6. Conduct a SWOT analysis
After researching your overall market, competitors and target audience, turn your attention inward by performing a SWOT analysis, a technique that helps you assess your own strengths, weaknesses, opportunities and threats in relation to your market.
It can help you identify what sets you apart from your competitors, what areas you need to improve, what opportunities you can take advantage of, and what risks you should avoid.
To perform a SWOT analysis, you need to ask yourself a few questions about each of the four categories:
Strengths : What are your advantages? What do you do well or better than others? What unique resources or capabilities do you have?
Weaknesses : What are your weaknesses? What do you need to improve or avoid? What are the gaps or limitations of your resources or capabilities?
Opportunities : What are the trends or favorable conditions in your market? What are your customers' unmet needs or problems? What new or emerging technologies can you take advantage of?
Threats : What are the trends or unfavorable conditions in your market? What challenges or obstacles do you face? What new or existing competitors threaten your position?
Identifying market trends is hugely beneficial for doing a SWOT analysis. You can do this by speaking to experts in your niche, attending conferences, and studying industry reports such as malaysian numbers those from IBISWorld , Statista , and industry-specific publications.
Then you can organize your answers in a table like this:
Strengths
Weaknesses
- First example of strength
- First example of weakness
- Second example of strength
- Second example of weakness
- Third example of strength
- Third example of weakness
Opportunities
Threats
-