How to do a better SWOT Analysis
The SWOT Analysis is a staple of marketing and business strategy but can become a “dumping ground” for all kinds of facts, thoughts and ideas. A popular marketing and business strategy tool, it is often used less effectively than it should be. By following three straightforward principles you can make sure that your next SWOT Analysis become a valuable analytical technique.
1. Make sure you put the right things in the right part of the SWOT matrix.
A common mistake with a SWOT is to confuse Strengths and Opportunities, and Weaknesses and Threats. The result is a confusing collection of facts, thoughts and perspectives - and one that prevents you following through on the other two principles.
Remember, Strengths and Weaknesses are internal to your business; they are things that you can control and make decisions about. Opportunities and Threats occur in the outside world; they are not within your scope of control, although you might have some influence and should certainly take them into account when making your marketing decisions.
