May 9, 2022 – 4 minute read
What’s a SWOT Analysis?
Thought Leadership
As companies look to find out how their competition is currently operating in comparison to their own businesses, they can uncover areas where they can better perform and differentiate themselves in the market. A “SWOT” analysis is a framework used to evaluate a business’s competitive positioning within its industry, looking at four key elements: strengths, weaknesses, opportunities, and threats.
When discussing the overall website strategy, this can also be a tool used to uncover which factors contribute to a website’s success and which characteristics might currently be preventing the site from reaching its objects. Assess areas that can be improved and maximized while determining potential obstacles that could hinder online sales and conversions.
Strengths
Aspects of the website that put the site at an advantage and help achieve desired results.
Questions to consider:
- What does the website do well?
- What sets it apart from competitors?
Weaknesses
Aspects of the website that put the site at a disadvantage and may prevent the site from achieving desired results.
Questions to consider:
- What needs improvement on the website?
- What do competitors do better?
Opportunities
Elements that the website could use to its advantage to help achieve desired results.
Questions to consider:
- What new strategies or tactics can be used to improve sales on the website?
- What industry trends can be taken advantage of?
Threats
Elements outside of the business’s control that could prevent the website from achieving desired results.
Questions to consider:
- What are competitors currently doing on their websites?
- What poses a risk to the business’s success or growth?
When performing a competitive analysis, a SWOT analysis only makes up one part of the equation. Conducting market analysis research to discover and compare key market segments, evaluating the standard onsite experience and conversion pathway for customers, and understanding key differentiators are all activities that can provide more in-depth information for improving one’s website and business.