Reviewing your marketing strategy can see overwhelming at first glance, but by breaking it down using a SWOT analysis can make your life much easier. Grab yourself a piece of paper, and let’s get started!
This is where you’re free to boast about your successes! Here you will be identifying what strategies have worked well for you so far – wether it was a successful Facebook campaign or even that you have a regular blogging schedule. Don’t just stop there though – how can you improve this and take these successful strategies and apply them to the least successful strategies you have?
Time to own up to those strategies that didn’t quite cut it. Bear in mind, this is not a negative step, you’re simply identifying what stuff didn’t work and then figuring out how to turn it around into a success. List 5 weaknesses of your current strategy. It could be that you don’t pay enough attention to Twitter, or that a recent ad campaign failed to produce the results you expected. How can you fix it? Could you get in a young, tech-savvy intern who can take the lead on social media?
No matter how small, analyse what opportunities you have in your marketing strategy. Think about the bigger picture here, take a look at your competitors and see what they are doing – how can you get in on that and improve upon it?
Again, taking a look at other businesses in your sector – Maybe they have a bigger advertising budget, or they have a strong relationship with a publication that your target market reads daily. How can you take a different approach to get the attention of these customers?
Once you have completed your SWOT analysis, you will almost have a new & refreshed strategy sitting in front of you. All you need to do is turn it into an actionable plan. The plan should be based on the strengths and weaknesses you’ve identified from your current efforts, take advantage of opportunities in the market, and also account for potential threats to your strategy.