{"id":5994,"date":"2024-02-15T12:30:02","date_gmt":"2024-02-15T12:30:02","guid":{"rendered":"http:\/\/www.smartinsights.com\/?p=4004"},"modified":"2024-02-15T14:36:24","modified_gmt":"2024-02-15T14:36:24","slug":"swot-analysis","status":"publish","type":"post","link":"https:\/\/www.smartinsights.com\/marketplace-analysis\/swot-analysis\/swot-analysis\/","title":{"rendered":"How to use SWOT\/TOWS analysis for prioritization [Matrix]"},"content":{"rendered":"

Our guide to creating a SWOT matrix analysis to prioritize digital marketing strategy with the TOWS technique<\/h2>\n

A SWOT analysis is an essential part of any business or marketing plan.\u00a0It allows you to create a plan of action based not on what you\u2019re interested in doing or on your gut-feel, but what you need to do given the situation in the marketplace. It considers your capabilities for marketing against competitors plus looks at opportunities created as new technologies are introduced.<\/p>\n

What is a SWOT?<\/h3>\n

As you\u2019ll know it\u2019s a planning tool summarising the internal Strengths and Weaknesses against external Opportunities and Threats. These external opportunities and threats are available to all competitors in the marketplace. Our technique recommends a 2 X 2 matrix for SWOT and TOWS analysis, you'll find examples below.<\/p>\n

Why is SWOT analysis useful?<\/h3>\n

When creating a digital marketing plan, SWOT analysis is an essential step. I think it\u2019s sometimes seen as an academic exercise and there\u2019s the feeling that the time should be spent on improving the execution of the tactics like email or search marketing or improving the site. But, SWOT analysis will give you a strategic view of the main opportunities and challenges available from online marketing.<\/p>\n

The high-level view will help you see the most important issues which need to be managed in order to achieve your business objectives<\/a>.<\/p>\n

While any form of SWOT analysis is better than none, I\u2019ve found through working on many SWOT, that the technique works best for digital marketing when these 5 issues are reviewed when creating the SWOT.\u00a0I'd advise that you make\u00a0sure that your SWOT or SWOTs are:<\/p>\n

1. Based on existing SWOT for the business<\/h3>\n

Before looking at SWOT for your marketing strategy, you need to look at the broader picture. What are the key issues that need to be managed for the business to be successful?<\/p>\n

As Malcolm MacDonald has recommended, this should ideally not be too generic, but should focus on a particular market or customer segment<\/a>. We've included some example Strengths, Weaknesses, Opportunities, and Threats below:<\/p>\n

4-step SWOT analysis template:<\/h4>\n

Example SWOT strengths:<\/h4>\n
    \n
  1. Existing brand<\/li>\n
  2. Existing customer base<\/li>\n
  3. Existing distribution<\/li>\n<\/ol>\n

    Example SWOT weaknesses:<\/h4>\n
      \n
    1. Brand perception<\/li>\n
    2. Intermediary use<\/li>\n
    3. Technology\/skills<\/li>\n
    4. X-channel support<\/li>\n<\/ol>\n

      Example SWOT opportunities:<\/h4>\n
        \n
      1. Cross-selling<\/li>\n
      2. New markets<\/li>\n
      3. New services<\/li>\n
      4. Alliances\/Co-branding<\/li>\n<\/ol>\n

        Example SWOT threats:<\/h4>\n
          \n
        1. Customer choice<\/li>\n
        2. New entrants<\/li>\n
        3. New competitive products<\/li>\n
        4. Channel conflitcs<\/li>\n<\/ol>\n

          When creating your SWOT, we recommend using the RACE Planning Framework, shown below, to structure your analysis. Our RACE free marketing plan template<\/a> helps marketers review 25 key marketing activities, this is a great place to start reviewing your current marketing strategy.<\/p>\n

          \"Race<\/a><\/p>\n

          \n
          \n \n Free marketing plan template\n <\/a>\n <\/div>\n
          \n

          Free marketing plan template<\/strong><\/p>\n

          Our popular marketing planning template is structured across the Smart Insights RACE Framework. Join Smart Insights as a Free Member to download our marketing plan template today<\/p>\n

          Access the Free marketing plan template<\/a><\/p>\n <\/div>\n <\/div><\/span><\/p>\n

          2. Uses a TOWS matrix approach<\/h3>\n

          When I develop SWOT, I find the so-called TOWS matrix approach invaluable - wish there was a more sensible name for it. The power of the TOWS template is in the way it not only gives a review, but also helps you create and summarise strategies to improve the market.<\/p>\n

          Oftentimes SWOT are put in the appendix of a report or on the shelf and do not drive action, but the TOWs approach integrates the SWOT analysis into the whole strategy process to help create a plan.<\/p>\n

          The example below shows how the TOWS matrix reviews not only the situation in internal strengths and weaknesses and external opportunities and threats around the edge, but also shows 4 box for creating strategies to succeed in the marketplace.<\/p>\n

          TOWS Opportunities<\/h4>\n