Have you carried out a SWOT analysis for your business yet? If you haven’t, I’d invite you to go back to episodes #16 (Strengths in your business), #18 (Weaknesses in the business), and #19 (Opportunities in the market) and find out how to this exercise. A SWOT analysis is one of the most insightful and eye-opening exercises you could do for your business! So how do you identify any threats in the market?
Today’s episode is all about the last quadrant of the SWOT analysis – threats.
And once you’ve listened to the episode and done filled in all the information, I’d like you to think about how you can differentiate yourself from your competitors. Because that’s the key! So go back to your strengths, and when working on the marketing strategies that will help you in the months or years to come, try and focus on what makes you different.
Tune in, and you will learn…
How do you identify the threats to your business?
Here are a few questions that will help you with this exercise:
- What is going on in the market that could be a threat to your business?
- Are there any policies or regulations that may affect you in a negative way?
- Are there any technologies that could replace what you’re doing?
- Or are you aware of any upcoming changes occurring in the market environment?
- Look at any industry trends – could any of them negatively affect your business?
Examples of threats
- When I was running a media agency, one of the threats I identified was the ability to find qualified, trained people that had experience in the sector.
- Your competitors could represent a threat to your business, especially if they’re launching a new product or service or aggressively marketing them. Do they have bigger marketing budgets? Or perhaps they’re backed by funding?
- Disruptors in the market could also be a threat to your business. Think of Airbnb, which acted as a disruptor for anyone working in the hotel industry, for example.
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Hopefully, you will have completed the whole SWOT analysis and been able to gain some really good insight into your business and what the areas for focus are for the next 12 months.