in brand loyalty, and a reputation management crisis.
Was your business impacted by COVID? Threats can hit without warning. You’ll likely encounter unexpected threats, but you can cut down on the amount of surprises if you anticipate known threats to your business, such as your competition. Research your competition and find ways to incorporate their strengths into your strategy. Brainstorm solutions to other threats you anticipate and create a crisis communications plan for each potential scenario to guide you through to those solutions.
The information that comes from a SWOT analysis may be overwhelming, but it can help you tackle the deeper side of your business and help you see your brand in a brighter light.
More in depth information on the SWOT analysis process can be found at blog.hubspot.com/marketing/swot-analysis.