Back to Basics: An Introduction to SWOT Analysis for Social Enterprises
Back to Basics: An Introduction to SWOT Analysis for Social Enterprises
Does your social enterprise need marketing but not know where to start? With the plethora of online information on marketing frameworks and strategy, it can be confusing to assess what your business actually needs. But everyone starts somewhere, and at SoCreate!, we hope to provide useful content for social enterprises. This week, we introduce to you one of the simplest frameworks of business: the SWOT Analysis.
What is a SWOT Analysis?
A SWOT analysis is a framework to assess your business, based on the four criteria of Strengths, Weaknesses, Opportunities and Threats: Take a look at the infographic below to see what each section entails:
Applying SWOT Analysis to a Social Enterprise
Let us now apply SWOT Analysis to a hypothetical social enterprise, Amanda’s Accessories. Amanda’s social enterprise sells clay earrings on Instagram made by low-income and less privileged families, targeting younger female consumers aged 15–35. To better exemplify how to use SWOT Analysis, we can apply it to Amanda’s business:
How can SWOT Analysis help my Social Enterprise’s Marketing Strategies?
By having a broad overview of the potential competitors in a given market, your social enterprise can have a clearer view of the strengths and opportunities you can leverage on and potential weaknesses and threats to work on. Marketing takeaways from conducting a SWOT analysis include:
Strengths:
- Identifying your USP to better market your brand
- Tools and knowledge your social enterprise can leverage on to achieve your marketing goals
Weaknesses:
- Identifying marketing channels that your social enterprise is missing out on
Opportunities
- Identifying marketing trends to leverage on
Threats
- Analysing what your competitors are doing better in terms of marketing
- Market conditions and audience sentiment that might limit your marketing strategy
Interested in utilising the SWOT framework to identify your business needs? Email us at socreate.sg@gmail.com to find out more about SoCreate’s services!
