The SWOT analysis is a valuable tool for evaluating your strategic position and market environment. The purpose of this tool is to help you better understand the internal and external factors that will impact your business, which allows you to formulate a strategy that will set you up for success. The four elements of the SWOT analysis are Strengths, Weaknesses, Opportunities and Threats.
Strengths are sustainable internal factors (features) that give your business a competitive advantage over its competitors. These features would be heavily promoted to differentiate your service or product in the marketplace.
Weaknesses are internal factors that put your business at a competitive disadvantage. In order to be successful, action must be taken to minimize the effect of these weaknesses.
Opportunities are external conditions in your business environment that you can capitalize on to increase your sales revenue and become more profitable. Leveraging these conditions can further strengthen your competitive advantage and lead to an even greater success.
Threats are external conditions in your business environment that can have a significant negative impact on your competitive advantage and profitability. Anticipating these threats allows your business to prepare for them and limit the damage they can do to your revenue and profitability.
The SWOT analysis is an extremely useful tool when it is done right. Completing an accurate SWOT requires numerous hours of research. Rather than tie up your Marketing team, fill out the form at Contact Us. Let us do the dirty work and keep your team focusing on tasks that bring in immediate revenue.