The SWOT Analysis
This is often an overlooked part of the plan as it is normally implied that you know what is going on within your company and your market. But we will always include it as a part of the process as it allows you to brainstorm the internal and external environment. Thus, giving you greater insight.
The strengths are all internal to your business. These are the things that are good within your company.
These are the weaknesses within your company.
They will help you to notice any shortfalls that may exist and that could be a disadvantage to you.
These are opportunities that exist outside of your company. They may be things like a new project that is going on and you may have an opportunity to put your products into
Or changes within the market that may be of benefit to you
These are external threats that you may come up against. For example, a new competitor entering the market
A review of the competitive landscape includes looking at what your competitors are and are not doing, as well as larger trends within your industry. When reviewing your competitors, you’ll want to look at them strategically and tactically.
The next step is to look at the market to see what competitors are in your field. This can be researched by Googling your industry and competitors to see what they are saying. A lot can be learned by this kind of research. Don’t be afraid of reading what they are saying about themselves and their products. It is better to know what is going on around than be unaware and out of the loop.
|Company A||Same town||A B, C||What they are saying about themselves and their products|
• Who are they targeting? How do they differ from yours?
• What are their key messages? What needs, pains, or aspirations are they hitting? Which ones are they ignoring that may be on your list? Are they clearly prioritizing one key message above their others?
• Did they make any sudden shifts in their marketing recently? An entirely new message or creative such as website and branding?
• What changes did they make to their product or services mix? What about pricing?
• How about distribution channels?
Major Marketing Goals
In this section you can outline what you want to achieve for the next year. As previously mentioned it is important because the strategy that you will be putting in place will be determined by these goals. For example, if you want new business then the strategy will be much different if you wanted to gain brand recognition. These following goals are some of the common ones that have been identified:
• Brand awareness
• Quality leads -Lead conversion (nurturing)
• New customers – Customer retention – Revenue
What have we learned
• A review of the competitive landscape includes looking at what your competitors are and are not doing, as well as larger trends within your industry.
• When reviewing your competitors, you’ll want to look at them strategically and tactically.
• Start Looking at your major Marketing Goals.