Are you looking for a SWOT Analysis Template to drive growth in your business?
Have you heard of a SWOT Analysis but aren’t quite sure what it is?
Creating a detailed SWOT Analysis for your brand will help you understand the key strengths, weaknesses, opportunities, and threats that your business will face. Knowing these details is crucial as you try to capture market share in your industry.
We’ve created a simple SWOT Analysis Template that you can download and easily customize. Type your answers directly into the document before printing, and you’ll be steps ahead in moving your business forward.
—>> DOWNLOAD THE SWOT ANALYSIS TEMPLATE HERE <<—
But if you’d like to learn more about this classic marketing tool, keep reading.
In this article, you’ll discover three ways a SWOT Analysis can help you make better decisions.
#1: What You Don’t Know Can Hurt You, So Use A SWOT Analysis To Discover Your Blindspots
Some business gurus suggest that you need to put your head in the sand. They say it’s best to ignore what everyone else is doing if you want to build a successful business.
While minding your own business and staying focused on your own goals has its pros, it also has cons. Companies have died unnecessary deaths (or lost business to competitors) because they weren’t paying attention to the market around them.
When Amazon entered the scene as an online marketplace in the mid-’90s, no traditional bookstores considered them a real threat. Barnes & Nobles, the industry leader at the time, even sued Amazon for their claim that they were “the world’s largest bookstore.”. They claimed this was false, as Amazon was merely a book broker.
However, Barnes & Noble could have spent less time arguing over taglines and more time understanding how the industry was changing. They failed to realize that Amazon was a massive threat as a digital innovator with a focus on customer experience.
While Amazon gobbled up market share in sales of physical books & also e-books, Barnes & Nobles struggled to keep stores open. Their once coveted position as a leader in the market has since been diminished.
Use your SWOT to understand the reality of your business in the market. Be honest about your strengths & weaknesses as a brand. Take an unemotional look at your opportunities and threats for your internal operations and the industry around you, including competitors.
#2: Use Your SWOT Analysis To Provide Structure For Your Teams
You will likely have multiple people working towards your goal of growing your business. Even if you run your business by yourself, there’s a chance you’ll have a coach, intern, or freelancer supporting a fraction of your efforts.
Building a clearly defined SWOT Analysis provides common ground to get everyone on the same page. This document will provide structure to get your team moving in the right direction and help them understand how to use the companies strengths to move forward faster.
On the flip side, when everyone in the company is aware of operational weaknesses and threats it can help the team solve problems, fill gaps, and defend the brand against others in your market.
Download your SWOT Analysis Template here, customize it for your business, and then save it or print it out so that you can discuss it as a talking point with relevant team members.
#3: Make Smart Decisions Based On Your SWOT Analysis Findings
Certain business decisions are dense and anxiety-filled. Leaders will spend hours going back and forth over tiny bits of information, trying to decide what to do next.
This often happens due to mental fatigue and a lack of relevant information to guide the decision-making process in an organized way.
Completing a SWOT Analysis will give you those insights so that it’s easier to take the next best steps to benefit your brand.
Imagine that you have $10,000 to spend on marketing, and you’re not sure where to invest those dollars for maximum return on investment. Once you complete your SWOT, you might see that your business is bleeding cash because all of your leads come from paid advertising.
Before completing the SWOT, you may have considered spending more money on ads. But with this new realization, you might decide to invest those dollars in a marketing channel that will encourage long-term organic lead generation like content marketing or video distribution.
Looking at your SWOT Analysis details gives you a different perspective, which helps you make smart, informed decisions for your business.
CONCLUSION
The time it takes to complete a SWOT Analysis is well worth the effort.
DOWNLOAD OUR FREE SWOT ANALYSIS TEMPLATE and customize it for your brand to start making smart marketing decisions today.
