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What is your audience looking for? (Opportunities).What is your business’s expertise? (Strength).
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While you are at it, it’s important to take into account possible obstacles and threats so that you plan how to overcome them and prepare a draft plan for these as well. Write these down in a table or a diagram and think about what might fit into each category. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Since you can’t do it all at once, start with getting to know what your business needs are.Ī thorough SWOT analysis can help to identify the strengths and weaknesses of your business and focus on those that require more attention. This might sound odd, but you don’t know your business enough unless you set some priorities for it. Now, adding these together requires going through the following steps: Step 1: Understand your business – SWOT Analysis With all this in check, you will be in a better position to implement your marketing plan and target your audience in well-thought ways. Come up with a strategy to effectively reach out to your customers.
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