A SWOT analysis is a strategic tool used by marketers to evaluate the internal and external factors that can impact their business. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It helps marketers identify their company’s strengths and weaknesses, as well as the opportunities and threats in the market.
Define your focus.
Compile your data.
Identify your strengths.
Identify your weaknesses.
Identify opportunities.
Identify threats.
Create an action plan.
It’s important to note that a SWOT analysis is not just about tracking metrics or seeing which ads perform better, but rather getting a high-level view of the impact of your marketing so you can improve it.
A SWOT analysis should be performed on a regular basis, ideally every year or whenever a significant change occurs within the business. However, if you’re in rapid growth mode or in a very volatile market, you should be doing it even more frequently.
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