Marketing: there are some things that every business owner should know about their company before attempting to decide on a marketing strategy. At Twelve12, we want to guide you through the most basic process to analyze your company and market. SWOT analysis is the initial go-to tool for successful marketing companies in Orange County.
It is very complicated for a company to decide their strategies without the necessary information. To achieve that, it is imperative to understand the most important aspects of a company and its environment. The easiest way to do this is to perform a SWOT analysis.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. It is divided into two segments; the Strengths and Weaknesses correspond to those of the company, so you must analyze your company for those two aspects. Opportunities and Threats correspond to the environment or market where the company conducts business.
The Strengths of a company are all those things that make it different from similar companies in the market. It could be several things: technology, branding, design, distribution range, range of products, etc. Even the people who work for you could be a strength.
The Weaknesses are all those areas that are not working properly. Perhaps you don’t have a delivery service and most companies in the market do; or you experience a lack of options, for example, just one or two colors. It could be your technology or deficient customer service. You need to take a good look and identify all the things that your competitors are doing better than you.
The Opportunities are anything that could be an advantage for your company, but you are not exploiting yet. They are not the same as your strengths; these are things that cannot be controlled by you and are outside forces that affect your market.
The Threats are all those variables that may affect you and also are out of your control. For example, a financial crisis in the country, or bad weather, or an increase in the cost of a raw or packaging material that you use. Even an election that may potentially change the current laws or regulations in your market may be a threat.
For more information about how marketing companies in Orange County can help you analyze your business, give us a call today. Twelve12 will be delighted to help you.