In general, any business that looks to develop a mobile app falls under three categories.
– Companies that require an app to establish their business
– Businesses that are looking to build an analog of an existing app
– A new app with outstanding ideas.
Statistics state that in the first month, businesses are losing 90% of the daily active users. Any business decision related to the mobile app not only cost money but also costs the potential audience. Hence it is wise to make a well – researched decision.
Here comes the role of SWOT analysis, which helps you in taking the right decision. A SWOT analysis enables businesses to look at internal and external factors that can have an impact on your business. Strengths and weaknesses are considered as internal factors and threats and opportunities are considered as external factors.
Read on to know more about the overview, limitations, and benefits of SWOT analysis and its real-time template.
SWOT is an abbreviation for Strength, Weakness, Opportunity, and Threats. It is an advanced strategic planning model that enables a business to distinguish where they’re progressing well and where they can improve, both from an external and internal perspective.
An in-depth understanding of the direction of your business through analysis about the strengths, weaknesses, opportunities, and threats isn’t an option to have, but a necessity.
Before planning to launch a new product, or implementing new policies, making a new investment into research and development, or making some important changes in your business process, it’s worth your time to do SWOT Analysis.
Do you agree that your organization should understand the areas of SWOT to yield a profitable result?
Utilizing a SWOT analysis may help you in getting a definitive answer for the above.
SWOT analysis doesn’t provide any direct solution to your problem. However, it helps you in identifying both the internal and external factors that could have an impact on your company’s performance.
Strength and weakness analysis requires you to look into the deeper perspective of the internal factors such as resources, assets, and gaps that are available to your business — by taking a deeper look at the contenders, market, and patterns outside your organization. By analyzing the opportunities and threats you will get clear insights on the external factors that include market and competitor analysis, market trends, and your company’s performance.
Benefits of SWOT Analysis include:
There is no specific approach for SWOT analysis, but here are certain guidelines to conduct an effective SWOT analysis
Set time limits: Open-ended meetings might not be a wise idea for SWOT, set a certain time limit for the whole meeting, and break down the time for each section. For instance, if you set the meeting duration for 1 hour, then you could break down further as 10 – 15 minutes for each section.
Group similar ideas: Jot down all the ideas discussed by people, and try to group all the similar ideas
Open Discussion to prioritize the task: Let people share their thoughts and suggestions. An open discussion might help with inspiring new ideas. It will help in identifying the tasks to be accomplished and prioritizing the tasks
Establish a timeline: The last step is to establish a timeline or milestone for each task that was identified in the meeting.
The below SWOT analysis example depicts the analysis of a business trying to launch a new product to its range. This analysis doesn’t cover the whole business, but includes only the factors that could potentially influence their capability to launch a new product.
To make this SWOT analysis more efficient, we have included more specific details about the competitors to depict them as threats.
The organization can now evaluate the results and make a decision about launching a new product of their range. The strengths of the organization can take advantage of the available opportunities and launch the new product.
After evaluating the results, it is important for any business to address the weaknesses and threats before they can launch a new product or make any significant changes to their existing process or product line.
SWOT analysis is all about how it is done. When done right, it can end up being useful by exposing potential risks and opportunities that business heads probably won’t have caught by other means.
The extensive range of available technologies and their possible utilization under the Fintech/ e-Commerce apps means that a lot of people can benefit from the advanced innovations in services in such a way to suit their requirements. This will help in sustainable growth by boosting productivity and identifying new markets.