September 12, 2013 at 8:33 AM

Evaluating Your Competition Using SWOT

Recon Thursday/Process

By James Glover

Once a Day Marketing

James Glover, That Branding Guy, provides the inspiration and ideas for you to build more mindshare and capture marketshare with your customers in his Once a Day Marketing blog. Tune in often to his short, entertaining and practical marketing and branding tips and watch your organization become more successful and profitable.

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Once a Day Marketing™ featured video blog: SWOT Analysis for Your Competition

Hello, I’m Jim Glover, That Branding Guy for Once a Day Marketing™.  Today is Recon Thursday and we are going to discuss using SWOT Analysis to assess competitors.

SWOT stands for strengths, weaknesses, opportunities and threats.  It’s a great analytical tool to use on your competitors’ brands and identify possible ways to gain an edge over the competition.

To perform this type of SWOT analysis, first identify a few of your top competitors.  Then consider the strengths and weaknesses of their brands, opportunities in their market and any threats they may be facing.  Create a matrix of these items and carefully analyze all the factors to determine where you may be able to establish a competitive advantage.

You can even integrate the 7Ps of Marketing into your SWOT analysis.  Look at your competitor’s product, pricing, promotion, etc.andidentify strengths, weaknesses, opportunities and threats in each category.  The more you know about your competition the more effective the strategy you create will be inresponding to the opportunities you have identified.

Once a Day Marketing™ positions brands to become #1 in the minds of target customers.  Visit our website at www.onceadaymarketing.com.  Contact James Glover at (505) 501-1330 or email glover@onceadaymarketing.com.  Listen to Ask Those Branding Guys™ every Monday at noon (MDT) streaming live on SantaFe.com KVSF 101.5 FM.

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