Guide to Starting and Operating a Small Business | 2018 Guide to Starting and Operating a Small Business - Page 48

Objectively evaluate your company within your industry. Evaluate competitors’ strengths and weaknesses relative to your own. (Rate on scale 1 – 5, with 5 as superior) Your Company Competitor 1 Competitor 2 Quality Customer service Price/value Location Convenience Other What are potential opportunities for new business, or for serving new customers? What potential threats may impact your marketing strategies? (Your competitor’s weakness could be your strength and a threat could actually be an opportunity for your company.) Monitor your SWOT, as the marketplace continuously changes! Internal/External SWOT Analysis Use SWOT as the basis for developing marketing strategies: Strengths Weaknesses Opportunities Threats Positioning Build your competitive advantage by strategically “positioning” your company and product offerings. Be able to clearly answer the question • Why should target customers buy from you? • When they hear your company name, what will they think of? • What “position” in your customer’s mind will your product be in? Top of mind? • Why should target customers buy from you? Which strengths should you emphasize? What opportunities speak to unmet needs that you are uniquely positioned to serve? Marketing Strategy Building a marketing strategy is a process that allows an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. Once you understand your target customers, their needs, wants, and attitudes, you can develop your marketing mix to serve them, and increase their buying. How do you build a strategy for gaining customers and building revenue? Thinking about your business, how would you answer these questions? Imagine that a marketing agency is interviewing you to take on your business as a new client. • Describe your target market: • Whom do we want to go after and how? • What do we sell? • Where do we sell it? • How do we sell it? • !܁ݔɕхѽ)ٕɅѕ́ѡЁɅєȁ̰եȁɕѡ́ɅȁչՔѥѥٔمх̸) եȁɭѥѼЁ͕ٔȁхɝЁѽȁ̸͕)%ѥѡAɽՍЁȁM٥͍ɥȁɽՍЁȁ͕٥ѕɵ́ ̸́ɕ̸]Ёɔѡ䁙ɕ(