In this blog, we are going to learn how we can use SWOT analysis in digital marketing to create a powerful digital strategy.
What is your present digital strategy?
Here are some of the answers that I have got from many people in the past:
To gain 5k followers on Instagram
Or to build engagement on Facebook
Maybe to increase the open rate of emails
If not that, then maybe to get more clicks on Google ads
Or to get a verification checkmark on Instagram
To get a knowledge graph for the brand
The problem is that these are just a small subset of your main business goals. For this reason, they should never be confused with your master digital strategy.
Because when I say digital strategy, I’m not asking you to tell me your social media strategy, online search strategy, email strategy, or any other digital channel strategy.
As is obvious, these are all just one of the many digital channels that you are going to use to achieve your overall digital goals. All these are a part of a bigger picture and I’m interested in learning more about that bigger picture.
What is a Digital Marketing Strategy?
A digital marketing strategy is something that combines the strategies of all your digital channels into one and makes sure that they all are working for the same business goal.
Moreover, it outlines how you are planning to use digital technology to solve your customers’ problems through your products.
The most important thing to remember is that a digital strategy is a long-term strategy and that’s why the first step for forming a digital strategy is to conduct a SWOT analysis.
It helps you attain specific goals by carefully selecting marketing channels to be paid, earned, or owned. Without a proper strategy, you might turn in the wrong way resulting in unnecessary losses.
For instance, if you are planning for a trip, you will take a close look at your time and budget and make the most out of it.
So, similar is the case with digital marketing also. A good plan will lead to increased efficiency.
What is a SWOT Analysis?
SWOT stands for Strength, Weakness, Opportunity, and Threats.
It’s a strategic planning matrix that helps you understand your business standing at a bigger level.
It has the great power of changing your business and positively controlling you.
Moreover, a SWOT analysis organizes your top strengths, weaknesses, opportunities, threats in an organized manner and helps you present strategically.
If you take out time to do your SWOT analysis, you will be armed with a great strategy. It will help you prioritize that work which can help you grow your business.
When properly implemented, it can help you achieve your business goals and strengthen your business position by suggesting corrective actions on time.
Why Is SWOT Analysis Important?
SWOT analysis is important as it helps you evaluate your business and its standing in the competitive market. It helps you in knowing what plannings you should make and helps you draw a roadmap for the company.
Here are a few key points that will make you know the importance of SWOT analysis.
Doing SWOT analysis helps companies to get greater visibility on their current status. Moreover, it lets them understand and measure the business’s overall performance.
It also helps your business analyze your strengths which further help in better penetrating the market and reach desired targets.
By leveraging SWOT analysis, you can create a better and more strategic plan to meet your objectives and adapt yourself to the changing market conditions.
It also helps your business to identify the internal and external factors in a much better way. It lets you understand the positive and negative impacts on your business.
Besides all these, it also lets organizations get a look at the weaknesses and potential grounds of improvement. All this information helps in proper planning and mitigating future needs of the customers thus ensuring long-term growth.
In short, SWOT is a very important tool to understand and maintain the health of your organization. It allows you to be a proactive player in the market and actively taking part in the competition.
How to Conduct SWOT Analysis for Creating a Digital Strategy?
When it comes to strategies, the goal is to always think for the long-term. Being myopic can really hurt the effectiveness of your strategies. Click To Tweet
Here’s how you can use SWOT to create a digital marketing strategy:
Strength in SWOT
As the word implies, it measures all kinds of internal capabilities you have got that can help you operate efficiently and lead to achieving your business goals successfully.
Do you have enough resources: budget, team members, time to implement a strategy in social media? Do you have good brand awareness that can easily translate to online brand recognition? Or do you have a very strong digital advertising strategy that can gain your name in no time? Do you have lots of fan following on social media that can benefit your other channels? Also, does your product have features or benefits that all the other competitors fail to provide?
Weakness In SWOT
On the other hand, it measures what kind of internal limitations you have that can stop you from achieving your goals. This is just an internal factor which means that it is under your control and if there is any need, you can improve these factors to stay in the competition.
Is there any feature of your product that makes it easily vulnerable to attack by competitors? What digital areas need to improve? What kind of resources are you lacking that can help you compete better? Also, what can you do to make your digital ads not being ignored by the majority of your audience?
Opportunity in SWOT
These are the external factors that can help you reach your business goals and achieve business growth. These are generally external and that’s why they are not in your control.
What is the audience looking for right now that you can provide better than others? Is there any customer need that is not being met by other competitors that you can satisfy and grow your business in the process of doing that? Does your location offer you a better competitive advantage than others in the same industry?
Threats in SWOT
These are the challenges that your business can face when there are changes in the business environment.
These current or emerging changes can be in the political, economic, social, or technological environment which can directly affect your product and how it is viewed in the market.
Are there any government regulations like CGPA that can negatively affect your business?
Or are there major technological advancements happening in your industry that can make your product obsolete or unwanted?
What about increased competition that is decreasing your ROI?
Key Takeaway: SWOT for Digital Marketing Strategy
Using SWOT to form a digital marketing strategy can do wonders for your business. SWOT analysis will help you in identifying the strengths and weaknesses of your brands are and how your brand can easily make the transition to the digital world.
It can help you in identifying an opportunity right on time and exploiting it for your business advantage. Not just that, it can also help in preparing you for a harsh, unseen business environment.
So, what’s your digital strategy? If you still have none, get in touch with the team of Bizadmark.
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