EP 261: What Is A SWOT Analysis?
In today’s marketing fundamentals episode, we’re talking about what a SWOT analysis is and why it’s a useful tool for your online business.
This type of assessment is an important part of creating a marketing plan. Professional marketers will tell you that before you put together any sort of marketing plan, you need to do a situation analysis, like SWOT, so you know where you stand.
What You'll Learn in Today's Episode
- SWOT analysis is a type of situation analysis
- The letters stand for strengths, weaknesses, opportunities, and threats
- 2 are internal and 2 are external
- S = strengths, this is about an internal analysis of what your company is particularly good at doing
- W = weaknesses, areas where you’re lagging behind competitors or areas where you intentionally have decided not to focus
- O = opportunities, this isn’t about specific comparisons to competitors but about opportunities in the larger market and trends
- T = threats, this involves looking at threats and trends on a macro level