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Secrets
If you're a marketer already then chances are you'll already know how valuable a SWOT analysis can be. Even if you're not, you'll probably have come across them for business planning or just as one of those useful business tools.
But why are they so useful?
Well, a SWOT lets you take a step back from your business and allows you to have a good look at your key Strengths and Weaknesses, which are internal factors, usually particular to your business.
Then you examine possible Opportunities and Threats which are outside of your business and sometimes out of your control, but knowing about them means that you can choose whether or not to react – the ball is in your court.
This is why they usually form part of your marketing plan or business plan. Without properly looking at these areas for your business, it's difficult to judge where you can make the difference and which direction to head in. What we love about them is that they're actually really easy! This is partly because they're a snapshot of what you know to be true about your business, which is usually already in your head. It's not often that you get the chance to analyse this data though, so the SWOT puts it into black and white. It then helps you to plan what to do next.
Why don't you try a quick SWOT today? You'd be surprised how quick this process is and it'll get you thinking. If you use MarketingPlanWiz, a SWOT analysis section is also included in our "Marketing Plan Builder".
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