SWOT Analysis: Explore the Potential of Digital for your Business with these 4 points!
In this difficult phase, it is time to Overcome the Crisis!
Lately everyone is having to rethink what it was like, and what it will be like from now on.
Many only operated in a physical business format and overnight they needed to be in a Digital format, and this has been increasingly demanded!
The problem is that many have difficulties in this regard, moving from offline to online.
The time has come where many need to think about new solutions, and the solution of the moment is digital marketing, being online to sell more.
Whether on social media, on Google, YouTube or Instagram, and through your own website.
What you need to understand is the need for change, whether innovating or improving, perhaps you even have to have a radical change in business, as I have seen many out there, who have gone through this digital transformation .
There are tools that can help you with this planning and decisions, to understand the current situation.
SWOT analysis is one of them, to have a clearer view of everything before you start doing it!
What is SWOT analysis
Here in USA it is also known as SWOT analysis :
- Forces _
- The opportunities
- Weaknesses _
- The threats
It is a management tool and is widely used nowadays.
SWOT Analysis, or SWOT, is a strategic planning tool used in project management, to analyze scenarios and support decision-making. It is usually used by companies before implementing any impact project for the business.
It’s a quick and easy way to have a clearer vision for decision making.
This is because after using it and entering the information you will have greater clarity about your business and the situation.
With the appropriate adjustment, you can use it to your advantage in different areas of your business.
But here we will use it for internal analysis of your company and business, and externally to analyze competitors, the market they influence on a daily basis.
It will help you have a more practical vision to make the necessary decisions and actions.
Execution is fundamental to the growth of any business, but to do so you need to take the correct actions, and that only comes with planning.
The best time to start is now!
Remember this, if you don’t do it, your competitor may be doing it and leaving you behind.
Take advantage of all this to make your business grow and your sales increase.
People increasingly consume online, make purchases, make reservations, and everything else. Don’t be resistant to these changes!
What has changed in the online world?
What has changed lately when we talk about the internet? Online sales?
The biggest change is undoubtedly the use of cell phones for everything.
So much so that everyone uses their cell phone to play, buy, schedule, chat, sell, order something, interact. Everything is on the cell phone.
And this access via cell phone surpassed that used via computer! It’s the big change in behavior that we need to realize to sell more, wherever you go there’s always someone on their cell phone.
People spend 24 hours with their cell phones by their side.
Businesses need to see this and learn to deal with this new situation.
People spend hours and hours online, they are searching on Google, watching videos on YouTube or on social networks like Instagram.
And for you to sell more nowadays you need to be in these places like:
- Youtube
- TikTok
- And anywhere else your audience is
Time to use the SWOT analysis: Strengths, Weaknesses, Opportunities and Threats
Everything is related to your business, we will use the SWOT analysis to better understand the entire scenario.
Internal Environments of Your Business
– Strengths of your company:
Factors that you have control over and become a differentiator compared to everyone else.
They can be characteristics or related things that make it different and help you grow more compared to your competitors.
Several things come into play here (think about market differences), such as:
- Delivery speed compared to competitors
- Higher quality service and greater attention
- Good service and well-trained staff regularly
- Products with the lowest complaint rate
- More qualified and better prepared professionals
Here I only ask you one thing, be honest, I’ve seen customers talking about good service and forgetting to respond to the person on WhatsApp.
Be careful here, pay close attention to details that make a difference and you don’t notice.
- Say that you have good photos of the products
- Can you see that this is easily matched by the competitor? All he has to do is hire a professional photographer or use a better camera.
- Or that we publish products on Instagram?
- This is also easily copied
- Now if you do Lives, and create videos, it’s more difficult if the other person isn’t already doing it
The SWOT Analysis is for you to have more clarity on everything related to the business.
This information will be used later in another phase.
An example of strength is if your company already made advertisements and produced content, this is a great differentiator, after all, many still don’t do it.
In the end, you will realize that you can use SWOT analysis for products, services, company sectors, and analyze the competition more closely. It has many applications.
– Weaknesses of your business:
All businesses have strengths and weaknesses when compared to other competitors or operations in the market.
Here we will talk about the things that hinder the growth of your business or your sales. And it will also require sincerity, see some examples:
- New and little-known company
- High Turnover – employee turnover
- Does not do digital marketing
- No website or digital presence
- Lack of time to do things
- No money to invest
Here I have separated the main weaknesses that can hinder the growth of your business, of course the ideal is to look at it as a competitor of your own business. And try to find as many points as possible to improve.
Don’t let anything get in the way of your actions to make your business grow and sell more. Don’t use your weaknesses as a crutch.
A simple example is “I don’t have money to do digital marketing”, and then I ask you:
- How much does it cost to create an Instagram and publish content on it?
- How much does it cost to create a YouTube channel, record and publish videos with your cell phone?
- How much does it cost to make a listing on Google My Business?
I answer you: ZERO cost!
This analysis shows the weaknesses that need to be improved.
Reflect on what needs to change, many of these weaknesses can be easily eliminated.
Environments External to Your Business
Things that impact your business and you have no control over, crises, changes in the dollar, changes in government and many other things.
And that’s where the positive side comes in too, it’s not just negative.
– Opportunities for your Business
The good side is the opportunities, try to pay attention and always make the most of all that appear.
However, in this case it will require you to know and pay attention to what is happening in front of you.
Opportunities are the hardest to perceive, because most people are so full of minds that they don’t see them. It’s as if they were blindfolded. This is very serious!
Most entrepreneurs easily see everything that is difficult, a lot of taxes, a hard-working employee, an expensive product, etc., but opportunities go unnoticed.
Take Digital Marketing for example , for many it is a great opportunity:
- They started advertising
- Sold more online
- Created e-commerce
- They grew a lot online
Others already
- They didn’t have a website
- They didn’t invest in advertising
- They always said it was expensive to advertise, even though you could start with as little as possible
- Little did they know how to use WhatsApp Business
- Zero presence on social media
Example of opportunities, see how many ads appear when you are on Instagram, notice that it has increased a lot lately, but there are still many companies you know are missing, right!?
Don’t be afraid of big deals!
Ah, but they invest a lot, yes, and you have no control over that.
And you can start now by investing little and grow!
This is the great thing about it, in the days of TV it was very expensive to start and inaccessible for many, today with the internet , you can do it yourself or if you prefer, you can pay someone. But you just have to learn how to do it!
Even with little investment you will still reach many new people.
Digital Marketing: David and Goliath! Remember them!
– Threats to your Company/Business
Crises, drastic changes in the market, not to mention that the crisis of recent years is a major threat that has affected practically everyone.
And that not everyone can face it so easily, and not everyone will survive.
Here I want to talk about things that can negatively affect your business, threats that have arisen or arise all the time. Those external factors (that you have no control over), such as:
- Reduction in opening hours
- Lower volume of people allowed inside the store
- Closing the doors
- Changes in laws and taxes
- Import problems
- The competition itself
- You are advertising and overnight it becomes more expensive
These are just a few examples that you have no control over, and that do not depend on your actions.