Brand Builders Part 9: Do You Call In The SWOT Team?

Understanding SWOT Analysis

A big part of a strategic brand plan is a SWOT analysis. Yes, I know it sounds just like marketing class. And you’re thinking, “I finished with that years ago, I’m not going back there.”, but so much has changed. Your company has changed, your competitors have surely changed, the industry around you has changed. Social media has changed, marketing has changed. Everything. So, it’s time to do another SWOT analysis. Strengths, Weaknesses, Opportunities, and Threats. When you can sit down and really line those out, it’s going to be illuminating. It’s going to help you know, some things you need to take care of right now, and some things to keep an eye on in the future.

A big part of a strategic brand plan is a SWOT analysis. Yes, I know it sounds just like marketing class. And you’re thinking, “I finished with that years ago, I’m not going back there.”, but so much has changed. Your company has changed, your competitors have surely changed, the industry around you has changed. Social media has changed, marketing has changed. Everything. So, it’s time to do another SWOT analysis. Strengths, Weaknesses, Opportunities, and Threats. When you can sit down and really line those out, it’s going to be illuminating. It’s going to help you know, some things you need to take care of right now, and some things to keep an eye on in the future.

Now, you may decide you shouldn’t do this in a vacuum, and you bring in other members of the company to help you do it. That’s no problem. You do it as part of a board retreat. Sure, you get all the managers together, whatever it might be, I’m fine with it. But my point is, if you neglect it because “That’s something we were supposed to do right when we opened and we’re 20 years old now.”, you’re going to find yourself not making 40 years. Trust me. Strengths, Weaknesses, Opportunities, and Threat. It is very important that you take time on a regular basis to pick your head up, look around at the horizon, figure out what everybody else is doing, and then start back in that same direction that you wanted to go, but maybe you got a little sidetracked. Let this get you back on track. It’s how you’re going to build a better brand.