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SWOT It Out: Understanding Your Business

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Top 6 Reasons Why Some Small Businesses are Much Better at Marketing

1. Decide where and who they want to be

2. Know exactly what their target markets are

3. Have an effective strategy for marketing

4. Make someone responsible for each action in their marketing plan

5. Ask customers what they want, again and again

6. Ask customers what they think of the product/services sold to them

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What’s Your Story?

4

What His Story?

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What’s His Story?

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Your product or service is one among millions.With so many choices, why should a customer choose yours?

Go For Unique

A product or service’s “position” is the place it occupies in the customer’s mind

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Your Bumper Sticker

• How do you develop your unique selling proposition?

• Oral Expression: How do you know what to say when describing what you do?

• Written Expression: How do you know what to write on your website or in your introduction letters?

1. _________________

2. _________________

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Identity Statements

• Canada's Helios Design and Communications uses "Hard-hitting design, done right the first time."

• H&B catalog of Jazz CDs claims to be "A mail order service for people who know jazz."

• Copywriter Luther Brock, who calls himself "The Letter Doctor," uses the phrase "High-response sales letters for firms on a limited budget."

• Chicago's Smart Studios promotes itself with the BIS "Great sounds. Cool people. Killer studio."

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Marketing Track: Roadmap

Understanding your current situationPotential revenue opportunities

Defining your target audienceNeed – Feature – BenefitValue PropositionPositioning

Clearly communicating your uniqueness

Build a plan to acquire customers (including discussion on direct mail and PR)

Social Media

Online marketing

Opening Symposium

Webinar 2

Webinar 3

Webinar 4Special Interest Webinar

Special Interest Webinar

Str

ateg

yT

acti

cs

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Getting Started

Why SWOT?

•Set the baseline of knowledge

•Find the gaps

•Determine positioning and messaging

•Prioritize opportunities

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Getting Started

Who should be in the SWOT?

•The front line

•The executive team

Who else should you SWOT?

•Your competitors

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Voice of the Customer

• Discover if your perceptions of your business is on track

• Discover how the competition compares

• Discover your strengths that really set you apart

• Discover areas for improvements

• Discover the needs and supplier attributes your customers are looking for

In-depth interviews with Customers and Industry Experts

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Voice of the Customer

Who should conduct them?

• You should ask for the interview• But a 3rd party should conduct the interview

How many interviews and what type of customers?

• 6 to 8• Happy and not-so-happy customers• Prospects

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Your Computer LadyPhoenix Step-It-Up Business of the Year 2009

Your Computer Lady is located in Phoenix, AZ and can be reached at

480-929-0335 www.YourComputerLady.com

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Paired Sharing

• What are your company’s strengths?

• Or, what would customers say they like about you?

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Strengths

>Strengths are insights into your sweet spot

>Strengths are your attributes you want to leverage

>Strengths contributed largely to your ONE BIG BENEFIT . . . which becomes your positioning

Strengths Ranking

Flexible 1

Fast response 2

High quality 3

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Paired Sharing

• What are your company’s weaknesses?

• Or, what would your customers say they don’t like about your product or services?

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Weaknesses

Weaknesses Is it in your control to change?

Action to be taken

Company growth is dependent on owner

Y Hire part time personLet new person contact clients directly

Moderate marketer Y Find a coachFind a business group to talk things over with and hold me accountable

Need to constantly advance software skills

Y Schedule learning time on calendar

Doesn’t sell hardware product

N None – can’t sell enough hardware to be a remarketer

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Competitor Strengths and Weaknesses

• Select two to three key competitors that you face daily

• Strengths• 1. What do your customers like about each competitor?

• Weaknesses• 2. What do your customers NOT like about each competitor?

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Opportunities

•What are opportunities that can result in increased revenue for you? >New market segment>New geography>Different customer size>Different industry group or class> Someone else’s customer>New ethnic group> __________________> __________________> __________________

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Opportunities: Your Computer Lady

Name of Opportunity

Size of Opportunity(Deal size $, Number of deals)

Strategic Fit (see SWOT)

Critical Success Factors

Inter-relationship with other opportunities

Ranking

Google Apps S – L deal size2 – 5 deals/mo

High •Partner with reseller•Learn software

Good fit #1

Salesforce S – L deal size2 – 5 deals/mo

High •Learn software intimately

Good fit #2

Computer skills classes

S – M deal size4 – 10 classes/mo

High •Connect with associations•Standardize & repeat

Good fit #3

Strategic Partnerships with Hardware Companies

S – L deal size0 deals/mo

High •Hardware company that understands networking and referrals

Good fit #10

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Threats

•Competitive actions

•Economic trends

•Technology changes

•Legislative policy

•Social trends

•Alliances formed

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Swimming with Information

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Successful SWOT Stories

• Religious Book Publisher

• Beauty Salon

• Security System Provider

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Next Steps

• Today was a first glimpse and a start to building your business identity

•Need customer input!

• Follow steps outlined in handouts

• Utilize> Interview guides> Facilitation pointers and guide> SWOT primer> SWOT templates>Online coaching forum> Accelerated Learning Groups

Webinar 2:Finding Your Sweet Spot

and Building Rapport

Next marketing session