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EPISODE 261

EP 261: What Is A SWOT Analysis?

December 16, 2021 Bobby Klinck
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In today’s marketing fundamentals episode, we’re talking about what a SWOT analysis is and why it’s a useful tool for your online business. 

This type of assessment is an important part of creating a marketing plan. Professional marketers will tell you that before you put together any sort of marketing plan, you need to do a situation analysis, like SWOT, so you know where you stand.

What You'll Learn in Today's Episode

  • SWOT analysis is a type of situation analysis
  • The letters stand for strengths, weaknesses, opportunities, and threats
  • 2 are internal and 2 are external
  • S = strengths, this is about an internal analysis of what your company is particularly good at doing
  • W = weaknesses, areas where you’re lagging behind competitors or areas where you intentionally have decided not to focus
  • O = opportunities, this isn’t about specific comparisons to competitors but about opportunities in the larger market and trends
  • T = threats, this involves looking at threats and trends on a macro level

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