Roland Hanekroot joins Kym in this marketing.planning episode to discussed how SWOT (Strengths, Weaknesses, Opportunities and Threats) framework analysis as the first step to starting a Marketing Plan
Kym is joined by Roland Hanekroot, owner of New Perspectives, a business coach, mentor and author with over 25+ years’ experience working with hundreds of businesses.
Here’s what we cover in this episode:
- His company New Perspectives coaching has been successfully providing business coaching and advice since 2004
- Has written three successful business books the Ten truths trilogy aimed at people who don’t read businesses but should;
- The Ten Truths for Raising a Heathy Bouncy Business
- The Ten Truths for Making your Business Grow
- The Ten Truths for Making Business Fun (free download in resources)
- Used to run a building company BAS Building Design Services for over 12 years (1990-2002)
- His goal as a business coach is to help make business fun and to focus is on fun in business as the ultimate outcome of a successful business venture
Basic breakdown of SWOT analysis
SWOT analysis is defined is a study undertaken by a business to identify its internal strengths and weaknesses as wells as its external opportunities and threats.
SWOT analysis can be used as part of a marketing analysis to understand what benefits to use in your communications plus determine what markets to focus on.
Important things to note with SWOT analysis
- One key thing to note with SWOT analysis is that they are often done in isolation which is the wrong approach a SWOT analysis should always be about something within the business
- It could be about the goals, the strategic intent and the mission of the business, organisation or individual.
- Say as an example you’ve set an objective to double the turnover of the business term in the next 5 years. So that means by the end of the year, you must increase your turnover 20%, so in our SWOT we will address what are our Strengths, Weaknesses, Opportunities and threats in relation to growing the necessary 20%
- There is no point to doing a SWOT analysis if you don’t have a purpose for it to as the SWOT itself helps clearly define what is needed to achieve that purpose
- Very often people do SWOT analysis on the business as a whole, not on a particular objective or goal
- So part of your Marketing Analysis is that back at the beginning you really want to define what your business goal is. Let’s say it’s a 12-month goal, and you said increase by 20% or whatever it might be, then look at your Strengths, Weaknesses, Opportunities and Threats in relation to your 12-month goal.
- A SWOT is about two different perspectives, There’s both the internal and external perspectives.
- The first two letters of SWOT (Strengths and Weaknesses) focus on the internal elements;
- What is the Strength of the business?
- What is the Weakness of the business?
- What are the Strengths of the business that can help us achieve our objectives?
- What are the Weaknesses of the business that could potentially get in the way of the objectives.
- while the last two letters of SWOT (Opportunities and Weaknesses) look at external elements;
- What are external opportunities?
- What is up there in the marketplace that we can take advantage if to complete our objectives?
- What threats are there?
- What companies are in the same field or doing a very similar thing? What works for them? What isn’t working?
- SWOT Analysis has been around for a while but if used effectively and implemented properly can have a massive impact on a business or organisation
- If you translate the SWOT into doable action or actual physical steps you can take
- While it is important to look at threats don’t get hung up on them unless you are a Coca-Cola or a large business, Focus on the Strengths and Weaknesses, the opportunity and your goals.
You can grab a free copy of our TMSC Marketing map (in the link here http://themarketingstrategy.co/freemarketingmap) this resource will help guide you through the 10 steps of an Integrated Marketing Plan.
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Roland’s website – www.newperspectives.com.au
Book ‘The Ten Truths for Making Business Fun’ – www.funinbusiness.biz
Don’t forget our free Marketing Roadmap. This free Marketing Map will help guide you through the 10 steps of creating your own effective Marketing Plan. You can grab a free copy of our TMSC Marketing map by clicking here