Digital strategies are quite confusing to follow. Especially in businesses. The SWOT analysis is a useful tool that can help restore order to chaos.
When you sense that your website is in need of improvement, you go into a discovery mode. You carefully search for the mistakes. You understand where you are lacking or lagging behind. You gather a huge amount of information likewise. A SWOT analysis can help you rationalize the information into tangible bits. It sorts down the data to get valuable insights, the easy way.
The traditional analysis only categorizes data into two broad categories – the good and the bad. But thanks to SWOT’s unique structure, we can get a deeper idea of where action is needed.
What is SWOT Analysis?
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. This analysis concept has been used in businesses for ages, but it is quite new to the digital world. SWOTs do great with websites too.
They help you:
- Confirm what you are doing right. You can see if your checklist is being implemented.
- Identify where you need to improve. You can know where you need to focus next.
- Set goals and accomplish them. With the SMART approach, SWOT analysis for website also gives you an easier way to reach your targets.
The Structure of a SWOT Analysis
The four parts of the SWOT analysis are further broken into two groups – the Internal and External factors. Strengths and Weaknesses are internal. Opportunities and Threats are considered external factors.
Strengths – Internal
Things that make your eyes shine ‘aha’ go here. Things that have helped you reach your website goals faster go here. Your competitors don’t have these elements – but you have them.
- A great call to action/subscribe.
- Appalling customer oriented Web Design.
- Fresh content.
- Unmatched support for Mobile Devices.
- Simple and quick checkout.
- Effective navigation.
Weaknesses – Internal
Anything hindering you, nagging website performance needs to be classified here. The areas you think you could perform better should be noted down under the weaknesses section. You don’t have these functions, but your competitors may have them.
- A confusing Website Structure.
- Absence of Mobile Support.
- Out of date mundane look.
- Indifferent content.
- Optimizing for the wrong Keyword.
Opportunities – external
Something new pops up every day in the digital world. You need to keep an eye open for opportunities. Try to pick up things that you have or may have, but your competitors don’t have. Even they have, they are not as good as you. List where your website could gain more. Aim to make these your strengths soon.
- Newly growing favorable markets.
- Latest eye-catching Design.
- Updated Marketing Strategies.
- New UI Improvements.
Threats – external
Anything out of control goes here. You may or may not have these factors, but your competitors do have them; they will be always better than you in these areas. Cover existing threats. Map out any upcoming ones.
- Competitor has state of art machinery.
- Competitor has very flexible Rules and Regulations.
- Competitor has a head start in what you are doing and is accelerating before you constantly.
- Competitor has a great Referral Network.
Interpreting the SWOT analysis
Take every piece of data. Examine it. Think over. Put them in one of the four boxes. Complete all the four stages. If your weaknesses seem bulky, start your homework soon. If see shining opportunities, grab them instantly. If your strengths are good and others are minimal, concentrate on the threats. If every space on the SWOT analysis table is empty and only the threats are high, don’t forget to call in your troops! (That’s us. Contact us here.)
- 21 Jun, 2016
- Adarsh Johny
- 0 Comments
- SWOT Analysis,