Why Successful Marketers Use a SWOT Analysis
Preparing a SWOT analysis will help you to make objective assessments about your business and your competitors, which can then help to guide your strategic planning and marketing efforts going forward. When you set out your company’s strengths, weaknesses, opportunities and threats side by side, you can often identify previously overlooked gaps and opportunities between you and your consumers.
Internal Assessment
The first step in compiling an accurate SWOT is to make an assessment of your company’s internal strengths and weaknesses. These can be related to your financial situation, staff capabilities or anything other metric that you are able to change. Many marketers find this step of the process very difficult, and usually begin by putting together a team of other company stakeholders or outside consultants for an objective brainstorming session.
Examples of strengths:
- Ability to rapidly respond to a changing marketplace
- Ownership of patents
- Favorable brand image among your target demographics
- Expanded distribution network
Examples of weaknesses:
- Limited staffing
- Financial constraints
- Lack of branding
- High cost structures
A common misstep during this stage is to confuse internal and external factors. For example, you may think that a solid #1 spot on the first page of Google is one of your brand’s key strengths, but that could change tomorrow if Google changes their algorithm. There is most likely little you could do to prevent or change that, at least in the short term, making it a potential external threat rather than internal strength. But taking it one step further, your company probably cemented its first place ranking based on your Web team’s knowledge of SEO, and that is an internal strength that you can leverage.
External Assessment
Opportunities and threats are external factors that are out of your control yet are capable of getting in the way of your company achieving its goals and objectives.
Examples of opportunities:
- Changing legislation impacting your industry
- New technologies
- New consumer needs that are currently unfulfilled
- Emerging markets
Examples of threats:
- Shrinking consumer base
- Rising cost of goods
- Increases in trade barriers
- Rapid growth of financially solid competitors
Putting the Pieces Together
The most important part of a SWOT analysis is matching your strengths and weaknesses with the market threats and opportunities so that you can mitigate major risks and use your strengths to exploit any opportunities.
If one of your company’s strengths is its reputation in the high-end jewelry business but one of the looming threats you face is a shrinking economy, you can start of new line of discount diamond rings to develop a new market among budget-conscious consumers.
No matter how big or small your business is, taking the time and making the effort to put together an objective and comprehensive SWOT analysis will force you to plan with foresight and objectivity, giving your company the best chance for success.
Marketing Tips For The New Generation
When I was growing up the 8-Track Tape was the rage and everyone was raving about their handles on the CB Radio. Those days are long gone. We have entered a new era in which the things of the past are long gone and new inventions are coming along all the time. To keep up with these times we need to evolve as well and incorporate new marketing techniques in which to market them. I would like to touch upon this particular subject in this article.
The biggest rage these days is Web 2.0 If you are not acquainted with the modern lingo this may leave you with that “deer with eyes in the headlights” look upon your face. Let me enlighten you a bit. Web 2.0 sites are those that incorporate the new list of social media…sites such as Facebook and Twitter. The whole idea is that people are more connected than they have been in the past and the speed at which they connect and get this… “MENTION NEW PRODUCTS AND IDEAS” is at a faster pace than at any other time in history. You can’t afford your business you get behind the ball on this game. You might find yourself out of business before you know it.
How much power do Web 2.0 sites have? Well, consider the girl who was upset that Bank of America was going to charge people for using their accounts. She was so upset that she put up a Facebook page in which she mentioned this and asked for a response. She got a flood of “friends” and the media storm and attention would not stop. In the face of such a barrage Bank of America could only do one thing…back down. Think about it. One little person had an idea and was able to bring a Big Bank to their knees. Such is the power of Web 2.0
There are many books out there to help get you acquainted with Web 2.0 principles. I would suggest that you first do a Google Search to get as much background information as you possibly can. Then I would go to Wikipedia and read up on Facebook and Twitter and Google Circles. After that I would think about investing in a book like “Web 2.0 For Dummies” or something like that. This will give you all sorts of ideas on the new media formats and how you can best utilize them to grow your business.
Pretty simple don’t you think? Not at all difficult like trying to figure out how much of a gold 401k you need… All the best to you as you seek out and employ the best that these new software Web 2.0 tools have to offer.
Marrying Marketing & Modern Technology
As a marketing exec, it’s my job to work with clients in order to develop media campaigns. The last 15 years or so have seen a massive shake-up in the advertising industry, not least the growth of the internet and mobile technology.
That means that the way in which I now work is far removed from the way in which I delved into new campaigns back in the nid to late 80′s. Put simply, technology has forced the change. These days I’ve got to think on two levels – first the ‘old way’, which embraced TV, radio, film and editorial advertising, the staples that had been employed for decades.
Then I have to include the ‘new’: advertising that takes into account societies’ lateral manoeuvre into the mobile technology and the internet market. As an example, I formulated an advertising drive for
the range of slendertone ab belt products. On one of the adverts I had to include the words ‘where can you buy the flex belt‘ – the problem being advertising space.
Think about it – an ad that you see before a film starts, or that appears across your TV screen is one thing. It’s a whole other ball game when you’re trying to make the ads user friendly across all advertising genres – including gadgets such as:
- iPhones
- iPads
- iPods
- Android cell phones
- internet-based ads
So, you can see where I’m coming from. Whilst I welcome technological developments as much as the next person (trust me … without GPS I’d struggle to find 50% of my clients!) it’s also a bone of contention for advertising execs everywhere.
Next time you see an awesome advert float across your iPod screen when you’re hooked up to the internet – and you can actually read it without giving yourself a headache – think of me. In fact next time you’re holding your iPod think of me, because I’m one of the guys that dream up the killer ad campaigns that help to sell top selling gadgets to guys just like you!
Important Points to Consider When Staging a Media Junket
We often see press conferences staged in the entertainment world and it often involves a throng of photographers trying to get a good shot of the movie’s lead stars. While these are quite common in the realm of Hollywood, the corporate world can also benefit from staging media events even without the use of glitz and glamour.
While Public Relations often utilize an array of different tools in their business, staging press conferences or media junkets is one of the most effective ways to draw in huge publicity exposure for your company. But as dealing with the media can be quite tricky, it is important that you hire a reputable PR firm in OKC who knows what they are doing and understands the way press people work.
When staging a media event, it helps to familiarize yourself with some of these tips to ensure that your event goes on without a hitch and that your company gets the publicity mileage it needs.
1. Choosing the right time and place – as media works on a different schedule than us, it is essential that you take into consideration their specific work schedules. As the output of your media event rests largely on the number of your attendees, experts recommend choosing a time and place that is more convenient for your media guests.
2. Invites – as media personalities will judge your event based on its newsworthiness, your invitation needs to be enticing enough to make them want to come. The key here is quite simple: let the media know that you are having an event that is worth their time and publication space.
3. Media Follow-ups – once the invites are out, make sure to have someone attend to the phone for any media inquiries or confirmation. Assign someone who knows about the event and is savvy with the media.
4. Event Logistics – lastly, it pays to give much attention to the needs of your media guests. Make sure that they have enough parking spaces and place a separate registration area just for them.