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Strategy, Research

SWOT analysis

Identify internal and external factors that could impact the success of your business or product

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About the SWOT analysis template

A SWOT analysis provides a foundation for effective strategic planning. Weighing strengths and opportunities against weaknesses and threats is invaluable for revealing what your product is doing well in the market and where it can be improved.

Start by identifying strengths that put you at an advantage relative to competitors. These could be product benefits or characteristics of your business. Repeat the same for weaknesses — any factors that put you at a relative disadvantage.

Next, focus on opportunities and threats. Opportunities are external to your product and can range from partnerships to growth into new markets. Threats are typically external obstacles facing the business that could adversely affect your product in the future. These could range from economic factors to emerging technology.

After you have a clear snapshot of the current state of your product and the market, it is time to articulate strategies that will address each component. Doing so with a framework like this makes it easier for everybody to understand and support the logic behind the plan.

Best practices

Consider your product and the market from different vantage points.

  1. Identify internal factors Assess the characteristics of your business or product in relation to your competitors and add them as strengths or weakness on the matrix.

  2. Analyze external forces Consider how your market landscape could positively or negatively impact the success of your business and note these in the opportunities and threats quadrants.

  3. Share and refine Invite teammates to the board to add context, insights, questions, and new ideas. Vote on the items that are most important to your business.

  4. Build an action plan Use the built-in action plan to reflect on specific areas to invest in going forward and what to stop doing — maximizing the potential value of your company or products.

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