A SWOT analysis is a fundamental tool for your business to more accurately target your marketing efforts for the greatest return. To help you in the process, here are some good questions to help get you started in the process.
Questions that can help you conduct a SWOT analysis:
Strengths
- Does your business have a unique backstory or mission?
- What areas does your business regularly excel? (customer support, marketing, sales, fulfillment, execution etc.)
- What strengths or unique skills do your employees possess?
- Is your business well-funded, or does it own other useful resources it can rely on?
- Does your business have a proprietary product or service that can’t be obtained elsewhere?
- In what respects is your brand well-perceived?
- In what ways is your brand aligned with your current mission and business direction?
- What aspects of your brand are authentic?
- Which elements of your brand resonate with your target audience?
- What parts of your brand are communicated well?
Weaknesses
- In what areas does your business regularly perform poorly?
- Does your workforce suffer any consistent weaknesses? (poor morale, lack of training, etc.)
- Does your business lack resources such as time, staff, or funds?
- Are your business goals unfocused?
- Do you lack strategies for moving forward?
- Are there elements of your brand that are inauthentic?
- Is your business failing to follow through on any brand promises?
- What parts of your brand are poorly communicated?
- Are any brand messages failing to resonate with your audience?
- What aspects of your brand are perceived poorly?
Opportunities
- Can you fill a niche that is currently empty or under-represented?
- Could you partner with another business to gain exposure, financial support, or consumer goodwill?
- Can your product or service outperform a competitor’s?
- Will changes in state or federal legislation help your business in any way?
- Are improving economic trends likely to impact your business?
- Can your brand authentically align itself with any popular causes?
- Do any current trends benefit your business or brand?
- Are there any new technological advances that could improve your product?
- Can you modify an existing product or service for a new demographic?
- Is there an existing unsung aspect of your brand that you could highlight?
Threats
- What are your competitors offering that you can’t compete with?
- Are downward economic trends likely to impact your business?
- Will changes in state or federal legislation hinder your business in any way?
- Are any of your vendors or suppliers unreliable, increasing their prices, or going out of business?
- Are there any cultural shifts that may harm your business or brand?
- Will weather changes negatively impact your business? (loss of crops or materials, or shipping delays)
- Are there any current events that may cast any elements of your brand in a negative light?
- Is your brand aligned with any negative entities, organizations, or ideologies?
- Are any competitors attempting to discredit your brand?
