S’wot’s the deal with SWOT, anyway? SWOT is an acronym that will help you evaluate where you are in your market. Later on, we’ll be exploring exactly how to conduct a SWOT analysis. But first, let me tell me why you NEED to be using this tool.
(I already know I’m going to get some resistance on this post, and that’s okay!)
I am all about collaboration over competition. However, evaluating your competition is SO IMPORTANT.
Above all, businesses are designed to make a profit. Your goal is to maximize your profit, and more importantly, your impact. To make an impact in your industry, you must know how you differentiate and what makes you special.
So how do you stand out? Well firstly, you must understand what others in your industry are doing.
In other words, you need to know what they’re good at and why they are so good at it.
S’wot does SWOT actually stand for?
- Strengths
- Weaknesses
- Opportunities
- Threats
Strengths & Weaknesses pertain to your business; that is to say, internal factors.
Opportunities & Threats pertain to external market or industry factors that can impact your business.
Let’s take a look at my own SWOT evaluation for Sales Cheerleader:
Strengths (Internal):
- Founder experience: sales director, college professor
- Results
- MBA & business acumen
- 100% 5-star client reviews
- Personal brand/authority
- Intellectual Property (IP): The Ultimate Sales Formula
- Tara – My marketing assistant (legit, I hit the JACKPOT and no, I’m not sharing…lol)
- Low capital requirements
Weaknesses (Internal):
- Technical acumen
- New to market as a coach
- Competition has much larger following, brand recognition and trust
- Side hustle (It is a significant weakness to Sales Cheerleader that I only devote PT resources to it. This is not my full-time gig.)
Opportunities (External):
- Rise in popularity of online learning
- Rise in trend of entrepreneurship (aka, more potential clients)
- Ability to expand offerings into business strategy and coaching
- Ability to expand product offerings: masterminds, passive income, etc.
Threats (External):
- Ease of entry into market/everyone is a coach
- The media representation of sales as an aggressive slimy profession
- Online users attention spans are dropping at a dramatic rate
Structuring my analysis in this way allows me to look critically at the areas where I need improvement. In the same vein, it gives me a bird’s eye view of potential opportunities and strengths I might not otherwise see clearly.
So, what does your SWOT look like? Does it give you some insight into where your time needs to be spent? Comment below or share your observations with me on Facebook and Instagram at @SalesCheerleader!
When you’re ready to take your business to the next level, sign up for one on one sales coaching with me here!
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