A SWOT analysis is an excellent tool for analysing the risks and rewards of a new business product or service, explains EQesque.
EQesque believes that a business can benefit from conducting an effective SWOT analysis. SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis is an organised list of a business’ greatest strengths, weaknesses, opportunities and threats. When launching a new product or service it can be a great asset to help businesses anticipate any external influences and create contingency plans if required.
To get the most objective results, a SWOT analysis is best conducted by a group of people with different perspectives and stakes in the company. Management, sales, customer service and even customers can all contribute valid insight. Furthermore, the SWOT analysis process is an opportunity to bring the team together and encourage their participation in and devotion to the company’s resulting strategy. Once the business has identified and prioritised the SWOT results, owners can use them to develop short-term and long-term strategies for their business. After all, the true value of this exercise is in using the results to maximize the positive influences on the business and minimise the negative ones. Once the business has developed strategies and included them in the business’s strategic plan, schedule regular review meetings. Use these meetings to talk about why the results of the strategies are different from what was planned and decide what the firm will do going forward.
EQesque is an outsourced sales and marketing firm based in Waterloo. The firm specialises in a unique form of direct marketing whereby they connect with consumers directly on an emotional level on behalf of their clients’ brands. The firm creates personalised campaigns that are then taken directly to consumers via face-to-face marketing techniques in order to create long-lasting and personal connections between brand and consumer. This leads to increased customer acquisition, brand awareness and brand loyalty for their clients.
EQesque utilises the SWOT analysis model for their clients’ products, in order to help them devise a personalised yet effective marketing campaign. It allows any issues to be resolved quickly and efficiently should they crop up. It also assists during any client meetings to explain why a certain strategy has been implemented in preference over another. It is a fantastic tool to penetrate any campaign strategy to minimise any margins of error.