How do you measure the effectiveness of your marketing campaigns? Do you track ROI? A/B test ads to improve performance? Maybe you use a fancy Google Data Studio dashboard to generate slick reports.
There’s still a good chance you are wasting money, and that’s because most businesses measure the impact of marketing after the fact. While knowing the cost per click of your search or social ads is essential, understanding the overall impact of your marketing campaigns can provide deeper insights into your business.
This is where SWOT analysis comes in handy. SWOT (strengths, weaknesses, opportunities, and threats) analysis for marketing campaigns allows you to see the big picture and face challenges head-on.
CAC to uncover the most crucial factors impacting your marketing—whether that is customer satisfaction, competitors squeezing you out of the market, or failure to promote your assets effectively.
That data can be powerful, especially if it’s available when you need it the most. According to Airtable, 46 percent of marketers say lack of timely data holds their team back. A SWOT analysis can help.
A few other benefits of SWOT for marketing include:
- a better understanding of which marketing channels to focus on
- helps you address weaknesses in your ads or marketing assets
- makes it easier to see threats to your campaigns before they impact your bottom line
- enables you to leverage the assets and strengths you already have
- improves long-term goal setting for your marketing
The average business spends around 12 percent of its overall budget on marketing—a SWOT analysis ensures your budget is put to good use.
net promoter score, to understand how customers view your business.
- Pull campaign data from separate tools into one dashboard, like Power BI or Google Data Studio to better understand the most effective campaigns.
- Poll your employees to better understand your resources and how your team views your company.
Nearly 40 percent of marketers report having no documented marketing strategy at all, and that can hold you back. Looking at your weaknesses is the first step toward creating or improving your marketing strategy.
Google Analytics. Why are customers leaving those pages?
3. Find Opportunities
This is my favorite part of SWOT—looking for areas to grow and build on your past successes. Where can you make changes and see the biggest impact? This step will help you figure it out. Begin by asking these questions:
- How can you improve your marketing funnel or UX?
- What kind of marketing messaging resonates with your customers? Can you leverage that on more platforms?
- Who are your most vocal brand advocates? How can you use them more effectively?
- Are your budget, tools, and human resources being utilized to their full potential?
- Which marketing channels exceeded expectations, and why?
competitive analysis data
Sometimes the best way to see new opportunities is to introduce a fresh perspective. If you’d like help considering your options, reach out to my team. We’re happy to offer our thoughts and help you build an effective strategy.
getting rid of third-party cookies—how will that impact your marketing campaigns?
marketing opportunities you uncovered? Finally, how can you prepare for the threats you face?
Whether you use SWOT to analyze your overall marketing strategy or focus on specific campaigns like your content marketing, this approach provides the information you need to launch more effective marketing campaigns.
Have you performed a SWOT analysis before? What is holding you back?