In this article, Lydia will walk you through how to conduct a SWOT analysis using Priority Matrix. It takes virtually no time to setup. The transcript for the text is also attached below the video. Enjoy!
SWOT analysis are carried out to help identify the internal and external factors that are helping or hurting your business. The goal of SWOT is to assess different opportunities and to ultimately set achievable, logical objectives using the findings of the analysis. SWOTs are most effective in conjunction with data gathered through customer feedback and team insights.
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To get started, add a project selecting the SWOT analysis template. Here, you can see the quadrants are named strengths, weaknesses, opportunities, and threats– or SWOT for short. Strengths and weaknesses are internal, controllable factors that contribute to success or failure. Opportunities and threats are external factors, which cannot be controlled, but can be mitigated or intensified. For this video, let’s say you’re a new, small marketing firm of 5 and you’re deciding whether to take on a local film festival for little pay but potentially great exposure. To start, your strengths as a smaller company may be things like agility, communication, and resources. Weaknesses may include equipment and personnel constraints. External factors to consider may include market and economic trends, geography, target audience demographics, and even things like how often you come up in a web search. These things can fall under threats or opportunities, depending on your company. Once the SWOT analysis is done, compare your strengths and weaknesses against opportunities and threats to decide the best course of action. In this case, for a new company needing exposure and with the ability to take a low paying project, this looks like a good chance to get to know the locals and to do some creative marketing.
You can do this analysis with any business and any opportunity. You can also brainstorm SWOTs with your whole team for fresh ideas and insights.