If you have been in business for a while, that marketing plan you created when you launched is probably in need of a revamp. It may be time to do a SWOT analysis on your marketing activities and start to breathe new life into your plan.
Where are you now?
Looking at the current situation within your business and accessing what it has at present is where you will start. Make a list of what you have (website, social media platforms, email lists etc) and look at your analytics to see what it is doing well. This will show you where improvements can be made and will certainly help you evaluate the effectiveness of current activities.
What about others?
Time to relook at your market and see what your competitors are up to. A competitor analysis is a great piece of market research. You may have done this in the early stages of your business, but times have changed, and your competitors will have evolved. You may even have new market entrants. Look at what your competitors are doing, it’s easy to get information online, find out as much information as possible and see what is valuable to you.
It may sound a little complicated, but it is not difficult to create a simple SWOT analysis on your marketing. It can open your eyes to opportunities.
Strengths: What are your current strengths? This could be your competitor advantage (USP). It could be your resources, qualifications, experience, price, value or quality. It could be you as an established business knowing the market and the customers knowing you.
Weaknesses: Be aware of any weaknesses such as gaps in capabilities such as not knowing how to create great content for social. It could be resources, such as not having a website or funds for online advertising. It could be not having enough team members or even not being online already. Knowing your weaknesses means you can plan to address them.
Opportunities: Knowing your strengths will help you see clearly what the opportunities are such as competitor shortfalls, new market opportunities, harnessing new technology or using your online expertise to grow.
Threats: Knowing your weaknesses will expose the threats such as new competitors, advancing technology, new regulations, or increased costs. Knowing what may happen can help you plan what to do to overcome the challenge. You can plan some training or organise some budget to address shortcomings.
Schedule some time this week to do a SWOT analysis on your marketing activities. Make sure you are aware of what is currently going on with your marketing and see what opportunities are out there for you. It could be a very valuable piece of work that brings rewards.