How can SWOT analysis inform competitive analysis in marketing research?

Competitive analysis is a vital part of marketing research that helps you identify and evaluate your strengths, weaknesses, opportunities, and threats (SWOT) in relation to your competitors. By conducting a SWOT analysis, you can gain insights into how to position your brand, products, or services in the market and differentiate yourself from the competition. In this article, you will learn how to use SWOT analysis to inform your competitive analysis in marketing research.

1 What is SWOT analysis?

SWOT analysis is a strategic tool that helps you assess four aspects of your business or project: strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors that you can control or improve, such as your resources, capabilities, or performance. Opportunities and threats are external factors that you cannot control, but can influence or respond to, such as market trends, customer preferences, or competitor actions.

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Richi Singh

Brand & Marketing Strategist | Associate at CIM | 110K+ Community | LinkedIn Top Branding Voice | Top Personal Branding Voice | Digital Media Marketing
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SWOT analysis is like your strategic GPS in marketing research. Look inside – find what you're great at (strengths) and what needs work (weaknesses). Then, outside matters – spot opportunities in the market and be ready for potential threats from competitors or trends. It's not just a tool, it's your guide to make smarter moves in the marketing game! I am a Fan of SWOT, so much so that I do a SWOT on myself. Trust me and do it, you will understand so much about yourself from a different angle, you will thank me.

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2 How to conduct SWOT analysis?

Conducting a SWOT analysis requires gathering data and information from various sources, such as market research, customer feedback, industry reports, or competitor analysis. You can use a SWOT matrix to organize your findings into four quadrants: Strengths, Weaknesses, Opportunities, and Threats. Strengths refer to advantages or unique selling points; weaknesses are disadvantages or areas of improvement; opportunities are potential or emerging opportunities in your market or industry; and threats are potential or existing threats in your market or industry. This analysis will help you identify what you do well or better than competitors, what you do poorly or worse than competitors, and how you can capitalize on opportunities or mitigate threats.

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3 How to use SWOT analysis for competitive analysis?

SWOT analysis can help you identify and compare your competitive position and advantage in the market. By analyzing your strengths and weaknesses, you can determine your core competencies and value proposition, and how to leverage them to attract and retain customers. By analyzing your opportunities and threats, you can identify the gaps and challenges in the market, and how to exploit or address them to gain or maintain market share.

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4 How to apply SWOT analysis to your marketing strategy?

SWOT analysis can help you formulate and refine your marketing strategy based on your competitive analysis. To apply SWOT analysis to your marketing strategy, you should use your strengths to create or enhance your unique selling proposition (USP) and communicate it clearly and consistently to your target audience. Additionally, you should use your weaknesses to identify and prioritize your areas of improvement, and invest in resources, capabilities, or performance. Opportunities should be used to explore or expand market segments, channels, products, or services, while threats should be used to anticipate or respond to competitors' moves, customer needs, or market changes. Adjust or diversify your marketing mix accordingly in both cases.

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Kedar Ravangave

Strategic Marketer | Ex Amazon | Ex Marico
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Identify strengths like unique selling points, weaknesses such as market gaps, opportunities like emerging trends, and threats such as competition. Align marketing tactics with strengths and opportunities, while addressing weaknesses and minimizing threats to create a strategic plan.

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5 What are the benefits and limitations of SWOT analysis?

SWOT analysis can provide you with valuable insights and guidance for your competitive analysis and marketing strategy. It is simple and easy to use, helping you identify and focus on your key strengths and opportunities, as well as uncover and address weaknesses and threats. Additionally, it can help you align your marketing objectives and actions with your competitive position and advantage. However, it is important to be aware of the limitations of SWOT analysis: it can be subjective or biased, outdated, vague, and ineffective if not updated regularly or translated into actionable strategies.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Nikhil Saraswat

Marketer
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SWOT in practice! Strengths, Knowing strengths is crucial for staying inspired in tough times. Use strengths as an advantage over your competition and stun the opponent with Blitzkrieg! Never underestimate your powers. Weakness, No business can be perfect and thus, weaknesses will hurt, time and time again. Analysing and eliminating one after one is a gateway to new opportunities. Opportunities, Be open and courageous! When you spot an opportunity, analyse, strategize and take action. Do not wait for things to be 100% perfect just take action even if there is a 70% chance of success. Threats, Be aware of the new market realities & shifts. Nokia could not sense the threat nor was it agile consequently they lost the game.

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How can SWOT analysis inform competitive analysis in marketing research?

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1 What is SWOT analysis?

2 How to conduct SWOT analysis?

3 How to use SWOT analysis for competitive analysis?

4 How to apply SWOT analysis to your marketing strategy?

5 What are the benefits and limitations of SWOT analysis?

6 Here’s what else to consider

Marketing Research

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