Performing an analysis of your company’s strengths, weaknesses, opportunities and threats (SWOT) could sail it out of troubled waters, and make many more customers to prefer your business over others. While strengths and weaknesses are an internal aspect of any organization that can be controlled, the threats and opportunities are generally external factors of the market.
The key to success is not simply found in performing a SWOT analysis. Rather, success lies in the way one applies the analysis to enhance products and services, so that your business is seen as the best in the eyes of consumers. Here are few tips that will help you conduct smart SWOT for your firm.
Converting Strengths to Opportunities
If the strength of your business remains hidden, then the resources will go for waste. Thus, identify them, even if you have to tweak few strategies, and convert then to new opportunities. Are you investing on a product more than necessary, but faltering on sponsor at other sector? You have to only shift gear by reallocating funds.
Can you use the workforce to perform multiple tasks by keeping them happy and productive at the same time? How can they add value to your business? Do you have a creative team who can come up with campaigns to draw in customers? Use your strengths to create channels for future and present opportunities.
Contradicting Weaknesses with Strategies
Every business has some weakness or the other. The key to better performance is not to sideline the weaknesses, but to mold them a way with SWOT analysis that these are not viewed as vulnerable aspect for competitors’ and customer’s mind. How can you do it? By adding valuable services can assist in overcoming weaknesses.
For example, if your product is higher priced than that of competitors, you do not have to necessarily lower the price. Make your consumers feel that the quality and importance of your product is worth the price quoted, and definitely better choice than competitor’s product.
Addressing Threats with Competitive Novelty
Threats can come your way from consumers, competitors, industries and other point of businesses. However, constant use of market analysis will inform you of possible threats coming your way. Time and prioritization are important keys here. You need to find which threat is the worst, and contradict them within stipulated period.
This can nullify their ill effects. You may require exceptional market research techniques to deactivate the threats, but then, you will just have to do it for maintaining your brand’s standard. For e.g. fight away competitor’s new product launch with cornering weaknesses in it, and then launch another product or enhance existing ones that provides customers with features, which the competitor could not give.
Meeting Demands of Consumers Uniquely
Consumers have a wide choice for required products and services. Why should they choose only you because you fulfill their demands? But, even your competitors do so. Thus, you need to catch up with a futuristic thinking that can devise plans to tap present expectations of customers along with strategies for years ahead, so that the customers do not wander off your business offerings. Your idea should be different than that of competitors.
For e.g. you have a brand for toothbrush. If a customer wishes to buy a toothbrush that has soft bristles, you can concentrate on the shape and function of the bristles with help of SWOT analysis market research reports. Consumers seem to fall for a new aspect. If the competitors focus on design and working of the bristles, you can position your product in a way that it also answers to ‘sensitivity’, ‘pressure on gums’ and ‘stains’ etc.
About the Author
I am Amiya Foster. Though I do not possess extraordinary knowledge in market research, I am capable in proving marketing tips to people. I can guide businesses and people on SWOT analysis, industry research reports, business research and a lot more. Follow me on Twitter @aarkstore.