First, draw up a SWOT Analysis matrix.
You can approach a SWOT Analysis in two ways: get people together to formulate strategy informally or as a more sophisticated and formal process.
In either case, gather a team from a range of functions and levels in your organization that are involved in your event(s). Use brainstorming techniques to build a list of ideas about where your event currently stands. Every time you identify a Strength, Weakness, Opportunity, or Threat, write it down in the relevant part of the grid.
Let’s look at each event area in more detail and consider what questions you could ask as part of your analysis. For more questions to ask, click here.
To determine what your event strengths are, you could begin by asking some of the following questions:
- What do your stakeholders love about your event?
- What does your event do better than others in your industry?
- What are your event’s most positive brand attributes?
- What’s your events unique selling proposition?
- What resources do you have at your disposal that your competitors do not?
We can use the same principle to determine your event’s weaknesses:
- What do your customers dislike about your event?
- What problems or complaints are often mentioned in your event reviews?
- What could your event do better?
- What are your event’s most negative brand attributes?
- What are the biggest obstacles/challenges facing your event?
- What resources do your competitors have that you do not?
Possible questions you could ask to identify potential opportunities might include:
- How can you improve your audience’s onboarding or support processes?
- What kind of messaging resonates with your audience?
- How can you further engage your most vocal event advocates?
- Are you allocating organizational or event resources effectively?
- Are there tools or other resources that you’re not leveraging to full capacity?
- Which marketing or communication channels are exceeded your expectations – and why?
Finally, possible questions you could ask to identify potential threats might include:
- Is there anyone who’s not currently a direct competitor, but could become one soon?
- What happens if a supplier can’t deliver?
- What if a natural or man-made disaster strikes?
- What obstacles do we face now and in the future?
- Could any of our weaknesses prevent our unit from meeting our goals?
- Are there social, economic, technological, or other changes in our industry or outside our industry that could threaten our success?
Once you’ve examined all four aspects of SWOT, you’ll likely be faced with a long list of potential actions to take. You’ll want to build on your strengths, boost your weaker areas, head off any threats, and exploit every opportunity.
But, before you leap into action, look for potential connections between the quadrants of your matrix. For example, could you use some of your strengths to open up further opportunities? And, would even more opportunities become available by eliminating some of your weaknesses?
Summary: SWOT Analysis is a simple but useful framework for analyzing your organization’s strengths, weaknesses, opportunities, and threats.
It helps you to build on what you do well, to address what you’re lacking, to minimize risks, and to take the greatest possible advantage of chances for success.
When carrying out your analysis, be realistic and rigorous. Apply it at the right level, and supplement it with other option-generation tools where appropriate.
Source: https://www.mindtools.com/pages/article/newTMC_05.htm
