SWOT your Marketing Plan
A S.W.O.T. analysis is included as part of the competitive advantage in your business plan, and outlines the strengths, weaknesses, opportunities and threats for your company. For your marketing plan, also create a S.W.O.T. analysis as it will assist with goal setting, resource planning, and deciding on what marketing tactics to use.
Here is a list of guiding questions to use when developing a SWOT analysis for your marketing plan.
Strengths and weaknesses are focused on internal attributes, while opportunities and threats come from external sources. There are a variety of ways you can present your SWOT in your marketing plan, but the most typical format is in a quadrant. See an example of a SWOT chart below.
STRENGTHS AND WEAKNESSES
What marketing skills do you, or your staff, have? e.g. design, digital tools.
Do you have access to external marketing support?
Do you currently have marketing channels in place? Are they successful?
If you are expanding your business, do you have expertise in the local market?
What resources do you have available? Budget, Time, Skills
Are there any competing initiatives within the company? Resources
OPPORTUNITIES AND THREATS
What trends or changes are influencing best-practices? Social media or search engine algorithms, concerns for privacy on digital platforms
Any new channels or tools now available or are now more affordable?
Are there any new opportunities for marketing? Community events, new regulations that support your industry, new research.
Are there any changes to competitors’ marketing activities? SEO, Digital Branding, Events.
Are there any events or initiatives within the marketplace - economy, community, industry - that can cause interference with your messaging? Too much noise to compete for your audience’s attention.
Any new legal or regulations to be considered? CASL - Canadian Anti-Spam Law affects email marketing, GDPR - General Data Protection Regulation affects data rules for EU members
