Okay, okay, so SWOT analysis might not give you super powers, but it will give you a better picture of your business, market and strategy. So, just what is SWOT analysis? How can you use a company SWOT analysis to understand your small business marketing strengths, weaknesses, opportunities and threats? Let’s get started!

What Is SWOT Analysis

A company SWOT analysis is simply a small business marketing, and overall business planning tool to help you better understand your strengths, weaknesses, opportunities and threats.

A simple way to create an informal company SWOT analysis is to take a piece of paper and write strengths in the upper left quadrant, weaknesses in the upper right, opportunities in the lower left quadrant and threats in the lower right. Now, let’s fill out the SWOT analysis for your small business marketing.

What Is SWOT Analysis – The Four Key Areas

Strengths
Write down all strengths your business has, or areas that can be perceived as a strength in marketing your small business. For example, an easy strength might be that your employees have over 50-years of combined experience in your industry, or, your central business location makes service calls quick and easy. Really think about your strengths and what customers would view as a strengths. The following are all strengths in your company SWOT analysis and can be used effectively in small business marketing.

• Do you offer a unique product or service competitors don’t?
• Do you hold special patents?
• Is your process for identifying customer problems and solutions better than the company down the street?
• Can you turn things that might be viewed as a negative into a strength; such as your company’s small size allowing you to provide very, very tight relationships and customer service?

Weaknesses
Make a list of all of your business weaknesses and perceived weaknesses in your company SWOT analysis. Much like strengths, a lot of areas can be viewed as a potential weakness. Try to pick out the most important weaknesses that not only you see, but what customers, lenders and the community might view as a weakness. The following are a few questions to get your mind rolling while creating your company SWOT analysis.

• Have you been in business for a very short time, so nobody has heard of you?
• Do you have a rather sparse track record with customers or no customers at all yet?
• Can people easily understand a need for your products and services, or is there a learning curve?
• Is your small size a problem for fulfilling large orders, providing additional services that the big guys offer, or make your stability and longevity questionable?

Opportunities
What opportunities do you see on the horizon? Write down a list of opportunities you can take advantage of when marketing your small business. It’s always good and fun to dream big, so really open up the throttle while creating your company SWOT analysis. The following questions should help point you in the right direction and get you thinking about viable opportunities for your small business.

• Are you targeting a unique product in a market or industry that is underserved?
• Can your product or service be modified for other similar markets?
• What larger businesses in your industry or related industries can you partner with to gain market share?
• How can you “spin” your products and services into prepackaged solutions for your target market, or other new markets?

Threats
Threats to your small business marketing success can come in many forms. Preparing a company SWOT analysis will help you see potential pitfalls before they’re on your doorstep so that you can plan accordingly to counter those threats. Below are a few questions to get your thinking cap on.

• Is your industry relatively new, or with one or two dominant players with a track record of failure for new entrants?
• Is the market already overcrowded for your products and services?
• How tight are profit margins? Will marketing yield a solid return on your investment, or are you facing decreasing margins over time?
• Can your product or service be easily replicated or dominated by the sudden entrance of a much larger company?

The above should have helped answer what is SWOT analysis? Keep in mind that a company SWOT analysis can be rather simple if you’ll be the only one using it, or, more formal if you’ll be including the SWOT analysis in an official small business marketing plan. If possible, ask your friends, family and close confidants for their input while preparing your company SWOT analysis. More brains are always better than one – even if you don’t always use the extra guidance!

Ring our bell! If you loved or loathed this article on SWOT analysis, leave us a comment below. Let’s strike up a fireside chat, minus the fireplace. We’d be more than happy to answer your questions. Thank you for reading!

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If you can’t identify what stage of the buying process potential customers are in, you might as well be flying blindfolded. Consumer buying behavior is a complex mix of emotional reasons for buying and psychological and social imprints. But there is a set pattern to the buying process – whether the purchase is something simple like an apple, or complex like a car. The better you understand consumer buying behavior, the more effectively you can leverage your small business marketing in all stages of the buying process.

What Is The Buying Process?

Let’s examine consumer buying behavior and break down the buying process. I’ll also identify important information and marketing materials consumers are searching for in each stage.

1) Identifying A Need Or Problem – At the first stage in consumer buying behavior, a person begins to recognize a problem or desire. If the problem or desire is complex, such as a losing weight, most of the person’s focus will be on understanding their situation. Using weight loss as an example, your marketing materials at this stage would need to focus on answering very general questions, such as “how to determine healthy weight?“


2) Searching For A Solution To The Problem – After a problem or desire has been identified, the consumer begins searching for a solution. At this stage of consumer buying behavior, there may not be a past experience to guide their information gathering. So, again, using personal weight loss as an example, multiple solutions may be identified at this time such as buying the latest diet plan book, purchasing a new treadmill, or joining the local gym. Your goal at this point in the buying process is to get your product or service in front of the consumer. Make them aware of your solution.


3) Evaluating Options – Once the consumer understands his or her situation and has gathered research on possible solutions, the buying process enters an evaluation period. The consumer now starts to take a close look at specifics, such as the company providing the solution, the brand name of the product, and the features and benefits of each solution. Branding and product differentiation are extremely important tools of persuasion during the evaluation stage.


4) Purchase – After a comprehensive review of solutions and specific products and services, the consumer makes a purchase decision. At this point in the buying process, supporting information needs to be provided to reinforce the decision to buy. Depending on your product or service, you may need to provide different payment options or billing terms.


5) Evaluation Of The Purchase – We’re all familiar with buyer’s remorse. It is crucial to building strong relationships with customers and encouraging repeat purchases that you not only provide a positive purchase experience and after sale support, but that you strengthen the buyer’s perception that they made the right purchase decision. After sale customer support and follow-up is vital at this stage in consumer buying behavior as is continuation of your small business marketing for cross-selling and strengthening your brand image and online branding.

Marketing To Each Stage Of The Buying Process

Consumer buying behavior is a complex beast. But, no matter what the purchase, every consumer follows the above buying process when making a purchase. As a small business owner, you need to become skilled at identifying which stage a potential customer is in, and then providing relevant marketing materials to bring them one step closer to purchasing from you. And just as important to successful sales, start analyzing where and when potential customers drop off your radar. Knowing when prospects leave your buying process will help you pinpoint what marketing materials you need to improve.

Tell us what you think! Leave us a comment below. Help us start up a discussion on stages of the buying process by posting your insights, questions and suggestions. Thanks for your time and for reading our article!

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At the most basic level of marketing your small business, you need to help people understand your business. You need to tell them who you are, your purpose, and how your products and services will solve their problems. If you don’t tell them, no one will.

But, your small business marketing doesn’t stop with current and potential customers. Everyone has questions about your business—whether they’re a reporter with the local newspaper, a potential investor, or a fellow member of your local chamber of commerce.

Who are you? What do you do? What products and services do you offer? How are you different from someone across town? Conduct a SWOT Analysis of your small business and then prepare the below marketing pieces.

Think of them as fuel for your marketing jet pack. No matter how small your business, the following seven marketing pieces are a must have. You should have them on hand and readily available.

Company Details Sheet

Think of your company details sheet as a resume of sorts for your small business marketing . Potential investors, future employees, banks, analysts and the media will want to know the key details about your business. Include on this sheet:

- Date your business was founded
- Main office location and satellite offices
- Names and brief overview of company founders and senior-level management
- Contact information
- Brief mission statement and business overview

Product And Services Information Sheets

Prepare detailed information sheets for each one of your products and services. They’re versatile marketing tools, and can be sent to people requesting more information, left behind with potential customers after meetings, and handed out at trade shows or other business meetings. You should include details such as:

- Features (logical product/service attributes)
- Benefits (emotional selling points)
- Answers to frequently asked questions new customers have
- Differences between your products and services and competitors’
- Quality and reliability

Biographies Of Founders And Key Staff

Company founders and key staff members should each have a biography prepared to highlight their experience and strengths. Biographies should include:

- A brief overview of themselves
- Education and work experience
- Areas of specialization
- Industry awards and honors
- Professional organizations they are a member of
- Publications they have been featured in and other accomplishments

Company Mission Statement

Your mission statement should form the overall guiding principles of your business—directing how you work with and treat customers; your philosophy on business, responsibility, and community; your reason for being; and your expectations of your employees. Your mission statement should set the tone for your small business branding.

List Of Clients And Business Partners

Prospective customers will find a list of your current clients comforting. They want to know that you’ve delivered on your promises to other clients, and to be assured of your capabilities. A prominent list of clients is a powerful reference and testimonial to your success and problem solving ability. Also be sure to include a list of other businesses that you enjoy a strategic partnership with and what value, experience and knowledge they bring to the table.

Press Kit

A press kit is a great way to promote your business to the media and other interested parties, such as investors or other businesses. When anything newsworthy occurs, bundle a press release with the following materials and send it out:

- Company folder
- Sales letter promoting your company, product or service on letterhead
- Company details sheet
- Relevant product/services details sheet
- Press release
- Business card

Public Relations Clip File

Get in the habit of collecting articles and press releases published in the media about your business, products, services and employees. Commonly referred to as a clip file by public relations insiders, these published pieces will help support your small business marketing. Presenting customers and investors with published news about your business is a powerful tool for generating credibility and positioning you as an industry expert.

We’d like to hear from you! If you enjoyed this article on small business marketing materials, leave a comment below. Help us start up a discussion. We’d be more than happy to answer your questions and engage in an online discussion. Thanks for reading!

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