What is the SWOT analysis and how can you apply it to your digital marketing?
To be a successful brand or company in today’s modern world of technology and wireless communication, an organisation has to constantly analyse their strengths and weaknesses. This regular analysis also applies to communication, promotion and marketing and should be a part of a company’s digital marketing strategy. The importance of a SWOT analysis in your digital marketing strategy cannot be over-stressed. Complete a digital marketing course and you will gain valuable insight into this important tool to help you stay ahead of the competition as well as gaining updated knowledge of how the digital marketing world is an ever-changing field.
What is SWOT?
In order to survive in a competitive environment age of digital marketing an organisation has to carry out regular SWOT analysis, which means to analyse the following within an organisation; ‘S’ strengths, ‘W’ weaknesses, ‘O’ opportunities and finally, ‘T’ threats.
How can we apply a SWOT analysis in our digital marketing efforts?
The four characteristics of a SWOT analysis, namely strengths, weaknesses, opportunities and threats, are generally divided into two factors, which are internal and external.
- Internal factors – Strengths and weaknesses are considered the internal factors of a business, product or service, such as the quality of your product or the strength of your sales and marketing team and so on. Therefore, this is something that we have direct control over, which can be improved or changed.
- External factors – This is opportunities and/or threats and fall under the external factors of a SWOT analysis and are things that you may not have direct control over, for example, the amount of competition that you have in your industry or the need for your service or product.
Digital marketing’s new level
This modern age of communication, promotion and marketing has irreversibly changed the playing field of digital marketing. We have seen digital brands conducting SWOT analysis on another whole new sphere. This is where the realisation set in that viral posts out-performs the out-dated practices of email marketing and press releases.
The SWOT make-up
Now we understand the importance of regular SWOT analysis within the world of digital marketing, let’s see what makes up the value of your strengths, weaknesses, opportunities and threats are.
- Strengths – Your brand’s abilities and characteristics which gives you an advantage over your competition, for example which areas of your business are better than your competition.
- Weaknesses – This is the very opposite to your company’s strengths, so it equates to your abilities and characteristics that has disadvantages compared to your competitors. Ask yourself to determine possible weaknesses, ‘what are we lacking compared to our competition?’
- Opportunities – This refers to any opportunity that you are able, as a business or a brand, use to your advantage. Discover if there is something that your target audience is looking for that you can find a solution to.
- Threats – Any situation in your environment that may become a threat to your brand or your business. Find out what positive things your competition is doing that you are not.
SWOT analysis benefits
Before you or your organisation can benefit from conducting a SWOT analysis, you must ask the question, “what is the reason why you need to perform a SWOT analysis?”
In order for a SWOT analysis to be effective and worthwhile, there has to be commitment to the planning process of your SWOT analysis. Any SWOT analysis can be a rigorous process that includes feedback from numerous sources, which needs a definite strategy.
Applying the SWOT analysis to your digital marketing
You can significantly improve your digital marketing strategy by conducting a SWOT analysis of your digital marketing. There are a number of analytical tools that are readily available to help you do this.
For your digital marketing SWOT analysis, your goal will be to analyse the following:
- How many people are visiting your website;
- How many followers do you have on social media platforms;
- How strong is your email list;
- How many digital leads are you generating;
- Is your audience interacting with you in a meaningful and productive way;
- Whether your emails are being opened;
- Are you getting click-throughs to your website.
If you would like to find out more about Digital Marketing within a business context. Don’t hesitate to get in touch with the Digital School of Marketing to find our more about their marketing courses.