What’s a SWOT Analysis and Why Does Your Brand Need One? 

Jump Company works with many different clients facing a range of unique brand challenges and needs. One of our specialized services includes brand identity development and strategy which involves gaining an understanding of where a brand currently stands… and the aspirations that hope to be achieved for the brand. 

A good first step is assessing brand health. This is where a SWOT analysis can be a valuable exercise for any brand.  

SWOT stands for strengths, weaknesses, opportunities and threats. When you conduct a SWOT analysis, your goal is to answer the following questions: 

  • Strengths: What advantages does your brand have? What is your organization the best at? 
  • Weaknesses: What limitations, shortcomings or areas for improvement does your brand have? 
  • Opportunities: What are some areas where your brand can grow within the market? 
  • Threats: What external factors might create challenges or make it harder for your brand to grow? 

The beauty of a SWOT analysis is that you can conduct one for your own brand and for your competition. This is especially valuable when trying to gain more market share or pursue growth in a new category. 

How does a brand undergo a SWOT analysis?  

You can facilitate this process through a set of specific steps: 

Step 1: Establish your objective.

Set a goal for the SWOT analysis. What do you hope to accomplish with this initiative?  

Step 2: Assemble your task force.

Select the team members you would like to participate in the exercise. Recruit from different departments. Including people with varying backgrounds and different lengths of tenure will provide more variety and new perspectives. 

Step 3: Set up your SWOT discovery session.

Organize a brainstorm session and start filling out your SWOT analysis matrix (example below). Determine strengths, weaknesses, opportunities and threats for your brand. 

Step 4: Consolidate your SWOT analysis. 

Are there redundancies in your findings? Do you feel specific points might be in the wrong quadrant on your matrix? Use this step to analyze your findings in greater detail. Pick the answers apart and start consolidating your results. This is an opportunity to merge similar points and determine the most relevant, high-level themes. 

Step 5: Finalize action items. 

Put together a plan that applies your SWOT analysis findings to specific goals. Do you want to grow in one facet of your business where market share is up for grabs? Do you need to invest in innovation and technology to propel your business forward? Use your newfound knowledge to accomplish objectives and areas for growth. 

Step 6: Refresh your findings. 

The only constant is change. Consistently re-review your SWOT analysis to ensure nothing has evolved in your category. Maybe a competitor acquired another company to expand their footprint or product offerings. Depending on the nature of your product/service, determine whether a quarterly, bi-annual or annual SWOT review is necessary and commit to a schedule.  

Are you feeling overwhelmed? Could you use more guidance? Jump can facilitate a SWOT analysis to unearth valuable findings that support your brand’s goals. Contact us today to learn more.