Infographic: SWOT Analysis for Businesses: an Effective Strategic Tool
Every successful business starts with a plan of action before diving into the industry, whether that’s setting goals and objectives, keywords, competitor research, or creating a story brand. One effective research tool for businesses just starting out or trying to get a better grasp of their challenges ahead is to conduct a SWOT Analysis. What is a SWOT Analysis for businesses? SWOT is an extremely helpful analysis tool for defining your approach to the industry. SWOT stands for: Strength Weakness Opportunity Threat This form of analysis may be ancient to some advanced marketers but still a highly effective tool for discovery. In each area, a business can uncover where their strengths and weaknesses lie, growth opportunities available to them, and get a better understanding of their competition. What are the benefits of using a SWOT Analysis for your business? The idea is to generate a complete picture of your marketplace in order to build a solid foundati...