Have you ever wondered what a degree holder in marketing would do before they start their own online business? What is it that they learn in school that can be applied in real life business? Well one thing that they learn to do in school is to analyze the internal and external factors that will make or break a business. This analysis is known as the SWOT analysis and SWOT simply stands for Strength, Weakness, Opportunities and Threat. An internet factors are factors that will directly affect you and your business and it is important for one to thoroughly understand what is going on in order to help improve their chances of survival online. Let’s take a deeper look into the internal factors of an online business.
The strength factor.
If you were to start your own online business what would your strength be? This is a very important question because from your answer here you can understand what your business is about and how you can market your business later on. Find out what your own personal strengths are. Are you a good leader? Do you make the right decisions? Are your services going to be top notch? All these questions need answers. Write the answers down and you will have a general idea of your business’ potential.
After that you will need to start asking the same question about your own product. What is the main strength of your product? What makes it unique? Why would people buy it from you instead of buying it from your competitors? Ask important questions and you will get back all the important answers which you can use later on. If a lot of your answers are very questionable and doubtful, then you might have a problem later on when you are trying to push your product out to the public. Hence it is better to deal with all the problems early on and make sure that everything is well prepared and well thought of. Make sure that your product and services has the strength to survive and compete with the market so that you will not be wasting your time doing the wrong things.
The weakness factor.
Much like the strength counterpart, this is the natural opposite factor of your business and product. When you are able to underline all the negative things out, you will be able to make quick adjustments to help you improve your business. Make sure that should you not be able to address this problem, you should have least have a good and trustworthy answer when your potential clients come and ask you about your weakness.
Being well prepared is always a good thing. Sometimes, when we are so into our own business, projects and products, it is rather hard for us to determine what is ‘bad’ or negative about our product. Therefore, you might find that an outside opinion will be very helpful to help you determine what your weaknesses are. You will never be able to tell just how good your product support is unless a real customer who has experienced your efforts tells you about it. Hence, pay special attention to all the details in the support and feedback that you get from your customers. A little bit of negativity can sometimes help you propel your business to the next level. Do not be afraid to face your own weaknesses. The more you reduce your ‘bad’ problems, the more desirable your products will become in the eyes of your customers.
Opportunities for your business.
As a business person, before you decide to actually start on a new campaign or project, you should analyze the opportunity in front of you. Is the market ready for your product? Is there a hole in the system that you can fill? Is there a lack of demand or is there a huge need for your product? Finding opportunities like this your job and once you find it, you should reach out and grab it while the opportunity is still there. Remember, opportunities do not wait for you; you need the strike while the iron is hot. If you hesitate, you will quickly find the opportunity slipping away from you and it goes right into the hands of your competitors.
Another kind of opportunity that you need to be sensitive of is when you actually have a business that is already running. You have to be very sharp and keen of detecting any hidden opportunities that might arise. For example, you could be promoting your product via one traffic source and all of a sudden another lucrative traffic source comes up. You will need to be able to identify this new traffic source as an opportunity and then make the decision to engage this new traffic source to ultimately grow your business. Learn to make the most out of all the opportunities that comes into your life each day and your business live will be blessed with bliss.
Threats to your business.
As with all businesses, there will always be risks and there will always be threats. The most important thing for you to do is to be very alert to these the ‘common’ and known threats and be ready to catch any of those ‘uncommon’ threats as well. Some of the more common threats to your online business would be a ‘bad’ client who is out to sabotage your business’ reputation or getting banned from a traffic source. A server down or a bad product link could happen to your business as well. If you are aware of these threats then you should be able to tackle most of them without too much of a problem at all.
Some of the more uncommon threats to your online business would absolutely destroy your business could be a lawsuit or a virus and hacker attack on your website. Although these problems are rare, they do happen and real people out there are suffering from these every single day. Hence you need to be aware of what is going on in your niche and try your best to make sure that your site is secure. Make sure you have a backup plan for everything so that if any of these unfortunate events were to hit you, you can stand back up right away without having to suffer any huge loss.
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