Be honest. Are you aware of which of your actions are helping your brand, and which ones are hurting it? Have you been proactively seeking opportunities to take your business soaring, or taking notes on the factors holding you back? Strengths, weaknesses, opportunities, and threats (SWOT) analysis can give you all these insights into your current state and lay the foundation for your goal-setting and brand strategies. Read our guide on how to do a SWOT analysis
1. Assess your strengths
What are the things you can immediately say you are good at and the unique factors which set you apart? Note – this can also include things that others (your vendors, competitors, customers, partners) think is your expertise as well.
For example, you could be a savant at technical skills (coding, wire-framing) or soft skills (listening, adapting to new circumstances). Make sure to list things in either category. Then use these lists to create a game plan where you build on existing advantages and make them stronger to increase your targets.
2. Identify your weaknesses
Where do your competitors have an edge over you? What qualities of yours are holding you back? Also what do you feel your audience perceives as your vulnerabilities?
Analyzing these questions will help you address your weaknesses and define whether you can resolve them through additional resources, technology, or knowledge. Prioritize your biggest vulnerabilities and then come up with a strategy to overcome them.
3. Deduce your opportunities
What trends, business, industry, or market opportunities can you leverage to improve your position? Your opportunities can also include:
- Vendors you can partner with
- Companies you can acquire
- Geographic territory that holds benefits
Decide which opportunities to invest in, and which ones will benefit you in the long run.
4. Identify both external and internal threats to your success
Threats are factors that could affect your business’ current standing.
- What are your competitors doing that could damage your business?
- Are there any environmental factors that could affect it?
- What requires your immediate attention?
Weaknesses and threats are linked to each other, so make sure you deal with one when you deal with the other.
A SWOT Analysis helps you as a brand understand what you are good at, and what you need to work on. With the Bumblebee Branding Company on your team to help you, it will be completed fairly quickly.