The Importance of a SWOT Analysis

Building a marketing plan can be complex and relies entirely on good research. To strip a marketing plan down to the bare bones of its strategy, you can start to see how one analyses the data at their fingertips and uses it to turn numbers into actions going forward.

In my current role at the largest private aircraft manufacturer in the world, the idea of a SWOT (Links to an external site.) team came forth in our marketing department. We were wanting to break into the single engine turboprop market which was dominated by a popular competitor for years.

The SWOT team was made up of a product marketing/technical marketing rep, a data analytics whiz, a CRM guru and a business development associate. We spent hours, days, weeks and months together researching the single engine turboprop market space, and analyzing its strengths, weaknesses, opportunities and threats. In doing so, we knew we needed to bring to market our own single engine turboprop in order to create a blue ocean for our company.

The SWOT team started with market research based on buyer behavior and information we receive from aviation market intelligence agencies. We take the data, decide what it is telling us [that there is a good opportunity for us in the single engine turboprop market] and start to segment out who our audience would be and what is the need we’re trying to fill.

From there, the team met with many customer-facing representatives for feedback, as well as internal program managers who understand product development best. By interviewing the experts of these different areas, it allows us to make more informed decisions. We then created a marketing mix, tied it to a budget and a realistic timeline. Before execution can occur, an executive summary is made with all pertinent information for our leadership. Before we knew it, we were launching the newest product: the Cessna Denali  (Links to an external site.)single engine turboprop with more features than its competition and more importantly, finding a new market space and helping meet customer needs.

The next time your marketing team is considering a new marketing plan, product launch or market space opportunity, be sure to form an internal SWOT team to ensure thorough research is done and a great marketing plan comes from it.

Leave a Reply

Your email address will not be published. Required fields are marked *