Don’t Get Coffee On Your White Shirt
Sales Tips to Unleash the Power of Strategic SWOT Analysis for Your Small Business
Picture this: you’re driving to work on a Monday morning. As always, it’s bumper-to-bumper traffic. You merge effortlessly into the left lane like the commuting pro you are. The traffic finally lets up, and you’re cruising at a swift 60 MPH. Unfortunately, the right lane exit you must take to get to the office creeps up quicker than you expected. You switch on your turn signal, check your mirrors, and start merging into the right lane. Suddenly, you hear a blaring horn behind you. Startled, you weave back into the left lane, missing your exit and spilling your coffee down the front of your once-pristine white shirt. You start thinking to yourself, “I’m such an idiot! How did I not see that driver? Now I’ll be late for work AND I have a giant stain on my chest. ARGH!”
Blind spots. We all have them, even companies.
And just like it’s crucial to check your mirrors and look over your shoulder before merging into another lane, brands must efficiently pinpoint potential blind spots in order to achieve their marketing goals.
And how can small business marketers do this, you ask? With a SWOT analysis. However, while the traditional SWOT analysis remains a valuable tool for identifying potential weaknesses, it can fall short of providing the depth required for effective lead gen strategies.
But we’re about to fix that! This blog explores the intricacies of revitalizing your lead generation techniques, emphasizing actionable insights and strategic moves to propel your marketing campaigns to new heights.
Sales Tip #1: Flip the SWOT Script for Enhanced Results
Let’s turn the conventional approach to SWOT analysis on its head. Instead of starting with internal factors, start by evaluating external elements. It’s like driving on the defense, watching out for idiots on the road who could hit your car at any given moment. However, you must also look for opportunities to safely merge into the next lane.
Why? Because these are the driving forces behind your company’s strengths and weaknesses. By prioritizing opportunities and threats, you gain specific insights directly impacting your marketing strategies.
This shift from a conventional to a more forward-thinking approach puts the external environment at the forefront of shaping your marketing trajectory. It sets the stage for a more dynamic and targeted SWOT analysis.
Sales Tip #2: Build a Solid SWOT Foundation – 6 Opportunities and Threats
So, exactly who are the idiot drivers you should keep an eye out for? And what do hypothetical merging opportunities for your business look like?
Let’s take a closer look at the key areas that form the foundation of your SWOT analysis:
- Social Trends: Stay on top of the ever-changing social landscape that drives demand for your services. Case in point: The surge in health-conscious consumers has led to more collaborations between health insurance providers and HR departments, offering incentives for employees to use fitness monitoring devices.
- Environmental Factors: It’s important to consider the broader environment, including weather patterns, climate considerations, and responses to natural disasters. The ongoing impact of the COVID-19 pandemic serves as a stark reminder of how environmental factors can reshape businesses.
- Technological Innovations: Stay vigilant to technological shifts. Brands adapting to trends like remote work invest in cutting-edge technology to support this transformative change.
- Economic Trends: In times of economic uncertainty, understanding the pulse of economic factors, including growth, interest rates, and inflation, is crucial for shaping strategic decisions.
- Political Influences: Examine how government involvement at various levels affects your business. Tax credits, trade policies, and changes in labor laws are all factors that can either pose threats or create opportunities.
- Legal Considerations: Stay informed about legal issues affecting your business, such as GDPR and CAN-SPAM. Changes in legislation can pose challenges or open new avenues.
By thoroughly considering these six factors, you can identify opportunities and threats that directly align with your marketing objectives. Each item in your SWOT analysis should be detailed, providing a clear understanding of its relevance to your goals.
Sales Tip #3: From Red to Blue Ocean: Choose the Right Lead Generation Strategy
Let’s switch things up. Instead of thinking about your small business as a car, now it’s a boat.
We’re totally stealing Professors Chan Kim and Renée Mauborgne’s analogy of the blue ocean strategy.
Your SWOT analysis moves your brand, products, and services from the crowded, highly aggressive areas of the “red” ocean, where there is more competition for limited demand, to the “blue” ocean.
By tying in all detailed items from your full SWOT analysis—reviewing and connecting all opportunities, threats, strengths, and weaknesses—your teams will be better prepared and informed when developing marketing strategies.
Oftentimes, reviewing the overall SWOT chart provides clarity on factors you were previously unaware of and would not have captured without the full deep dive, beginning with external factors. However, in order to get the full benefits of a SWOT analysis, you need to walk away with action items.
Sales Tip #4: Take Your SWOT Analysis to the Next Level and Generate More Leads
With a deeper understanding of your company’s strengths, weaknesses, opportunities, and threats, you can upgrade lead generation campaigns AND avoid hitting cars—er, potential obstacles.
These insights allow you to align your messaging with your target market, ultimately positioning your sales and marketing tactics to attract your ideal customer.
Just like being aware of your own driving habits and other cars on the road, the strategic fit between your internal and external factors is crucial for bringing leads into your pipeline. Capitalize on strengths and opportunities to enhance communication with prospects, while addressing weaknesses and threats to refine your marketing campaigns.
Much like an effortless commute to work begins with knowing your blind spots and where to merge, your SWOT analysis is the cornerstone of a successful lead generation strategy and reveals undetected obstacles and opportunities.
This glow-up isn’t just for your own analysis but also for your pipeline, ensuring sustained growth for your brand.
Redefine Your Approach for Long-Term Success
By redefining your approach to SWOT analysis and prioritizing external factors, you can unlock a new level of insight that transforms your lead generation efforts. It’s time to go beyond the conventional and embrace a lead generation strategy that propels your marketing processes ahead in the competitive landscape. This shift towards a more holistic and strategic approach not only revitalizes your analysis but ensures your business thrives in an ever-evolving market. It’s not just a strategy; it’s a roadmap to long-term success.
Now go forth and conquer, my road, ocean and marketing warriors!