However, some get a lot more attention than others. For instance, most people would immediately list passion, determination, and innovation when discussing what it takes to succeed in business.
But how many people would mention research and preparedness?
Savvy entrepreneurs and digital marketing professionals always do their homework before diving headfirst into a new project, and with good reason.
You need to know where you’re going before you can get there, and planning systems like SWOT and PEST can help you finish strong when it really counts.
Here’s a closer look at what SWOT and analysis are all about, as well as when to use each of them for best results.
What is Pest Analysis
During a SWOT analysis, you begin by methodically going over what your business does better than anyone else out there, as well as determining where it falls short — your strengths versus your weaknesses.
For example, your company’s strengths telephone list might be a prime location, a strong team, a killer marketing approach, or exceptionally high-quality services and products.
Weaknesses could include high overhead or a current lack of funding.
Once you know where your company’s doing great versus where it needs some work, you progress toward examining outside opportunities to improve, as well as any obstacles that could hinder your progress.
For instance, you may look to current marketing, political, and economic trends for ideas on where to take your product lines next.
When Should You Use SWOT Analysis
SWOT analyses are the way to go when you’re facing challenges of an internal nature.
For example, perhaps you’re struggling to meet projected performance goals and aren’t sure why that’s happening.
You and your team might be preparing KH Lists for a significant pivot like a rebranding campaign or a massively important product launch.
Or maybe your business is brand new, and you really need a read on where to steer things next.
All of those qualify as situations that call for a SWOT analysis. So use SWOT not only when you want to assess the current viability of your business but also when you need to identify any key outside influences that might be contributing to your internal issues.
It’s the best way to make sure the inner workings of your business are on-point before taking a risk or diving into anything else new.
