A SWOT analysis is a technique that’s used to evaluate a new objective or project. Standing for Strengths, Weaknesses, Opportunities, and Threats, a SWOT analysis determines how your organization can move forward on a given project, what challenges may be worth tackling, and what opportunities you may be missing.
SWOT analyses are considered helpful when deciding whether to lead with a given venture or strategy. It outlines the positives and negatives surrounding a project so nothing is left in the dark.
How do you build a SWOT analysis?
In 2015, only 32% of B2B marketers had a documented content marketing strategy, according to the Content Marketing Insitute. SWOT analyses help to determine the positive and negative factors associated with a given digital marketing strategy, objective, or project in an unbiased evaluation.
Here’s how you can build your own SWOT analysis to better evaluate your marketing strategies:
- Draw a grid
To begin your SWOT analysis, begin by drawing a large square and then dividing that square into four smaller squares. In the top left-hand corner of each box write the title of that box: “Strengths,” “Weaknesses,” “Opportunities,” and “Threats.” The factors in each box can be written in bulleted or numerical order.
- Understand your objective
Determine the key objective of the SWOT analysis, such as a part of a digital marketing strategy or project.
- Identify your strengths
Begin the SWOT analysis by asking yourself and your marketing team the strengths of the objective at hand. Is the project you’re working on effective? Write down the best qualities and factors the objective offers.
- Determine your weaknesses
Once you’ve written down the strengths of your objective, look at what it’s missing. Which area of the project or strategy is least profitable? Ask around your team and other employees for weaknesses you may not be aware of.
- Identify your opportunities
After determining your weaknesses, consider the opportunities that could be available to you if those weaknesses were to be fixed or go away.
- Determine potential obstacles
The best way to combat threats is to be prepared to meet them. Brainstorm potential threats and obstacles to your project, strategy, or objective and then identify the best ways to solve those potential issues.
Connected Culture can provide you with the corporate digital marketing services, content marketing services, and video marketing services you need to manage the whirlwind. For more information on how Connected Culture can help marketing directors like you, contact Connected Culture today.