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SWOT Analysis

5 reasons why healthcare marketers swoon over SWOT

The SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis has been around since the 1960s. Since then, healthcare marketers around the world have used it to help them better understand their brand and competition in order to compete successfully.

 

This page isn’t going to provide a primer on SWOT. If you’re reading this, you know what a SWOT analysis is.

 

This page is to reinforce the notion of why a SWOT analysis is so valuable. Believe it or not, some people forget. Only recently, we worked with a very experienced marketer who hadn’t done one for her brand. When we completed the exercise, she said, “I’d forgotten how valuable this tool is!”

 

Here are 5 reasons why a SWOT analysis is such a powerful marketing tool.

 

1. It’s the great organizer

Marketing challenges can be overwhelming. So it’s much better to divide and conquer, which is what a SWOT analysis does. It forces you to think segmentally:

 

•  What are the strengths of your brand?

•  What are the weaknesses?

•  What are the opportunities?

•  What are the threats?

 

Answering these questions leads to the second reason healthcare marketers swoon over SWOT.

 

2. It helps you see the big picture

Answering SWOT’s four simple—yet far-ranging—questions lets you review and evaluate specific areas of critical interest. But when you put them all together, you see exactly where your brand stands in the marketplace. From there, you will be better able to craft a strategic and tactical marketing plan to help assure the success of your brand.

 

3. It keeps you honest

No one likes to admit their problems or imperfections. That’s why the “W” in SWOT is the most difficult to answer. But it’s important you do. Because you can’t solve a problem until you first identify it. Plus, you can be sure that your competition will identify and capitalize on your problem—to their advantage.

 

4. It helps you know your competition

A SWOT analysis doesn’t just help you understand your brand’s strengths and weaknesses, it’s also valuable to help understand your competition’s. With this knowledge, you’re better able to distinguish yourself so you can compete successfully against anyone in your market.

 

5. It encourages discussion, disagreements, and revelations

Your team is assembled in the conference room, either in person, on the conference line, or via Skype. You ask the five SWOT questions.

 

•  What are the strengths of our brand?

•  What are the weaknesses?

•  What are the opportunities?

•  What are the threats?

 

And you’re off and running. Everyone has insights, opinions, and not everyone agrees. But that’s good. Because out of the discussion may come a revelation that helps you better understand your brand, your competition, or the market in general.

 

After all these years, a SWOT analysis for hospitals, pharmaceutical companies, or medical device manufacturers is still a powerful strategic marketing tool. Use it. And strengthen your brand.

 

Want to learn more?