How to conduct market research and a SWOT analysis for your small business. Free guide. Extract from the How To Market My Small business Course: https://www.injust5.com/downloads/market-small-business-course/ Explanatory video for this resource at: https://www.injust5.com/2016/06/25/market-research-swot-analysis-free-template-handout-video/

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MARKET
RESEARCH
and
SWOTANALYSIS
Module 1 – Identify
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HOWTOMARKETING™
1
HOWTO
Market
My
Small
Business
+ MARKET RESEARCH
+ WHAT IS A SWOT ANALYSIS
+ WHY IT’S IMPORTANT
+ HOW TO UNDERTAKE A SWOT ANALYSIS
+ SAMPLE SWOT ANALYSIS
+ WHAT TO DO NEXT
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In this section
HOWTO
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+ Having a Competitor Analysis (from the previous Section) is a great
start to better understand your business and marketing
+ The next important step is to undertake other relevant Market
Research
+ Obtain statistics, data and anecdotal information about the
demand for your products or services as well as potential
customers and highlight opportunities for niche markets and
unique selling points
+ Government collects great statistical information that is publically
available
+ In Australia the ABS (Australian Bureau of Statistics) produces great
data and reports
+ Your local council may have statistical information online as well.
+ Brisbane City Council for example has a great Community Profiles
facility where you can search for stats in your region down to which
suburbs have the most retirement villages, under 35s, the most
blue collar workers, the most families…it’s an amazing facility
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Market Research
HOWTO
Market
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Small
Business
+ Media consumption reports and social trends information can be found on
sites such as www.mccrindle.com.au
+ Google is a great starting point and even infographics in Pinterest can
provide great general information (always check the source for credibility)
+ Other Federal and State agencies also provide information and statistics
about specific industries.
+ Industry associations and Chambers of Commerce often produce survey
results or benchmark data that can be very useful
+ Links to relevant agencies and associations can usually be found on your
government business resource sites
+ You may also have your own data such as customer survey results, sales
figures or information feedback you have been given
+ Of course you may consider hiring a commercial market research agency
or even buy their products and services to compare them with your own
YOU’RE LOOKING FOR ANY INFORMATION THAT CAN IMPACT THE
DEMAND FOR AND SALE OF YOUR PRODUCTS OR SERVICES
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Market Research

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Australia
www.business.gov.au
Queensland
www.business.qld.gov.au
New South Wales
www.trade.nsw.gov.au
Victoria
www.business.vic.gov.au
Tasmania
www.business.tas.gov.au
South Australia
www.business.sa.gov.au
Western Australia
www.wa.gov.au/information-about/
business
Northern Territory
www.dob.nt.gov.au
ACT
www.business.act.gov.au
New Zealand
www.business.govt.nz
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Government business resources
+ Your competitor analysis and other market research will form the
basis of a SWOT (Strengths, Weaknesses, Opportunities and Threats)
analysis of your own business
+ A SWOT analysis is a simple tool that can provide a snapshot of key
issues and opportunities for your business, which can all have an
impact on marketing and ultimately the success of your business
+ It is one of the most commonly used business analysis and decision-
making tools
+ The SWOT analysis classifies your business’s internal factors as
strengths or weaknesses and the external factors as opportunities or
threats.
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What is a SWOT analysis
HOWTO
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Small
Business

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+ The SWOT analysis helps you better understand your business,
your market, customers and gives you opportunity to build on your
strengths, minimise or fix weaknesses, leverage opportunities and
address any threats
+ To get the most out of a SWOT analysis, you need to conduct it
with a particular business objective in mind.
+ In this scenario you are using it to help decide who to target in your
marketing and whether your current products and services are
aligned to your targets
+ It will also enable to identify whether the external environment and
your internal processes, people and systems support your
marketing goals
+ For instance, a SWOT analysis could highlight the opportunity for a
a new product or service or the need to change a point of sale or
customer service system.
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Why it’s important
HOWTO
Market
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Small
Business
In the SWOT analysis your strengths and weaknesses are identified based on internal
factors (that you have some control over) such as:
+ Marketing activities and brand awareness
+ Location and premises
+ Company reputation
+ Capabilities
+ Capacity (time and resources)
+ Processes, systems, equipment
+ People (staff)
+ Quality
+ Finances/Budget
+ Brand awareness
+ Existing business/sales/contracts
+ Intellectual property/patents/Trademarks
+ Experience
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Strengths and Weaknesses – Internal
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In the SWOT analysis your opportunities and threats are identified based on external
factors (that you have no or little control over) such as:
+ Customers
+ Competitors
+ Market trends
+ Demographics of your location
+ Suppliers
+ Investors/Partners
+ Social or cultural trends
+ Technological changes
+ Economic conditions/currency values
+ Legislative requirements
+ Political environment
+ Environmental factors/exposure natural disasters
+ Stakeholder expectations and issues
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Opportunities and Threats – External
HOWTO
Market
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+ Go to your HOWTOMARKETING™ Master Marketing Strategy Excel
Workbook (found at the bottom of each module page)
+ Go to the sheet on the bottom left that says ‘Identify – SWOT
Analysis’
+ Fill out each of the cells based on the information you find – follow
the prompts on the right in red
+ Write one point in each cell (aim for 3-5 in each section/quadrant)
+ You will find a sample Sample Analysis already completed in the
SAMPLE Master Marketing Strategy Excel Workbook and on the
following slides
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SWOT analysis tool
HOWTO
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Small
Business

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SWOT analysis tool
HOWTO
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Small
Business
• What
can we
learn
from this
analysis?
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SAMPLE SWOT analysis tool
Costume
Jewellery
business
-­‐
handmade
jewellery
sold
online
via
Etsy
INTERNAL ENVIRONMENT
STRENGTHS
WEAKNESSES
Low overheads as can work from home and main costs are raw
materials and own labour
Low brand awareness due to being a new business
Have a social media presence which generates a lot of interest in my
products
No marketing strategy
Quite unusual designs
Workload can be hard to manage as I am sole employee and
meeting a lot of orders at once can be hard
I have a lot of different designs
I have a lot of different designs
Have a standing arrangement in place to supply a local boutique
which generates quite a few sales
Packaging and arranging postage is quite consuming
EXTERNAL ENVIRONMENT
OPPORTUNITIES
THREATS
Have noticed a trend from customers asking for child sized versions
of bracelets and necklaces
There is a lot of competition on Etsy
I could keep past customers informed of new ranges or products
Low Australian Dollar means raw materials I import are getting
more expensive
I could find other boutiques in my local area that would like to stock
my products
I don't get a lot of repeat customers and reaching new
customers is an ongoing challenge

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+ Use the SWOT analysis to inform your business strategy and make
changes to your operations, products and services if needed
+ This will also inform your overall marketing strategy
+ I recommend that you DON’T skip these steps even if you have been
in business a while
+ Often marketing your business falls down when you didn’t take the
time to fully get to know what you are dealing with internally and
externally and lay a strong foundation and knowledge base
+ The physical exercise of getting these ideas down on paper (or on
screen) can make a huge difference and put issues and solutions in
perspective
+ Involve other people you trust in the process as well
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HOWTOMARKETING™
What next?
HOWTO
Market
My
Small
Business
+ MARKET RESEARCH
+ WHAT IS A SWOT ANALYSIS
+ WHY IT’S IMPORTANT
+ HOW TO UNDERTAKE A SWOT ANALYSIS
+ SAMPLE SWOT ANALYSIS
+ WHAT TO DO NEXT
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2012-­‐2015
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PR
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RECAP – In this section
HOWTO
Market
My
Small
Business