Any basic course on marketing distinguishes this classic business assessment tool. The SWOT consists of four categories: Strengths, Weaknesses, Opportunities, and Threats.
SWOT analysis is a simple and effective way of assessing business from the inside and outside.
Having determined the success criteria and the role of marketing in achieving them, you will be able to assess each component of the company’s marketing according to one of these four criteria.
Strengths and weaknesses: this is the internal state of the current marketing strategy. This assessment takes into account the capabilities and competencies of your marketing team, the quality of this team’s communication, or the accuracy and volume of marketing data.
Opportunities and threats: external factors that can affect the overall marketing strategy. This analysis includes market research, assessment of the impact of communication channels on traffic. For example, for a well-positioned MySpace company in 2005, Facebook’s ascent may have been a threat. You can also consider the marketing efforts of competitors and whether you can surpass them.
When performing a SWOT analysis, it is necessary to keep in mind the company’s business goals. The results of the study are relative and based on the ability of your company (internally and externally) to use marketing to meet business goals.
After SWOT analysis, the next step for the marketing strategy will be the implementation of a more detailed analysis of the components of Internet marketing.
Should I update the strategy of digital marketing?
Set yourself the goal of bringing an old online marketing strategy to modern standards.
At the Club of Directors, we will work on the topic of digital strategy, find out where to find clients and how to work with them. Together we will go through the stages of creating a digital strategy; we will outline measures for its implementation.