What is SWOT Analysis?
No matter the industry you’re in, a SWOT analysis is a simple yet extremely effective strategic analytical tool suited to all businesses. A completed SWOT analysis will provide an accurate summary of your business’ strengths, weaknesses, opportunities and threats.
How a SWOT Analysis Can Provide Value to Your Business
A SWOT analysis helps to focus your strengths, minimise your threats and seize the opportunities available to you and can act as a powerful aid for management to develop the best strategy for your business.
While most commonly used for business strategy as a whole, a SWOT analysis will provide value in other situations too. If you are launching a marketing campaign or a new product for example, then a SWOT analysis could be tailored specifically towards this event.
How Often Should I Review My SWOT Analysis?
Whether you’re new or established, it is likely you will have already completed a SWOT analysis at some point. Many organisations fail to update their SWOT analysis regularly, which is a huge mistake. Especially in fast paced industries, you will find that your results will differ substantially in just a year. If you’re not constantly re-evaluating your position, then you may fall short to competitors who are.
Market Research at Rooster Marketing
You may be thinking that you already know your business inside out, you have a keen eye on your competitors and you understand what’s happening in the market, so why would you outsource your SWOT analysis?
Put simply, the moment you get comfortable is the moment you start losing ground. There is always room for improvement even if you are dominating the market and have no real competition.
It can be very hard to truthfully analyse your business from the inside. Rooster’s perspective will be unbiased and provide fresh insight, coming from a digital marketing agency that works with many different companies in a wide range of industries. Let us help you drive your business forward with a SWOT analysis, or combine this with some of our other market research services.