Take a SWOT at Success

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Launching a successful marketing plan invariably requires keen insight – that rare gift of knowing what lies ahead and how to adapt strategies to meet the inevitable challenges, both seen an unseen. To pull this off, short of gazing into your favorite crystal ball, marketers need some means of gauging the rugged landscape. Fortunately, at their disposal is a handy methodology known as SWOT analysis.

SWOT is an acronym for -- Strengths, Weakness, Opportunities, and Threats. All these factors must be known in advance to assess the viability of a brand’s products or services. Therefore, marketers do their clients a great service by utilizing SWOT metrics as a preliminary to strategy development.

Broken down into its basic components, SWOT, as previously mentioned, is a four-part methodology. Strength, the first of these, measures a brand’s favorable conditions. Among these are its social media followings, conversion rates, and established expertise. If indicators such as these shine bright, a brand is well on its way to bountiful lands. Clearly, these high-performance factors should be reinforced and emphasized, building mightily on existing success. More of a good thing should be provided generously.

In contrast, Weakness, the second component, is a wide-open window to glaring deficiencies. Are necessary resources seriously lacking? Does the company come up short in the skills department? Weaknesses such as these can demolish campaigns. Therefore, all such shortcomings must be shoved out of the picture and duly rectified. Ignoring them will roadblock a marketing campaign before it can roll.

When it comes to the third component, Opportunities, marketers often play a major role. Here, strategists can leverage analytical methods to detect favorable conditions heretofore unseen by busy brands. During this voyage of discovery, well-meaning marketers do more than simply uncover the unknown; they also create a bridge between the newly uncovered opportunities and a brand’s established strengths and goals. All must work in sync.

Finally, with Threats, marketing strategists target all potential risks looming on the horizon. Whether these dangers arise from wily competitors, evolving marketing conditions, or other factors, they must be managed and vanquished before the creation of a marketing plan. Sidestepping them leaves a brand vulnerable on all fronts.

If you have questions or comments about conducting a SWOT analysis, or any other brand-related topic, feel free to send them our way. You can connect with the Young Company team at 949-376-8404 or bart@youngcompany.com. And be sure to follow us for the latest brand marketing news and tips.