Reengineering Your Brand Through SWOT Analysis
How a Properly Executed SWOT Analysis Can Effect Your Strategy Maybe things have stalled a bit.
Maybe new business isn’t walking in the door like it used to, or maybe you need to get the lay of the land for a new product launch. It might be time for an honest assessment of how your brand is resonating with your audience.
Getting a fresh perspective on who you are and what you stand for can only strengthen your ability to achieve goals. A SWOT analysis can breathe new life into old practices.
First, what is a SWOT analysis?
• SWOT is an open process by which your team can assess strengths, weaknesses, opportunities, and threats.
Pro-Tip: Openness is key to SWOT. Without input from your company’s leaders, the people in the trenches every day, this analysis will not be effective. Don’t hide in your office trying to “fix” your company. Get an honest opinion from the people you trust. Most of the time, bringing in a third party for unbiased insights is crucial to success.
How Does a SWOT Analysis help an entire Brand?
Well, it lays it all “out on the table.” When a SWOT analysis is done right, it spans more than just the internal “conflicts” of a company. It also factors in your entire industry through market research.
A broad approach lets your business do the following:
- Analyze internal processes
- Evaluate new possibilities like partnerships and new frontiers of marketing
- Analyze current customers, competitors and vendors
- Develop new approaches to business strategies, developments and prospects
In other words, it can help virtually every aspect of your business, from updating your “look” to revamping your local partnerships to keep an eye on competitors. By knowing your company’s strengths, weaknesses, and overall environment in the market, a deeper understanding of strategic goals can be achieved.
What does a properly executed SWOT report look like?
Look, you can gather your key leaders with a whiteboard and do a mini-SWOT and give it your best shot. No doubt, some insights will emerge and maybe you can find a path forward. But a real SWOT, a true look at every aspect impacting your brand both internally and externally, takes expertise.
To do a proper SWOT you’ll need:
- internal company data
- publicly available information
- company history
- an honest look at goods and services
- revenues by division
- insights on major competitors
- key employees
- anything deemed relevant to your company’s current situation
So yeah, it’s a lot of information that needs to be gathered and put into an easy- to-understand report.
Pro-Tip: Most SWOT reports are around the 40-page mark. Anything longer will not be properly read and analyzed. Remember, the entire process will provide actionable advice, that means the report needs to be easy to digest and put into practice.
When should your brand use a SWOT report?
Because a SWOT report gives a chance to absorb a lot of information at a glance, it’s especially useful for understanding a new client, prepping for the launch of a new product or service, or a rebranding.
A SWOT report can also help you focus your company’s marketing and overall brand messaging. This type of analysis will help you design a marketing strategy which works for your company.
If you feel like your brand could benefit from a professional SWOT analysis, don’t wait! They only way to know for sure is to give the process a try. Honesty and openness is always good for business.