Welcome back, class. If you came to “class” yesterday, you know that we’re talking about how to apply classic business strategies to your marketing plan. Today, we’re on to Marketing Strategy 201.
In the song “Freewill” by Rush, they sang the line, “If you choose not to decide, you still have made a choice.” This scenario is true is basically any situation. However, in order to make an informed decision, you have to be able to identify your options from all angles. This is where a SWOT matrix comes in handy.
Marketing Strategy 201 Basics
First let’s start with “the influencers.” We’ll get back to the specifics in a bit.
These influences are exactly as they sound. Some issues occur because of internal influences, such as employee retention and equipment depreciations. Internal factors are managed and controlled by a company.
External influences, like industry regulations or new competitors entering the market, are completely outside of an business owner’s control. However, they still play a part in business decisions.
This one is pretty obvious. Whether internal or external, there are some factors which can prove to be beneficial or detrimental. Helpful influences include new products or regulations which require certain products (think on-board logging devices for commercial vehicles). Harmful influences can include economic crashes and insufficiently trained staff.
Four Squares Of Decision Making
Considered the internal-helpful category, strengths the tasks or skills in which your company excels. Think best technology, experienced, staff, and positive community presence.
These are the areas which must be promoted (which is exactly where marketing comes in).
While it’s important to know your strength’s, it’s just as important to identify your weaknesses. This internal-harmful factor is one which must be analyzed closely. If your team is insufficiently trained or your technology is outdated, this is a factor you have direct control over.
These are the areas which must be changed.
As an external-helpful factor, keeping your ear to the ground is the best chance of identifying opportunities. Knowing your competitor’s weaknesses is one of the biggest ways to improve your company. Additionally, staying informed about industry regulations and other upcoming legal actions are another. Know someone isn’t running any ads? Now is the time to start. Did someone’s customer service is lagging behind? It’s a perfect chance to edge out your competitors.
These are the areas which must be exploited.
Knowing the ways your business could be taken over should be part of your overall strategy. The external-harmful nature of a threat can make it (a) somewhat hard to control (b) sometimes hard to identify. While some are more obvious (the exploding Samsung Note 7), some are more subtle (a new competitor arriving on the market).
These are the areas which must be monitored.
SWOT + Marketing
A successful marketing strategy takes all of these factors into account. At SDB Creative Group, we believe it’s important to understand your overall SWOT matrix in order for us to create the perfect plan for your business. As your marketing “partner,” we feel that the best offense is a good defense. It’s important to understand your business’s situation…and create a marketing plan that
- Amplifies strengths
- Minimizes weaknesses
- Takes advantage of opportunities
- Identifies threats
Feel like you’re ready to strategize with us to maximize your benefits? Just fill out the form below.
Thanks for attending SDB’s Marketing Strategy 201. Class dismissed!