A Brand’s introspective tool

Introspection is a tool that allows us to look inside. It gives insight to our own feelings, patterns, strengths, disadvantages and what not, helping us correct, create self-awareness and further build ourselves.

We believe that Brands are human; and they need introspection too. SWOT Analysis is a way for brands to contemplate and introspect its strengths, weaknesses, opportunities and threats – to build a bigger and a better brand.

It’s a 3600 evaluation of your brand, covering both your internal and external world.
The next step is to analyze your brand. But before that, it’s important to learn, understand and accept the findings.

When you know your brand or yourself better, you do better. Find out what’s working well for you and what areas need improvement. Set on a course of building strengths and working on your disadvantages. Redefine your goals and aspirations and craft a path to reach them.

All with the simple but effective SWOT analysis. Here’s how you can go about it.

Identify your STRENGTHS
Strengths are internal positive elements that immunize you against your competitors. List them out and use them liberally. And never be afraid to flaunt them.

Ponder over your characteristics that give you an edge. What are your strong points?Do you have great brand recognition? What gives you an upper-hand over your competitors? What drives employees to your company? What makes you stand out from the rest in the industry? Are you available where modern day customers are mostly found – online?

Your advantages, your USP, your achievements – all of which adds to your strengths. Build strengths that won’t shatter. Use your strengths to build your brand value proposition.

Improve on your WEAKNESS
These are the negative factors that internally disrupt your company. It’s important to be honest about these and then, to overcome them.

What stops you from performing at your optimum level Which are the areas you need to improve in? What are your disadvantages? What do you lack as a company? Do you have enough staff resources? Does your product pricing aptly fit your TG? Is the retail experience that you offer limited? Identify resource limitations.
Don’t fret over your disadvantages. Accept it and see how you can improve. You can compensate your weaknesses with strengths.

Grab OPPORTUNITY
Opportunities are external to your world; they are business-enhancing elements. Keep an eye open for them.

Does the political/economic climate help you develop your business? Is there a scope for improvement? Can the market fluctuations help you? How does your TG prefer your packaging? Does the current scenario present to you any opportunity? Does your TG expect you to make sound online? Does increasing your product range give you an edge?

Opportunities are strengths of tomorrow. Watch out for every opportunity. Grab opportunities to stay relevant. Discover, learn, understand and invent.

Face your THREATS
These are factors that negatively affect your brand.

Be aware of your competitors. Check the market areas that are potential risks for your business. Will your competitors’ products make your products outdated? Changes in regulatory law? Does your product/advertising pose a controversy? Are there any imposed restrictions? Is your service authentic? Are your consumers open for price fluctuations? Consumer dissatisfaction?

Threats might be uninvited but you can try and prevent existing ones while being prepared for potential threats. Build a defense mechanism. Embrace innovation and prioritize relevance.

Here’s a one-liner summary – First define the area you want to analyze, dissect it to analyse every section of the area – find loopholes, strategize your comeback and finally execute your strategies.

So the next time you are looking for inspiration with regards to your business, pause, take a step back and introspect yourself. In other words, SWOT like a pro.