This week I will be looking at marketing tools to assist you evaluate your business.
In using these tools you will be able to identify areas you excel that we can promote in your marketing, opportunities to develop or enhance your offering or new markets and elements to be aware of with threats or the current environment.
TMM are happy to assist you create or develop your own, TMM are also here if you’d like to ask any questions or discuss opportunities further.
The first tool we will look at is the SWOT Analysis, later this week we will also introduce you to PESTEL Analysis and Impact Vrs Effort Grids.
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It helps you to build on what you do well, to address what you're lacking, to minimise risks, and to take the greatest possible advantage of chances for success.
Strengths are things that your organisation does particularly well, or in a way that distinguishes you from your competitors.
Weaknesses, like strengths, are inherent features of your organisation, so focus on your people, resources, systems, and procedures. Think about what you could improve, and the sorts of practices you should avoid.
Opportunities are openings or chances for something positive to happen, offering a new service or complimentary product for example.
Threats include anything that can negatively affect your business from external factors, obviously competitors fall into this category, think of other factors that can be a threat to your business.
Once you've examined all four aspects of SWOT, you'll likely be faced with a long list of potential actions to take. You'll want to build on your strengths, boost your weaker areas, head off any threats, and exploit every opportunity.
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