As we discussed in Part 2 – Situational Analysis, there is room for the SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis. However, what I like to do is take a separate section that really dives into the opportunities and problems deeper so that they can be addressed by specific marketing strategies.
Identifying and Maximizing Opportunities
This is where you look externally for areas your competitors are not fully covering, then go a step further and think how to match these to your internal strengths. Try to uncover areas where your strengths are not being fully utilized. Are there emerging trends that fit with your company’s strengths? Is there a product/service area that others have not yet covered?
Once you have uncovered these opportunities take each one and discuss how you will market them. Will it be a mixed marketing campaign? A targeted sales effort? What resources will you need (e.g. new collateral, selling guides, web site content, e-mail marketing)?
Addressing and Overcoming Problems
Problems are not necessarily a bad thing. They are just issues that need to be overcome. It is better to get out front of problems that may exist than have them rear their ugly head when you are selling or raising money. Problems could be strong competitors, your product lacking critical features that you are not able to roll out yet or a long sales cycle.
You should list each problem and discuss an approach to overcome them in a sales situation and with specific marketing messages that counter what a customer might be thinking.
Next time in Part 4 – Strategy
In our next part, we will discuss the strategy section which lays out a plan for the situational analysis and the problems and opportunities must be addressed by the marketing plan.