Do Marketers Still Rely On a SWOT Analysis To Help With Branding Or Marketing?
Posted by Todd Hagopian (@ToddHagopian)
The SWOT analysis is still used in almost every major organization out there. Now, it is generally just used as a starting point to figure out where the company is at that very moment. This is exactly what a SWOT analysis is. It should be obsolete 20 seconds after it is done because you should be actively working to take care of any weaknesses or taking advantage of any opportunities that exist as soon as you have identified them.
Like any analysis, SWOT is a valuable tool but it is not enough to focus on this one analysis to look at a business situation. There are several good books on different business frameworks, but it is valuable to have your team go to work and go through several of these frameworks (including SWOT), then get back together as a team and present out all of the findings. This is an excellent start to making big changes, or evaluating a business’s overall direction. Teams should immediately be made to focus on a company’s weaknesses, as well as opportunities (seperate teams). Action plans and agendas should be set, and a cadence of meetings and action points should be outlined. Without these additional steps, these business frameworks are largely a waste of time (which equals a waste of money). The most successful companies in today’s economy practice action-based analysis, which includes framwork analysis, action plans, and action points.
I hope that helps, Good Luck out there!
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About Todd Hagopian (@ToddHagopian)Todd Hagopian received his BA from Eastern Michigan University with a major in Political Science. After graduation, he worked as a Financial Advisor and a Bank Manager before returning to school. He attended Michigan State University, where he completed an MBA with a double-major in Finance and Marketing. Todd is now a Senior Product Development Manager for a Fortune 500 company. He frequently writes about business issues, social media strategy, and political issues that he finds important. Enjoy the blog!
Posted on September 23, 2011, in Business Strategy and tagged advertising, brand, branding, brands, business, Business Strategy, management, marketing, social media, SWOT. Bookmark the permalink. Leave a comment.