Digital SWOT Analysis
If you run a multinational conglomerate or a corner store, a B2B or a B2C, or anything in between – if your business makes, sells, or distributes a service or product – you need to be doing a Digital SWOT Analysis.
A SWOT analysis is a comprehensive cataloguing of the state of your business, your competition, and your industry. In order to understand where you need to go, you first have to understand where you are. If you want your business to get on top and stay there, a Digital SWOT Analysis should be the first step in your plan.
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. These four areas will provide your business with an idea of where it is and where it needs to go in order to succeed. There are two categories that these four areas fall into – internal and external factors. Internal factors can be controlled by you, while external factors are outside of your direct control but still affect your business.
So what do you need to know for SWOT Analysis to be effective ?
Strengths and weaknesses are internal factors, which means that you have direct control over them. These two factors rely solely on the decisions your business makes. The strengths of your business should be highlighted, showing why your product or service is superior to the competition. Weaknesses should be improved upon and turned into strengths.
Opportunities and threats are external factors, existing outside of your business but still affecting your bottom line. While these factors may be outside of your business, they are not completely outside of your control.
Digital SWOT Analysis
A Digital SWOT analysis uses the same framework (strengths, weaknesses, opportunities, and threats), but with a digital focus. Questions should be centered on the digital aspects of the business and the team should be made up of appropriate personnel. This way you will get the most complete understanding of your digital marketing efforts and standing, as well as a better idea of the future of digital marketing.
How Can a Digital SWOT Analysis Help Your Business?
You may be thinking that you understand your own business, keep tabs on the competition, and have a handle on the market, so why do you need to conduct a SWOT analysis?
The minute – the very second – that you get comfortable, that’s when you’ve started losing ground. You should always be asking yourself these questions:
- What could we be doing better?
- What is the competition doing better?
- What are we going to do tomorrow?
These analyses will keep your business at the top of your market and ensure that you stay on the cutting edge of industry trends and new technology. They help to foster a culture of innovation, experimentation, and communication that will keep your business from stagnation and apathy. Regular SWOT analysis will keep you asking the right questions, helping you stay on top of the competition and maintaining your status as an industry leader.
Tools for Digital SWOT Analysis
The first and most obvious part of a company’s online presence is its website. This is the storefront for your business in the digital space. Your website will contain landing pages for your marketing campaigns, business and product information, inbound marketing content, lead generation forms, calls-to-action (CTAs), it will provide access to any deliverables. Your company’s website should be the biggest profit driver in the digital space, and all other parts of your digital presence should feed into your website. Digital SWOT Analysis of your website should include the following areas of your site:
- Overall design
- Lead generation pop-ups
- Meta data
- Landing pages
- Analytics data
SEO is the basis for how search engines rank websites and determines where your site is listed on a SERP. The better your SEO, the better your chances of showing up higher on a SERP. Of course the higher you place on a SERP, the higher the chances of people clicking on your site. Digital SWOT Analysis of SEO should include:
- SERP Ranking
- Meta data
- Directory listings
- NAP info
Pay-Per-Click (PPC) or other types of search engine marketing (SEM) are paid ads inserted into search engine results pages (SERPs), websites, or apps. PPC is a crucial element in driving traffic to your website, drawing attention to marketing campaigns, and raising brand awareness. Digital SWOT Analysis of SEM campaigns should be analysed for:
- Ad Rank
- Quality Score
Social media platforms are an integral part of any company’s online presence. It provides a way for a business to create and maintain customer loyalty as well as gather feedback. In addition, the immediate nature of social media provides companies with an excellent way to promote contests, specials, or limited time offers. Digital SWOT Analysis for Social media should cover:
- Posting times
- Analytics data
- Types of content posted
Buyer Personas :
Buyer personas are fictional customer representations that businesses create to help them understand their target markets. If you have multiple distinct customer bases, buyer personas help you create content for those different bases. Digital SWOT Analysis of Buyer persona can’t be conducted in the same manner as the other items, but a review of your buyer personas should be done regularly. Sales data should be used to confirm that your personas are up-to-date with your current demographics to ensure that you’re targeting the right markets. Instead of creating one general campaign, buyer personas give you a specific customer to write content for. A different campaign is usually created for each persona, helping businesses target specific segments of the market in order to appeal more directly to them.
Take Action on SWOT Analysis Results
You’ve done your prep work, your research, you put together a team of digital marketing geniuses, you asked all the right questions, and you came up with some quality answers. Now is when you take what you learned and you craft a marketing plan that will lead your company into the future.
Make sure you look at every item on your list, not just weaknesses and threats, then decide what can do your business the most good or the most harm and focus your attention there first.
Use SMART Goals which stands for Specific, Measurable, Assignable, Realistic, and Time-bound. It’s a way of ensuring that you set goals, measure their performance, and stick to a schedule. SMART goals give you focus and allow you to track the progress of your projects.
A Digital SWOT Analysis is a crucial part of planning for the future of your company. Understanding where your business stands in relation to the competition and to the market in general is the first step in moving your company into the future.