Whether online or brick-and-mortar, all businesses go through this analysis to make sure their product is reaching its full potential. One of the most useful ways to evaluate any marketing strategy is by doing a SWOT Analysis.
A SWOT Analysis helps a company enter a market, launch a new product line or expand internationally with the greatest chance of success. A SWOT Analysis is an agile, strategic way of evaluating a business’s strengths, weaknesses, opportunities, and threats regarding its competition.
What is SWOT analysis?
Every business or person; There are strengths and weaknesses and opportunities and threats, and when these are properly analyzed, it is possible to have a good career both personally and success as a business. In this direction, It would be useful to consider the SWOT analysis, which most of us have heard of, in detail, and to look at what it does and how it is done.
SWOT analysis briefly; It is a useful technique for you and your business to help you understand your strengths and weaknesses, recognize opportunities, and see threats you may face.
The word SWOT consists of the initials of the English equivalents of 4 main words for both individuals and businesses. These; The words Strengths, Weaknesses, Opportunities, and Threats. Bring to mind an analytical plane with intersecting x and y axes, which we learned in the lessons, and visualize the four parts of these initials. Or a simple table with four columns can also be considered.
People and businesses naturally differ from each other due to both internal and external factors. If we do not know our inner aspects or do not see the opportunities and threats around us, we cannot be expected to be successful both personally and in the business, we have established. At this point, SWOT analysis helps us.
What is the purpose of a SWOT analysis?
The main purpose of SWOT analysis is; It is to ensure that the firm or weak, advantageous or disadvantageous points are considered as a whole during the decision-making process on any personal or business issue. It acts as a kind of mirror.
SWOT-analysis helps us determine the right steps to take by evaluating our strengths and weaknesses, possible opportunities and threats. You can eliminate your weaknesses while revealing your strengths. At the same time, by identifying the opportunities and threats in the market, you can accurately chart the path that will facilitate your promotion.
In addition to these, you can examine your own business and competing businesses within the framework of SWOT and develop strategies that will distinguish your business from others. Or you can see the reasons why successful businesses are successful.
Where is SWOT analysis commonly used?
Preparing a SWOT analysis is a very functional method for different situations that can be used at many points in business life. It can be preferred both by businesses in general and on a departmental basis. Creating a SWOT analysis can be used to manage the following processes:
- Evaluation of the current situation of the business or institution
- Identifying and solving an existing problem
- Optimizing business processes
- Development and evaluation of a new project
- Determination of long-term plans and strategies
- Launch of new products or services
- Measuring employee performances
- Managing marketing processes
What is Personal SWOT Analysis? How Is It Done?
Although SWOT analysis seems to be a method that most appeals to commercial enterprises, it is also extremely useful for the decision-making stages of people’s lives. From this point of view, we can say that this type of analysis can be preferred both by the human resources department of the companies and for individual decisions. What you need to do to implement this method personally is pretty much the same as for businesses. The only difference is that you tailor the questions we listed above as you identify your strengths and weaknesses, opportunities and threats. In this way, you can see the positive aspects that will benefit you more clearly, and you can more easily identify the missing features that you need to improve yourself. Personal SWOT analysis gives you important advantages, especially in career planning. In this way, you can make your strengths more attractive to employers and make the best use of the opportunities that come your way.
SWOT Analysis Examples
To better understand the analysis, concrete examples can be given. SWOT analysis sample options are applied in many industries. The SWOT analysis example can also be projected into programs such as Excel or PowerPoint. For example, Let a platform that offers digital marketing content management for brands have 50,000 qualified potential customers by a certain date. Also, consider that this platform wants to achieve its goal. In this case, the SWOT Analysis goes like this:
1,000,000+ potential marketing audiences
The technical infrastructure that creates content most shortly.
Content-producing performance standards are higher than any competitor.
The need to publish more content faster
The need to generate new ideas to go beyond advertising.
Contest for new content delivery methodology.
We are enriching the content through webinars, online training, or digital guide.
We are having a large number of channels producing content.
The scope of the opponents is quite wide.
As a result, businesses should take measures to keep up with changing conditions and implement them. The SWOT analysis is a “baseline” analysis, revealing the strengths and weaknesses of the business and the opportunities and threats it faces. On the other hand, SWOT analysis is a “future state” analysis as it allows to predict the future state of the business. Therefore, it is important for businesses to make this analysis periodically in the strategic management process.