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If you want to create a better business strategy, evaluate your competitors and yourself objectively, SWOT analysis will help you.
In this article, we will talk about what is SWOT analysis and how to do SWOT analysis.
It was developed by Albert Humphrey, who developed a research using data from brands in the 1960s. Albert Humphrey's aim is to reveal why businesses fail when developing their strategies.
SWOT Analysis takes its name from the initials of the words Strenghts (Strengths) Weaknesses (Weaknesses) Opportunities (Opportunities) Threats (Threats).
It is used to evaluate the performance of brands and their competitors, to analyze the strengths and weaknesses of both sides, to identify opportunities and threats arising from external factors.
It constitutes the first step in the strategic planning process of a business. It enables companies to identify their strengths and weaknesses, called internal factors, and then take action against these factors. Threats and opportunities are called external factors that are not under the control of businesses.
Its general purpose is to enable companies to discover their own capabilities and resources and to develop strategies according to the operating environment. Successful businesses identify their strengths and weaknesses, are prepared for external threats and take action faster than their competitors.
A company that wants to conduct a SWOT Analysis should first create a team of professionals to conduct this analysis. This team should consist of the most senior people of the business and senior management employees. Then it should start with internal analysis.
- What are the features that you are superior to your competitors?
- What are the things that are going well in your business?
- In which areas do your competitors see you superior to them?
- In which areas are you unsuccessful in your business?
- What are the issues you need to improve?
- In which areas are you not efficient?
- In which areas do your competitors take better action than you?
You can perform your internal analysis by answering questions such as, and then to do your external analysis;
- What factors do you have in your environment that will affect you positively?
- What are the things that are missing in your market area?
- Which of the things you do frequently can you benefit from?
- What are the things that are currently going negative?
- What are the areas that can harm you against your competitors?
- What are the obstacles you face in the business model you are currently implementing?
You can answer questions like these and start analyzing. You can synthesize these factors in order of importance and objectively evaluate your brand.