Developing a marketing plan for your equine business may not be your favourite task. In fact, you may not even have a written plan in place. A successful, strategic marketing plan starts with a SWOT analysis, but there are some common stumbling blocks.
In this article, we share the three most common mistakes you may make when undertaking a SWOT analysis for your equine business.
A SWOT analysis is broken down into two categories – internal and external – and four areas, including:
- Strengths (Internal)
- Weaknesses (Internal)
- Opportunities (External)
- Threats (External)
While several areas of your SWOT analysis are outside of your control, this simple and critical exercise can identify areas where your marketing will be most successful and where you may encounter challenges.
1. Too Many Points
By far, the most common problem is listing too many points under each category. While in-depth discussion can be helpful, a SWOT analysis is only actionable if you have a clear set of goals. A long list can be overwhelming and, quite simply, isn’t achievable.
2. Points are Too General
Goals and objectives will remain purely aspirational if they aren’t turned into actionable tactics. Likewise, being too broad or general in each point makes it difficult to determine what the actual problem and, indeed, solution really is.
3. Overestimating Strengths or Ignoring Weaknesses
While it might be hard to admit, many of us are guilty of making this all too common mistake. Keep your strengths column in check by speaking with someone unbiased, like your customers, or reduce your list of strengths by comparing your business to your competitors.
Ignoring your weaknesses can be more harmful to your equine business than overestimating your strengths. Developing an honest and effective SWOT analysis can be challenging. Counter this by viewing your weaknesses as important opportunities for improvement.
Looking for some outside support? Don’t wait for success, create it — with the experts in equine marketing, Archer Creative. To learn more about how we can help you exceed your growth goals, call us on 1300 077 126 or visit www.archercreative.net.au.