If you have ever been involved in a marketing strategy meeting you have no doubt been exposed to the SWOT analysis. This process can help break down the individual needs of the company in question and focus on which direction the marketing strategy goes. We hope to explain what a SWOT analysis is and how it can impact your social media strategy.
The strengths section of a SWOT analysis should be well thought out and may include company resources as well as unique engaged fans that can propel your company message. Your current reach and penetration may also be a strength if the numbers are good enough. Keep in mind that strengths can sometimes be considered weaknesses as well!
Weaknesses can often be hard to complete because you have to look at your own business critically. This is often the hardest part of completing a SWOT analysis because you have to be very introspective. Unless you are honest, you can’t fully fix your problems. This section may include scaling issues or lack of analytic resources.
Opportunities can often be attributed to outlets that the company should or could be taking that currently aren’t being utilized. This could mean targeting new segments of customer or expanding your reach through new social media platforms. Opportunities can often be a response to a previously added weakness to build your marketing plan.
The final component of a SWOT analysis is a threats section. Threats often include competitor strategies and factors such as product sustainability or economic factors. Determining current and upcoming threats can help companies create a blueprint to react to these threats quickly to minimize risk. The threats section can usually improve a business’ chance at successfully implementing their social media plan. Once a SWOT analysis is completed, companies should then build their marketing plan with the results in mind. This creates a well-rounded and cohesive plan that ensures the most success possible. Remember, your competitors are most likely doing the same thing. Be as thorough as possible and get your social media marketing started!
You can always call the experts at Skynet Solutions for help with your business listing, website development, marketing or anything else you need to help make your business succeed. With our diverse range of skills and experience, we are sure to have the tools you need to make 2017 your business’ best year yet. You can fill out our contact form to get started today. You can also connect with us on Facebook, Twitter, Google+ and LinkedIn!