- [Martin] In one of my other courses,
I talked about my dad who ran a fabric and drapery store
for over 40 years.
Even though my dad never did a SWOT analysis
for his business, I'm sure if he had,
it would've been pretty straightforward
and focused on the big picture.
For instance, his strengths, well,
that would've been him and his fabric selection.
Weaknesses, hmm, definitely some of his staff.
Opportunities, to sell more fabrics and drapes.
And threats, current and new competitors.
Of course, today the world is a lot more complex,
but big picture thinking is still the essence of a SWOT.
Your social media audit likely included a SWOT,
which is an analysis of the business landscape you're in
broken into four main categories.
Strengths and weaknesses,
they're typically used for looking inward at your company.
Opportunities and threats, they're more outward-looking.
When you're doing a SWOT,
it's important not to sugarcoat the facts
and to be honest about where you stand,
even if it ruffles some feathers.
Just be prepared to back up your rationale
with solid examples.
Your SWOT shouldn't be a laundry list of bullet points
that go on and on and on.
It's a snapshot that demonstrates
where you stand out and what some of your issues,
vulnerabilities, and future possibilities might be.
Keep it to no more than three or four points per quadrant,
and make sure your observations tie in
with your business goals.
Let's look at Topsy Turvy Cake Design,
which has been active on Facebook,
putting more emphasis on Instagram,
and considering Pinterest and Snapchat
and starting a social media audit.
I'm going to walk Audry
through some of the steps they'd need to take.
Audry, tell me your company's top strengths.
- [Audry] I think one of our biggest strengths is our name
and how well we're known in the community.
We get a lot of business from referrals,
and I know customers love our creative designs.
- [Martin] Okay, how about your weaknesses?
- [Audry] Well, we're perfect,
so of course we don't have any.
Okay, if I'm serious,
I'd say I have really high expectations,
and maybe I'm not the best manager in the world,
so we do have more staff turnover than I'd like.
Also, I think we sometimes get too busy to post on social,
or we just post too much,
so there's no real strategy or consistency.
- [Martin] Are there any opportunities you'd like to pursue?
- [Audry] Well, I've been thinking
about developing an online recipe subscription business
where each month we'd publish and share recipes
for customers to try at home.
And I've been told I'm a good talker,
so I thought I might want to become a baking expert
for a local or a national morning show.
I don't know, is that silly?
- [Martin] Of course not, it's great to have big goals.
Finally, I asked Audry about
what threats her bakery might be facing.
- [Audry] I did mention I'm not a great people person,
and I did have a falling out with my second-in-command,
and she just left to start her own business.
I'm really worried because she knows the recipes
and has some good ideas on how to improve them.
Also, we've heard that a national bakery chain
with a big budget is about to open up in town,
and I'm not sure I can compete on price.
- [Martin] Let's evaluate the result
and what all this could mean for Topsy Turvy.
We know they're creative, and the founder,
Audry Topsy, is one of the company's biggest assets
and has the potential to be a high-profile spokesperson.
We also know that the staff is talented,
but there's a bit of a revolving door for employees.
And we see there's going to be increased competition
from a national brand and possibly a former employee
who knows company secrets.
So what should Audry do?
It seems like Audry could be more focused externally
and position herself as an influencer.
Her celebrity could halo on the brand
and protect against competition.
To do that, the company would probably need
to hire a manager, and Audry would have
to cede some control of the business.
That move could also help with employee turnover.
And as far as the lack of their social media strategy,
Topsy Turvy could work with a small agency
to develop a plan.
The agency could also train one or two of her employees
who would then have social media and content marketing
as part of their jobs.
Of course, this is just the beginning
of the recipe for Topsy Turvy,
but it gives you an idea of how to get started.
By assessing your strengths, weaknesses,
opportunities, and threats honestly and critically,
your business can get a clear picture of where you are
and what you need to do to get to where you want to go.