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PROSALESGUY - A SWOT Analysis In The New World

    • 194 posts
    March 27, 2020 12:58 PM PDT

    Does the new world have you wondering what your next step is going to be?  Here’s what we’re recommending to all our sales training partners.  When management consultant Albert Humphrey created the SWOT Analysis in the 1960’s, he probably never guessed that his concept would be a great planning guide in light of a major health and financial crisis 60 years later.  Salespeople and Sales Managers need to be proactive now, even if your business has been forced closed.  It will reopen one day and when that happens you need to be ready.  If you are lucky enough to be part of an organization that can still be open, even partially right now, this is also extremely important.  It’s time to think outside the box.

     

    What is SWOT?

    It’s an acronym for a basic, yet effective business strategy and sales planning tool.  It stands for Strengths, Weaknesses, Opportunities, and Threats.  It’s smart thinking especially now given the change every business is encountering by the new world.

    Strengths

    • Things your company does well
    • Things that separate you from your competitors
    • Skilled and knowledgeable staff, other internal resources
    • Things like intellectual property, capital, proprietary technologies, and other tangible assets

    Weaknesses

    • Anything your company lacks
    • What does your competition do better than you?
    • Limitations in your resources
    • Unclear or no Unique Selling Proposition

    Opportunities

    • Exclusivity on specific products or expertise
    • Few competitors in your area
    • A recent need for your product, service or field
    • Press/media coverage of your company

    Threats

    • More competitors in your area or industry
    • Changing regulatory environment
    • Negative press/media coverage
    • Changing customer attitudes toward your company

    Fight the urge to think that everything is a threat right now.  Throwing your hands in the air and waiting for things to settle down is reactive and dangerous.  Could your SWOT analysis change in the face of new developments announced daily?  Yes.  That’s why your SWOT analysis needs to be fluid and kept constantly current.  Failing to plan and planning to fail sound opposite, yet they can have the same result – trouble for you and your company.

     

    The SWOT Exercise

    Salespeople should complete their own SWOT Analysis in each of the four areas for as much individual creativity as possible.  You could easily ask other staff members to contribute as this is a great internal exercise.  Then, get together as a group online and have everyone share their opinions.  You’ll be amazed at how much great content will be discussed.  Record all suggestions in each area.  Having a visual representation of everyone’s thoughts is a smart idea.  Cross out the duplications and put a star by the best points that everyone agrees are highlights in each area.

    Discuss actionable steps based on:

    • Maximizing Strengths
    • Managing Weaknesses
    • Capitalizing on Opportunities
    • Minimizing Threats

    This is a great opportunity for everyone to roll up their sleeves and proactively focus on what can be done given the current situation.  It’s also great for morale because people feel like they’re doing something to tackle current challenges.  It’s especially important for Salespeople who are paid to be professionally optimistic in the face of adversity.  We need to be there for our clients who are dealing with the greatest business challenge in several decades.

     

    Excellent Examples of the Next Step for Salespeople and Sales Managers

    Necessity is the mother of invention.  This phrase is becoming even more true because smart Salespeople and Sales Managers learn to adapt quickly while their competitors stand on the sidelines waiting for clarity.  While there is no clarity right now, there certainly is creativity and ingenuity.  Doing a SWOT Analysis can create some excellent ideas and give staff something positive to focus on.

    Read this post – 10 Small Businesses Thriving During Coronavirus

     

    What will your business do?

    You have a choice to make.  You can play the role of Victim and do nothing or be the Victor by being proactive.  Start with a SWOT analysis and get your best minds at work now.

    I’d love to see your comments below or email me at dave@prosalesguy.ca.

    Stay safe everyone.  Thanks!

    Dave Warawa

    Author of Shut Up!  Stop Talking and Start Making Money - available in paperback and Kindle on Amazon.com and Amazon.ca