HOW TO PROMOTE YOUR BUSINESS ONLINE WITH SWOT, MARKETING GOALS & COMPETITORS (1-3)

1. Develop a strategy for success (SWOT analysis)

Before you begin actively marketing your business online, you’ll need to develop a successful online strategy. The best way to do this is by performing a SWOT analysis, which is a widely-used marketing technique for assessing four key aspects of your business: Strengths, Weaknesses, Opportunities, and Threats.

"Strengths and Weaknesses" refer to the internal factors of your business, including its assets, processes, people, and anything else relating to the organization.

"Opportunities and Threats", on the other hand, relate to external factors, such as those arising from your competition, market, and wider economy. 

To perform your SWOT analysis, brainstorm and answer the following questions:

Strengths

-What do you do well?

-What unique resources can you draw on?

-What do others see as your strengths?

Weaknesses

-What could you improve?

-Where do you have fewer resources than others?

-What are others likely to see as a weakness?

Opportunities

-What opportunities are open to you?

-What trends could you take advantage of?

-How can you turn your strengths into opportunities?

Threats

-What threats could harm you?

-What is your competition doing?

-What threats do your weaknesses expose to you?

2. Define your marketing goals

Have you heard the saying, “begin with an end in mind?” When it comes to promoting your business online, this quote could not be more true. The first step to any successful online marketing campaign is to know your goal; in other words, specifically what you want to achieve through your online marketing endeavors. This also helps you establish which KPIs (key performance indicators) you must track to determine if the outcome was successful or not.

A good trick is to remember your goals should be SMART: specific, measurable, achievable, relevant, and time-bound.

To help you define your ‘SMART goal,' answer the following questions: 

Specific

-What is it I want to accomplish?

-Why is this goal important for my business?

-Who does this involve?

-Where will this take place?

-Which resources are involved?

Measurable

-How much do we want to make (i.e. amount generated from sales, profit, etc.)?

-How many do we want to achieve (i.e. number of subscriptions, sales, visitors to the website, etc.)?

-How will I know when these figures have been achieved?

Achievable

-How can this goal be accomplished?

-How realistic is this goal when considering possible constraints, such as finances, resources, etc.?

Relevant

-Does this match our other business efforts and needs?

-Is it a worthwhile project?

-Is the timing right, considering the current socio-economic environment?

-Am I (or specific people within the business/outside assistance) the right person to achieve this goal?

Time-bound 

-When will we start and finish the promotion?

-How long will it take to achieve our desired results?

-What can I do today to work towards this goal? In 6 weeks? In 6 months?

Here are three common online marketing objectives that might fit your company's goals:

#1. To present information.

The first step of an online campaign it's to inform potential customers about a product or service, including what it is, where it’s available, how it will benefit them, how much it costs, and why it’s better than other competing products. Buyers like to feel informed when they make purchasing decisions, so digital marketing is a great strategy for achieving this.

#2. To increase demand. 

Demand refers to a customer's desire to purchase a product or service, particularly when they have the power to do so at an accessible price point. Promotional strategies for increasing demand include discount coupons, contests/giveaways, product samples, celebrity endorsements, and rewards programs, all of which can be advertised online. The aim is to generate buzz and excitement around a product or service, driving up customer demand.

#3. To generates leads and sales. 

85% of B2B marketers say lead generation is their most important goal when promoting a product or service. A lead is any person who indicates interest in a company's products or services, such as through submitting their personal information in exchange for an email subscription, free trial, survey, or download. Generating leads is one excellent reason for online marketing, particularly as the more leads you have, the more potential sales you could achieve for your business.

3. Check how your top competitors are doing

Studying your competitors prior to launching your marketing campaign can give your company a vital edge. It helps you determine any potential shortcuts to success (i.e. what’s worked well for them) while minimizing the risk of failure. 

Secondly, doing so can help you assess your company’s strengths and weaknesses in comparison to the competition.

When analyzing your online competitors, ask yourself the following questions:

-What are your competitors’ unique selling points (USPs)?

-What types of products or services are selling best, and at what price points?

-What traffic sources (i.e. direct traffic, referral URLs, search engines, campaigns) are they using to acquire customers?

-Are they using paid advertising? If so, what websites or social media platforms do they advertise on?

-What search queries do they currently rank for (or are trying to rank for)?

-How are their marketing funnels structured? How are they trying to capture leads and generate sales?

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