Updated: Aug 20, 2021
Gathering data is a powerful strategy that smart entrepreneurs go through before launching an idea or product. By conducting research, a company obtains insight that helps through the discernment process to create an informed decision that is based on accurate data.
Moreover, it identifies what the company’s strengths are and pinpoints angles that need to be worked on, as such, new insights and approaches can be discovered during this process.
Upon saying this, a good practice during the research period is following the SWOT analysis.
Following these 4 templates will keep your objectives in an organised manner and can have a sizeable impact in measuring the outcome of your project before launch or production.
What is SWOT?
SWOT is the acronym for Strengths, Weaknesses, Opportunities, and Threats.
It is a framework that is used to evaluate the internal and external factors based on analytics and real-life context, in order to create an efficient solution and create a strategic plan of action for your enterprise.
Here are some examples of general questions that you can put into your SWOT matrix:
What are the following strengths that our company has that we can benefit from?
What are our company's weaknesses and how can we improve them?
Are there any opportunities in our target area/target market that we can advertise our business in or get them to advertise for us?
Are there any threats that we are not aware of (e.g competitors that offer lower prices)?
Aside from the SWOT analysis, there is also the PEST analysis:
What is PEST?
PEST is an acronym for Political, Economic, Social, and Technological. This can be implemented together with the SWOT analysis. This framework focuses on the external factors that can affect or contribute to the success of your marketing strategy. Keeping up to date with these factors, e.g., technological, helps your business adjust and create new marketing campaigns and strategies.
An example of what you can identify with the technological template are:
What are the latest technology or platforms used that are customer-friendly?
What type of communication method does a customer prefer?
Is there any software that we can use to obtain our customers' feedback?
Are there any platforms that we have to be in for rating/reference purposes? (e.g trivago, google)
“And I think that still is still true of this business- which is basically research and development- that you probably spend more time in planning and training and designing for things to go wrong, and how you cope with them, than you do for things to go right.” - Alan Shepard
There are a plethora of strategies that you can implement for successful marketing but time is of the essence for entrepreneurs, and it can take a massive amount of it when conducting research. This is just one of the many factors that you have to tackle when running or setting up a business and it can be overwhelming.
Delegate these tasks to one of our Reemoote personal assistants, brainstorm with us, discuss ideas, or we can suggest out-of-the-box ideas for you as well, given that we have the relevant experience too. Let us help you propel your business at a fraction of a cost.
Our services include:
Look for particular products or services
Investigate a specific topic
Track down people you can contact
Potential customer research
Track down contact details
Not only that, but we also offer other services such as:
We offer for as low as £7 per hour for our services or you can have a look at our rates.
Contact us now for more details.