How to perform a SWOT analysis
SWOT analysis is also very useful when doing marketing. It understands the four vital factors so that your strategies are well structured and you get the best results possible.
The correct way to do this is to use the Weaknesses, Threats, Strengths, and Opportunities quadrant as a set that evaluates the strategies mentioned above and according to the types of analyzes you will see next.
Start by first establishing your SWOT matrix in a table like this:
|ORGANIZATION, PROJECT, ACTIVITY, COMPANY||STRENGTHS||WEAKNESSES|
|OPPORTUNITY||FO strategy||Strategy DO|
|THREATS||FA strategy||It's a strategy|
You must detail each part, make sure you have enough space to enter all the information you need. You can use additional post-its.
- Start by filling out the strengths. Strengths are all your characteristics that make you visible and strong in the market, as well as with the competition.
Some strengths can be: knowledge of the market, a unique and innovative product, large database, success stories of your satisfied customers, excellent research that allows you to know for sure the real needs of your customer and have the ability to deliver what you want, good prestige in your industry, strong presence in social networks, good positioning in search engines, just to name a few.
Remember that you must already have them. Not that they are in the plans, this is not the time to create non-existent strengths, you need to be 100% objective in what you really have.
- Now fill in the weaknesses. In this part you have to be careful not to really downplay your weaknesses, you have to be really realistic and detailed.
Ego aside, you must be able to objectively recognize your weaknesses. They are their opposites with strengths.
For example, some weaknesses can be: ignorance of the market, absence of social networks, generic or obsolete product that has no innovation, poor or non-existent databases, absence of a service improvement system that ignores your customer's requests, no prestige or brand, without a web page or poor, lack of motivation, among many others.
- Now describe the opportunity. They are external not internal. These are those advantages that put you in a favorable position compared to others in the future.
Some of them can be: technological advances that you have adopted, early detection of changes in your customers' trends and you innovate or adapt, weak competition that can give you an advantage, new market niches that you can acquire, strategic alliances, new lines and in sale.
- Finally, define the threats. These are external dangers that can seriously affect you.
Remember that truthfulness is everything in your SWOT analysis, you must be well informed about the dangers that lurk in order to avoid them.
Some examples of threats can be: natural disasters, changes in legal or tax regulations, rising costs of raw materials, unfavorable market trends, too large and/or aggressive competition, disappearance of the market, loss of capital, among others. .
- Now determine the FO strategy and followed by this, the FA strategy.
- Proceed to establish the DO strategy and finally the DA strategy.
Note: be detailed. Don't skip specific actions. Learn more about the objectives and the steps to follow in order not to ignore important data. Take your time.
Internal analysis vs external analysis
To understand your SWOT analysis a little more, you need to have a broader understanding of the two types of analyzes you will be carrying out in your Matrix.
|SWOT||Internal analysis||External analysis|
|Negative||Weaknesses 👎🏻||Threats 💨|
|Positive||Strengths 💪🏻||Opportunity ✨|
Internal analysis has to do with one's own factors and characteristics.
Some of them may be production level, HR area, general financial situation itself, supply of products and services, type of business, promotion and marketing.
The goal is to do a detailed introspection of your own strengths and weaknesses.
It is therefore important to carry it out to determine the necessary changes, as well as the points that need to be strengthened.
In external analysis, try to identify key and uncontrollable factors that influence your development.
Such as: competition, the sector in which you operate, the market, customers, political, social, economic, ecological, technological and legal factors.
And how to work with them to weather crises, as well as expand more widely.
There are some basic tips for your SWOT analysis to get better results:
Discipline: You must have a high level of commitment and steadfastness when compiling your SWOT matrix, so that you can fully establish and define your strengths and weaknesses. This includes being really objective and detailed.
Get the complete information: You are required to carry out a real and truthful analysis of your competition, do not take this data lightly.
Omitting important data or withholding valuable information about your threats and opportunities can leave you in an unreal position, with superficial strategies. Be thorough.
Don't work alone: The points of view of your team or those close to you are invaluable and can broaden your field of observation. You can improve your analysis by sharing your Matrix.
implement the strategies: Action is the only thing that will make you achieve what you propose. Use your observations and strategies to really go big.
Prioritize your goals and make sure you execute the actions in detail.
Update your SWOT analysis: You know things change, so make sure you take a look at your SWOT matrix on a regular basis, at least twice a year, so your strategies stay fresh and on time.