Send in the SWOTT team
By Janet Sutherland
In order to set corporate and financial goals to improve future business, a strategic plan should be developed to differentiate the business in the marketplace. One solution is to bring out the SWOTT team
SWOTT, which stands for strengths, weaknesses, opportunities, trends and threats, is a diagnostic tool that is essential for businesses to create a marketing planning process. Businesses that use SWOTT efficiently are able to identify their competitive positioning and improve operations.
The five elements of SWOTT need to be reviewed by the business owner and key decision makers. Ask yourself what are your strengths, weaknesses, opportunities, trends and threats?
Understanding your strengths will enable you to create a successful marketing plan and help a business owner to develop its competitive strength. Once you start the SWOTT analysis there are key questions for the business owner.
Example: Central location.
Determining a business weakness is tough but it’s best to tackle these issues because determining a weakness in your business may help your business grow. Ask yourself the following questions.
Example:What could be discovered during these sessions is the lack of courtesy of staff and your business is relatively unknown.
Review the business client and your company internally and externally to determine opportunities.
Example: Theage of the consumer is getting younger and spend more money.
Determine the “big picture” of your business and the environment and predict any challenges ahead.
Example: Competitors do it bettervery saturated market.
This should help your team coming up with ideas for your business and how you view the future trends in the business community.
Example:Marketing by others or quick and convenient for consumers.
After performing this business evaluation you will be able to establish and implement a comprehensive effort for improving awareness and expanding customer volume (market share). You may determine the SWOTT enabled your business to develop the relationships needed to build strong referral programs and utilize an arsenal of tools and PR strategies to enhance marketing, and management of outreach and promotional programs. This will help you determine what type of marketing campaigns would be the most effective. Some of the marketing recommendations may include increased internal communications within employees and updating the company website.
Following a SWOTT analysis a company should:
Remember marketing isn’t always advertising. It can be community outreach, improving employee communications, internal employee promotional initiatives or businesstobusiness relationship building.
About the author:
Janet Sutherland is a former Chicago radio newscaster who specializes in marketing and public relations campaigns for the medical industry, non-profits and broadcast professionals. She’s currently director of the Chicago chapter of the Brain Aneurysm Foundation and President of Sutherland Media.