Once you are done with the analysis process, you should probably develop a chart. You need to list some strategies to overcome your weaknesses. You should also list some strategies to build on your strengths. While you are doing this, be sure you keep those opportunities and threats in mind that you listed. This chart is probably one of the most important things to come from the analysis. It can help you to build on the SWOT analysis and make an action plan for your business. Remember that completing this analysis should help your internet marketing plan. It would be a real problem for you and your business if after you have thrown money at your brand new website, you have traffic that you simply cannot turn into sales. It would be even worse if you cannot even get the traffic you need to your website. This would be damaging to you, to the morale of your business team, and it might be damaging to your current customers, because the things they have come to expect from you may become undeliverable, as you may have poured all of your assets, both physical and emotional, into your new website. Remember to design your site around what makes your business better than anyone else in your market place. Capitalize on the strengths that you just made a list of. Why do customers think your business is good? Use that in your internet marketing strategy. Focus on what makes you different. For example, if you are marketing skin care products, and you offer free shipping, use that to your advantage. Also, be sure to focus on a reliable site that customers can trust. Nothing would be worse for your internet marketing than a site that customers can’t trust to be up and running or up and running well. Customers will quickly find a site with similar products. Finally, be sure to build customer support into your internet marketing plan. Be sure that you offer customers any possible support they might need. For some customers, that might mean answering e-mails with questions that are seemingly obvious to you. For other customers, that might mean adding some informational articles about your products to your website. Whatever it is, be sure to hold your customer’s hand as much as possible. Internet marketing is a difficult process, but completing an SWOT analysis first will help you develop the best internet marketing plan available.
Once you’ve considered your strengths and weaknesses as a business, it’s time to start thinking about your opportunities.
Try to keep in mind that you will not be able to control your opportunities. By their very nature, opportunities are external factors. As a result, making your list may be much simpler.
There are many possible opportunities that you can think about when you are making a list.
- Is there a newly developing market you can tap into?
- Do you have alliances with other companies that make for great opportunities?
- Have you recently lost some competition?
Remember to think about the opportunities that you have, and the things that may eventually turn into opportunities for your business. It might help to look at your strengths and decide which might turn into future opportunities.
Moreover, take a glance at your weaknesses and decide which might help you rule out some opportunities based on unpreparedness.
Once you’ve looked at the opportunities that have presented themselves to you or that you think may present themselves to you, you can consider your threats. Again, for the most part, these are external factors that you cannot control.
Common threats to most businesses include a bit of new competition in your marketplace. New laws that apply to your business may also be a threat to you. Moreover, some of your weaknesses could potentially turn into threats, and you should consider those on your horizon. These, of course, are threats that you may be able to control in the long run.
When you are trying to make your list, think about any obstacles that you are facing that could be placed in this category. Think about new technologies that your competitors are creating that may hurt you in the future. Also, think about how your market might change in the future. If the market is headed to an all internet based product, and you currently have a traditional store front to support, that could be a real problem for you and your business. If the product specifications or the training required for your job will change, that could be a detriment to your profits. If the financial requirements for your business might change, that could also be a problem to you in the future. For example, if you have been a debt based business, but things are changing in your industry, that could spell real problems for you and your business.