Take Advantage of What Your Business Does Best
This is the second installment of the Lead Gen Blueprint series: how to build your own B2B lead generation machine.
The Blueprint identifies business and marketing steps you can take to master the three essential elements of lead conversion: 1) your Target Market, 2) your Offer, and 3) your Services.
One important task in this process is performing a SWOT analysis: understanding your company’s Strengths, Weaknesses, Opportunities, and Threats allows you to take advantage of what your business does best while avoiding that which you don’t do well.
The business fundamentals revealed in a SWOT analysis can be applied to the overarching goal of online lead generation – that of aligning your Offer and Services with your Target Market. Do this and you are ultimately able to position your marketing to attract the best possible customer or prospect.
Let’s see how this works.
When I introduce the SWOT analysis as part of my lead conversion work I often get a few chuckles and an occasional scoff, followed by some version of, “I had no idea when I learned the SWOT analysis in Business 101 that I’d actually ever use it!”
But the SWOT analysis is a staple of business classes for a reason – it serves as the building blocks for more sophistic business strategy and tactics, including lead generation.
As we have previously discussed, generating leads online is difficult, and in order to be successful you need to have a plan and processes in place (Tweet This!). The SWOT Analysis is the foundation of this plan and subsequent processes.
A SWOT analysis involves specifying the objective of a business and identifying the internal and external factors that are favorable and unfavorable to achieve that objective (it can also be used for a product, service, or project).
The analysis itself is not difficult; as a business owner or manager you should be able to complete it in 15 to 20 minutes (if you would like to receive a template for the creation of a SWOT analysis Click Here).
As an overview, here’s what you need to do:
1. Strengths: list the characteristics of your business that give you an advantage over others
2. Weaknesses: list the characteristics that place your business at a disadvantage relative to others
3. Opportunities: list the elements that your business could exploit to its advantage
4. Threats: list the elements in the environment that could cause trouble for your business
Identification of your SWOT is important because it informs later steps in planning to get more B2B sales leads and grow your business.
The extent to which the internal environment of your firm matches the external environment is expressed by the concept of strategic fit – the degree to which an organization aligns its resources and capabilities with the opportunities in the external environment. This strategic fit can then be used to further align your Offer and Services with your Target Market or Audience, which again is the overall goal of lead conversion.
Click here to receive a free SWOT template to assist you in putting together your analysis.
In the next post in the Lead Gen Blueprint series we will cover in more detail how to actually apply the results of your SWOT to get more qualified leads.
To understand how the SWOT fits into the larger, customer focused marketing approach and the online lead management process, get a copy of digetry’s free Lead Gen System™.