The SWOT analysis, Strengths, Weaknesses, Opportunities, and Threats, was developed in the mid-1960s by Albert Humphrey, a management consultant and researcher, and his team at the Stanford Research Institute. It was used extensively in the 1970s as a strategic planning tool and remains valid today in showing you the internal and external factors that impact your brand.
Try creating a brand SWOT analysis with a cross-section of your team to get different perspectives. Also consider inviting a customer and insurance carrier representative to join you.
The first half of SWOT (strengths and weaknesses) is focused on internal factors within your business that impact your brand. The second half of SWOT (opportunities and threats) represents external factors that your brand must navigate through. Below is a sampling of questions that you may wish to consider:
- What unique abilities or capabilities does our team possess?
- What proprietary products, services, or processes do we have that can’t be obtained elsewhere?
- What elements of our brand resonate with our audience?
- In what areas of our business do we fail to meet expectations?
- What skillsets are impeding our ability to deliver a robust customer experience?
- What elements of our brand do not reflect our mission and/or values?
- Is there a niche in the marketplace that is under-represented?
- Are there technological advancements that can improve our customer experience?
- Is there an existing unsung aspect of our brand that should be highlighted?
- Do our competitors have capabilities or solutions for which we can’t compete?
- Are there negative trends in the marketplace beyond our control?
- Are there competitors attempting to discredit our brand?
The process through which you analyze your brand and brand management strategies will have a profound impact on your business. Good luck!