You want to figure out exactly what tricks your competition has up their sleeve so that you’re not blindsided when you come head-to-head. SWOT analysis offers business insights that focus on both internal and external impacting factors.
That will only make you sound great until you have to report back that you didn’t even come close to achieving this goal. Failing to hit your targets is extremely demotivating for both you and your team, so don’t make life harder than it needs to be. Of course this doesn’t mean you should set easy goals either, you still need to be constantly challenging yourself and pushing the boundaries, so try to find the middle ground. So let’s take a look into each of the five objectives in the SMART method, and how they can help you set practical goals.
Conducting this type of analysis heightens your chances of success and reduces the likelihood of failure. Often marketers will extend the PEST analysis to become the ‘PESTEL’ analysis, incorporating two further factors; ‘Environmental’ and ‘Legal’.
If you fail to do this, then it’s likely that your competitors will already be utilising this technology and providing a better customer experience than you are. This is an evaluation of how politics is affecting the business world. There can be many different government regulations that will either go in your company’s favor, or they won’t and, besides, political factors will likely be out of your control anyway. For example, you might set a goal to build a huge following on the latest up-and-coming social platform, TikTok, with the aim of drawing new leads and increasing your ROI by 3%. So you put all the tactics in place to do so and, hey presto, this ends up being pretty successful and you are now the proud owner of a TikTok account with 1000 followers. The most effective goals are those that are challenging, but still achievable. Don’t just set goals based on what you think your boss wants to hear.
After revolutionizing running shoes by putting one on a waffle iron to give it a grippier surface, they got more people into running by promoting jogging as a good way to get in shape. If people were then sold on the idea of jogging, then naturally they’d need to buy shoes. If you understand how strategy works on a fundamental level, you can apply that knowledge broadly no matter how trends or platforms change.
If others are doing one thing, it’s an opportunity for you to stand out by doing something different. Now here’s what you’ll learn in this guide to actually get down to work and start making things happen.
And no, before you ask, your target audience simply cannot be everyone. Unless of course, you’re Amazon, who after 26 years of establishing themselves as e-commerce royalty, have earned the ability to target everyone and anyone they want.