Friday, 18 November 2016

How To Do A SWOT Analysis To Increase Your Brand Recognition?

Whether you are running a business or starting a new enterprise, you must be aware of the SWOT analysis. It is a process involving the assessment of key strengths, weaknesses, threats, and opportunities faced by your brand in the market. Most of the businesses commit a mistake by restricting this SWOT analysis to only a new product and they fail to capitalize on their brand’s valuation. However, when taking up a SWOT analysis, you should have a wider perspective. Consider both the products and brand for having an actionable strategy for the business as a whole. Here is how to do SWOT analysis for enhancing your brand value.

Assessing the Strengths:

In the SWOT analysis, you should always focus on the strengths possessed by your business comprehensively. These strengths can be comprehended as the unique attributes of your brand that sets you apart from the competitors. Some business owners only consider the pros of their products while considering the strengths of their business. These attributes may bear certain similarities with the products offered by your competitors. Hence, you must consider the factors like brand equity and brand values of your business in this analysis.

Assessing the Weaknesses:

Here again, you should focus your energies on the identification of unique weaknesses confronted by your business. You should look from the viewpoint of your brand and consider the aspects that keep from brand from being acceptable to a wider audience. Consider how your brand is perceived by them and what are its shortcomings as compared to the competition?

Assessing the Opportunities:

Your products may have a long list of opportunities to be harnessed but this list compresses when it comes to the opportunities available to your brand. Look for the prospects available in the market for enhancing your brand’s recognition. You should always strive to find the ways in which you can tap the potential of your brand values in accomplishment of your organizational objectives.

Assessing the Threats:

The threats faced by your products are usually same as those confronted by your brand at large. Hence, you need to proactively assess them and work for eliminating them before they weaken your brand existence in the market. It is essential to consider the implications of these threats on your business. Hence, you should be specific about them.

In any case, you should clearly understand how to do SWOT analysis for attaining actionable results from the perspective of your products as well as your brand image.

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