How can you assess the effectiveness of your marketing efforts? Do you keep track of ROI? Run an A/B testing on advertisements? Check out the data on a Google Data Studio dashboard?

These are great ways to get to the hard data of your evaluations, but there’s still a good chance you’re still not analysing every point in your marketing life-cycle. This is because most companies evaluate the impact of marketing after it’s done and dusted – and while knowing your search or social ad CPC is critical, understanding the overall impact of your marketing campaigns will provide more insights into your company. And who doesn’t love some extra data?

This is where a SWOT analysis comes in handy. A marketing campaign’s SWOT (strengths, weaknesses, opportunities, and threats) analysis lets you to take a birds-eye view while simultaneously facing problems head-on.

So, What Is a SWOT Analysis?

A SWOT analysis is a framework for examining and identifying key problems affecting your company by considering your strengths, limitations, possibilities, and threats. The objective of a SWOT analysis isn’t to simply track metrics or see which of your marketing and advertising efforts work best; it’s to gain a high-level perspective on the impact of your marketing so you can improve it.

Not sure how to go about conducting a SWOT analysis? Check out our easy to follow guide.

1. What Do You Want to Achieve?

Define what you want to achieve with your SWOT analysis, get into the nitty gritty here. What are your business goals? What challenges do you need to overcome? Having a clear idea of what you want to achieve will help you focus your analysis and make it more effective and make sure your next steps are hitting the nail on the head.

Here are some questions to help you get started

  1. What do you do better than your competitors?
  2. What draws customers to you?
  3. What positive outcomes do customers associate with your brand?
  4. Do you have a key USP? Is it working?
  5. What resources like team members, access to financial support or other factors do you have that competitors don’t?
  6. What campaigns have you run that have been most successful? Don’t just go by conversions – but get into the human elements

2. Gather data.

Collect data from a variety of sources, such as your financial reports, customer surveys, marketing campaigns, and so on. This will give you a well-rounded view of your business’s strengths, weaknesses, opportunities and threats.

In short, go external and get others opinions – this will uncover some points you may not even have thought of.

3. Analyse the data.

Once you have all your data collected, it’s time to start analysing it. Look for patterns and trends that will help you identify key challenges and areas for improvement.

Sit in this step and re-look at it a few days later.

4. Put pen to paper or fingers to keyboard.

Identify your business’s strengths, weaknesses, opportunities and threats. based on your analysis, make a list of your business’s main strengths, weaknesses, opportunities and threats. This will be the foundation of your SWOT analysis.

5. Create an action plan.

Once you’ve identified your business’s key challenges, it’s time to create a plan of action. What steps do you need to take to overcome your weaknesses and capitalise on your strengths? What threats do you need to watch out for and how can you turn them into opportunities?

Take this into your next marketing campaign and see the results speak for themselves.

By following these steps, you can conduct a successful SWOT analysis that will help you identify areas of improvement for your business.

Did you know that in our initial audits and strategy, Talk can deep dive into your business to provide you with an in depth SWOT analysis plan you can use to determine next steps and strategy? Why not reach out to us and see what we can uncover together.