How to Perform a SWOT Analysis for your website

SWOT Analysis

The SWOT Analysis refers to a direct model that studies the threats, opportunities, weaknesses and strengths of a business in order to establish a marketing strategy foundation.

For this process to be effective, it considers what a company can and cannot do while taking into account any positive or negative conditions associated with the firm’s services or products.

Regularly considered an essential part of planning, the SWOT (strengths, weaknesses, opportunities, threats) Analysis delivers enormous value while being simple in a clever way. This process merges the data taken from the environmental analysis and splits it in two parts: external issues (this focuses on threats and opportunities) and internal issues (weaknesses and strengths).

This stage of analysis (apart from applying other types of web analysis) lets a company find out if there are factors that will help them accomplish a particular goal (because of an opportunity or strength that is present) of if there are complications that must be addressed before the target result is attained (due to threats or weaknesses).

If you are conducting a SWOT Analysis for your organization, this is what you should do:

  1. Jot down the strengths, weaknesses, opportunities and threats that your business has.
  2. Separate your strengths into two sets:
    • The ones that can assist in taking out possible threats to your company
    • The ones that will optimize the use of whatever opportunities your organization will encounter.
  3. Split up your weaknesses into two categories:
    • The factors that require you to quickly and completely fix and then transform into strengths to avoid possible threats to your organization.
    • The factors that need to be corrected before you can utilize opportunities.
  4. As you go through your business plans, make use of the lists you created.
    Work out actions and strategies that will take advantage of opportunities and generate campaigns for dealing with weaknesses or threats which could be detrimental to the future of your company.

Some industry veterans recommend illustrating the external threats and opportunities in the site analysis before the weaknesses and strengths. Whatever arrangement you prefer to work with, it is best to look at all parts in detail:

Threats

What issues can possibly harm your company? Threats involve uncontrollable factors which could put your entire business or marketing plans at risk. There are also external elements that may occur which you cannot manage, but can be used to your advantage if you address them properly. Classify the threats based on “possibility of incidence” and “significance”.

Your organization will have an easier time responding to any potential threats if you are good at identifying them. And if you are thinking about any contingency plans, you can always refer to these threats and how the organization dealt with them.

Opportunities

This factor covers the external attractive aspects that are the reasons why your company will prosper and even be in business. What available opportunities in the environment, or market, will benefit your organization the best?

Opportunities will show you how much potential your business will have when it properly implements its marketing campaigns. These may be the results of your company generating demand for its value-added services, constructive market observations about your firm, correctly addressing issues when they arise, lifestyle changes or market growth.

Put timeframes around any opportunities you see, especially if you know that they will be useful for your organization. Is this a window of opportunity, or is it ongoing? Is your timing perfect?

Weaknesses

Take note of your firm’s weaknesses, because these factors that prevent it from maintaining or getting a competitive edge can be controlled. Do you notice what areas your company needs to improve on?

This covers elements like poor business location, lackluster service offerings, inability to access certain technologies or skills, limited resources or lack of industry experience. They are the negative facets in your company that puts it at a competitive handicap or keeps it from providing the right services that your customers deserve.

You need to resolve these areas in order to keep your edge over other companies. This will become a helpful part of your SWOT Assessment, particularly if the company can zero in on its weaknesses and immediately identify them.

Strengths

These define the positive qualities internal to your firm, whether they are intangibles or tangibles. Just like the weaknesses, you can do something about them. What does your company excel at? What resources does it have? What makes your organization stand out from the competition?

It is a good idea to analyze your company’s strengths by area, like organizational structure, manufacturing, finance and/or marketing. Strengths showcase the positive internal aspects of your enterprise aside from adding value to it, providing it a competitive advantage in the process. This is a chance to refresh your memory regarding how valuable your business actually is.

Studying the SWOT Analysis and its insights will be good for any business that wants to continue thriving.

Competitive Analysis and Websites: Learning the Rules of the Game

Competitive analysis is the process of assessing and understanding your competitors, their strengths and weaknesses and where and how your business fits in all of these.

We all know that managing a business in this technology-driven world can be a challenge. This is why having a beautifully-designed website and a strong online presence is very important. But how do you achieve this?

There are several strategies you can use to achieve these goals from creating a mobile-friendly website to utilizing paid and free search engine and social media marketing tools. However, in order to gain maximum results, there’s one element that you should never forget: Competitive Analysis.

What Is Competitive Analysis?

In a nutshell, competitive analysis is the process of assessing and understanding your competitors, their strengths and weaknesses and where and how your business fits in all of these.

With all the businesses around the globe, it doesn’t come as a surprise that one or two others offer the same products and services as you do. Simply knowing about their products is not enough to gain you the edge you need to gain customers. That’s where competitive analysis comes in.

Why Do a Competitive Analysis?

Doing a competitive study of your competitors is a must if you want your business to gain success and get ahead of the competition. What can you gain from this?

  • Gain insights on the competition.
    Analysis leads to insights. Through competitive analysis, you gain understanding on why customers choose one brand over the other despite having the same offers. Leverage on the information you get and determine which of their strategies you can employ.
  • Learn industry’s best practices.
    Which marketing tool and/or strategies are most effective for them? Does the layout and design of their website have a role in their success? How about their social media presence? These are just some of the things you will get when you do competitive analysis. Once done, you can adapt these strategies for your own business.
  • Avoid past mistakes.
    Knowing the strengths and weaknesses of your competitors will help you avoid the pitfalls of online marketing, and capitalize on the best practices shown through competitive study.
  • Allow forecasting of marketing techniques.
    The benefits of a competitive analysis may not be apparent in the present but as you progress in your study and campaign, you will see that it enables you to detect patterns or series of strategies that determine success. You can leverage on this data to continuously improve on your craft.

How to Conduct Competitive Analysis

  • Identify your competitors
    Do you know who your top 10 (or at least top 5) competitors are? Most likely not. Oftentimes, companies only know one or two other businesses that offer the same products or services as they do.

    Knowing who your competitors are enables you to understand the factors – unique selling proposition, product placement, promos and contests, etc.- that affect customer behavior, and how you can leverage on these information to drive customers away from competitors and towards your business.

  • Analyze content
    Content planning is not limited to just what you post on your website. You need to dig deeper and start analyzing the type of content published on other websites. By doing this, you will gain insights on the type of content that interests and engage your customers.

    Once you understand the type and quality of the competition’s content, it’s time to focus on your own content and determine which assets require more attention and resources.

  • Determine the SEO Structure
    Let’s say your competition has the same content and publishing schedule as you do. The next thing you need to check on is the site’s SEO structure. Analyze your competitor’s website’s SEO structure and keyword optimization.

    Are the keywords properly incorporated on the website from the page title to image alt text? Optimized keywords can help improve the site’s search engine ranking. That being said, you need to learn how your own site’s SEO structure and make the necessary modifications to gain better results.

  • Check on social media presence
    Nowadays, search engines take into consideration a company’s social media presence. A brand’s visibility on social media can translate to higher search engine rankings and of course, increased web traffic.

    Hence, checking social networks for your competitors is a must. How are they communicating with their audience? What type of content do they post? How often do they post? Gathering these data can help you plan your brand’s social media better since it offers you a wealth of information you can utilize.

Competitive Analysis: A Conclusion

Now that you’ve conducted your competitive study, you should have a better picture of how your competition is doing. You need to gather all the information you have and create a list of strategies that can be adapted for your own business. This is also the time to assess which areas of your marketing needs improvement in comparison to your competitors.