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As a business owner, you can do three straightforward things to identify weak points in your business and put together an action plan; a competitive analysis, a SWOT analysis, and customer feedback.
If you look at these three essential clues to what helps and hurts your business, you’ll be well on your way to setting business goals and achieving business success.
Understand how your competition runs their business through traffic data, backlink research, social media dives, and so on will help you understand what your objective should be.
Keep an open mind in your competitive analysis. Sometimes the thing you’re looking for isn’t what you might have expected. For example, you might find a new target audience that you can easily advertise your services to.
What is included in a competitive analysis?
Compare your analysis to your own business and find areas where you can improve, adapt, or change. When your competition is out doing you in an area you are targeting, that is a weak point. You’ll need put together an action plan with smaller goals to reach the bigger business objective – increase revenue.
Distinguish your business. Maybe your weak point is that you share too many similarities with your competition. It needs to be clear why a customer’s choice should have benefits if they choose you over your competition. Build your marketing strategy with a clear plan that defines that action steps needed to pursued your target market to chose you.
You should regularly put together a competitive analysis to keep up with new trends and ideas. The market is always changing. In business, yesterday’s news is too often old news. It’s a good idea to build a key performance indicator around this specific goal.
SWOT stands for strengths, weaknesses, opportunities, and threats. A SWOT analysis is typically put together when a business is creating a new strategy or looking for a new niche. But you can also use it to find weak points in your business.
What do you do better than anyone else? What advantages do you have? How do you stand out from your competition? Answering these questions will give you a complete picture of your strengths.
It’s essential to understand your strengths holistically because it will allow you to utilize what you have to the fullest. Not recognizing what you do best is a common weak point that can be the Achilles heel to your business.
What could you improve? What should you avoid? What do others see as your weaknesses? Be as honest as you can when answering these questions. It’s one of the most critical factors you will use to inform your business strategy.
“Entrepreneurs are simply those who understand that there is little difference between obstacle and opportunity and are able to turn both to their advantage.” -Victor Kiam
Are there new trends you can use? Have there been advancements in technology or government policies? Do you see new ways you can leverage your strengths and weaknesses?
What obstacles does your business face? Are there any threats coming from your competition? What threats do your weaknesses expose you to? A threat is anything that can harm your business in both the present and the future.
Customer feedback is pure gold when it comes to market research and identifying your weaknesses. Even though only one out of every 26 customers is likely to voice a complaint, there are many ways you can get reliable customer feedback.
Customers can be a valuable resource for inspiration on how you can change your product or service and adapt to new expectations. Other than you and your team, customers are the only other group of people who are as concerned about your niche.
Here are four ways you can get customer feedback.
There are plenty of options you can use for survey software. Find something with tools that allow you to analyze your survey data.
When drafting your survey questions, here are a few things to keep in mind. Clarity is vital. With a large enough sample size, your words will be interpreted in every possible way, so it’s important to carefully choose your words to ensure reliable data.
You should have both open-ended and multiple-choice questions for your customer to choose from. There are benefits and drawbacks to each of them, so it’s best to use both in your survey.
Statista estimates that 49% of customers would like to receive brand emails at least once a week. You can either send a link to your survey or send a follow-up email after a customer makes a purchase.
Emails are highly customizable and can be a versatile tool in obtaining customer feedback. You would be surprised how much you can learn about weak points in your business from emails alone.
The beautiful thing about social media is that people don’t need to be asked about their opinions before offering them. You’ll find out a lot about your target audience by reviewing comments and messages, as well as analyzing your profile’s data.
Check tags related to your business, as well as tags related to your competitors. You can also use this as an opportunity to engage with your customers by simply posting a question. Most platforms make it easy to do this.
It’s not always about what your customers say; it’s also about how they act. Your on-site analytics can offer valuable information on how your content is being received, revealing click rates, impressions, and conversions.
Once you’ve gathered all the necessary metrics you’ll need to set ways to measure progress. Setting clear goals with actionable steps are paramount to success. Whether it’s a sales goal, marketing goals, or organizational goals – they should all be realistic goals with a key result.
One of the best ways to identify your business’s weak points and form a strategic business plan is to seek advice. A business coach can be your fresh set of eyes, willing to offer unbiased and powerful advice on how to look at your business while guiding you through the goal setting process.
Invest in yourself and invest in your business by scheduling a free call today, or read about these 5 empowering life and business tips for women in business.