Summary: In session 5 of A Marketing Podcast I discuss performing a marketing SWOT analysis as part of your marketing strategy. I walk through why your need to do one, and what you will get out of the process. I also walk you through developing each element of the SWOT and provide plenty of examples.<br> <br> Session 5 Show Notes:<br> Recap of Previous Sessions (related to strategy development):<br> <br> * <a href="http://www.amarketingpodcast.com/marketing-strategy-template/">[FREE DOWNLOAD] Small Business Marketing Strategy Template</a><br> * <a href="http://www.amarketingpodcast.com/session2/" target="_blank">Session 2: What is a marketing strategy and why do I need one?</a><br> * <a href="http://www.amarketingpodcast.com/session2/" target="_blank">Session 3: Establishing goals and objectives</a><br> * <a href="http://www.amarketingpodcast.com/session4/">Session 4: Understanding and developing your target audiences</a><br> <br> What’s the purpose of a Marketing SWOT Analysis<br> <br> To identify marketing opportunities and marketing weaknesses, so that you can exploit opportunities and protect yourself from threats<br> This process will be instrumental in the development of your marketing mix.<br> If you’re not starting a new business and you’ve done marketing before the SWOT analysis, through no extra work, can be used as an Audit tool as well.<br> <br> How is it different to a regular business SWOT analysis<br> <br> A marketing SWOT is strictly concerned with marketing Strengths Weaknesses Opportunities and Threats<br> For example, the business strength of a long standing history – would be comparable to a marketing strength of a well established brand<br> We’re doing this to help us develop our marketing mix later in the strategy, so focusing on marketing SWOT’s is how the process and outcomes are different from a typical business SWOT.<br> <br> <a href="http://www.amarketingpodcast.com/marketing-strategy-template/" target="_blank">Get your marketing strategy template that includes a SWOT template</a><br> Marketing SWOT Analysis: Strengths<br> <br> Strengths are the elements of your marketing that you should lean on and use to position yourself, and your business above, your competitors<br> Internal and Helpful Elements<br> You should build your marketing mix to make use of as many strengths as possible<br> Compare yourself to your competitors and identify how you will stand out from them in your marketing<br> <br> As a new business (no marketing yet):<br> <br> You can develop strengths by thinking about your personal knowledge and experience and how that could apply to marketing for the business<br> Example: You’re starting a new personal coaching service for corporate 50+ year old males. You’ve worked in the corporate world for 5 years, and you know about the logistics and challenge to get to the gym. This knowledge is a strength.<br> Example 2: A less complicated example would be if you had 500+ connections on LinkedIn – the strength is a strong LinkedIn presence<br> <br> As an audit tool (previous marketing performed):<br> <br> When using the SWOT as an audit tool, think of the outcomes from your marketing and where you stood out from the crowd those are strengths<br> Example: if you were using Facebook to drive traffic to an inbound marketing landing page, and you saw great results in terms of conversions- you could identify that you delivered a coherent message between platforms – your strength – understanding of your social community and how to communicate to them<br> As you can see, to develop and identify strengths from previous marketing, you have to do some research and find out exactly what it was that was successful or failed – this is auditing<br> <br> A business strength example<br> <br> as the last two were heavily focused on personal marketing strength here’s a bu...
