” One who knows his own strength and that of the enemy is invincible in battle.” This Chinese concept from “The Art of War” complies with the essence of SWOT analysis.
What is a SWOT Analysis?
“SWOT Analysis is a structured planning method used to evaluate Strengths, Weaknesses, Opportunities, and Threats in any project or in a business venture.” (Wikipedia)
SWOT analysis is a very useful tool for developing marketing strategies in competitive business environments. It can apply to any business. For example, let’s take a look at the real estate market in North America. When facing competition from other realtors in your area, It would be wise to break down the pros and cons when considering your regional markets.
SWOT Analysis for You
Your analysis breakdown should look something like this:
- What advantages does your real estate franchise have over others throughout the region?
- What can you do better than others?
- What strengths do others see in you?
- What improvements do you need to make in order to effectively compete in the market?
- What should you avoid when facing competition?
- What major factors have you been lagging behind other realtors in your area?
- What particular advantages do you have worth promoting over your competition in the region?
- What local incentives are available that work toward your advantage?
- Does the current trend in favor your service?
- What obstacles lie ahead for your market development in the region?
- What will your competitors do to weaken your strengths in the regional market?
- What challenges do you face when expanding into the market?
Recognize Your SWOT Analysis and Secure Your Niche
Business is a war of commerce. Though there are winners and losers in commerce, it is not a 0 or 1 computer binary environment. There are also “win-win” situations. The same mechanism applies to the competition in the real estate market.
Do you want to gain more customers from the Greater China area? Only speaking Chinese is not enough to gain your ground. Knowing your SWOT analysis, and competitively positioning your niche in targeted regions is the first step.
Please note that a SWOT analysis can be very subjective due to an individual’s preferences and experiences. Working with a team of experienced market-oriented personnel can ensure you achieve your goal.