SWOT is a great way to see how you stand up against your CBD competition. It’s a tool that everyone should use to make sure they are staying at the top of their game. You may be familiar with the tool, but in case you’re not let’s do a quick overview.
The first part of marketing SWOT is understanding the tool, step two is collecting the analytics. Step three is evaluating the results and the final step is creating an active response plan. So let's start with understanding the tool.
SWOT data focuses on collecting specific data about a competitor. Ideally, you will collect it about all those who could have an impact on your business. It might be key players or those within a specific physical proximity to you.
SWOT stands for strengths, weaknesses, opportunities, threats and is an integral part of a business plan.
It’s really helpful to place these categories across the top of your page and then the business name on the left. Be generous with your space so there is plenty of room to write.
What do you know or can you discover about them?
List the things they are doing right? Note what they are great at? What are their core offerings? Brands? Product types? Do you consider each of these strengths or weaknesses? Put them in the appropriate column.
Evaluate their marketing mix, website, image, reputation, transparency. Are they certified? By whom? Product testing? Labeling? What do you know about their customer service? Educational materials? What about branding, service area, shipping?
From A to Z consider every detail you can find.
Based on their strengths and weaknesses, what are YOUR opportunities? Is there some area they aren’t offering that you do? Or is there something you excel at that your competition is weak in? Jot down every opportunity you can discover.
Work your way down the list examining each of their strengths and weaknesses. Look for ways you can distinguish yourself to maximize your strengths and their weaknesses.
Threats are something they are doing well in that you aren’t. They are also things that pose a threat/risk against your business success. It could be a physical location.
It might be website appearance, user experience or content. The marketing approach is also a potential threat if yours is not as user-friendly, intuitive, or engaging.
Once you have collected this data for your key competitors, it’s time for realistic analysis and making the necessary adjustments in your business plan and marketing strategies.
You want to take advantage of all opportunities and mitigate or remove potential threats.
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