{"id":84082,"date":"2021-07-22T13:37:47","date_gmt":"2021-07-22T13:37:47","guid":{"rendered":"https:\/\/www.similarweb.com\/corp\/?p=84082"},"modified":"2025-04-02T12:37:56","modified_gmt":"2025-04-02T12:37:56","slug":"swot-analysis-best-practices","status":"publish","type":"post","link":"https:\/\/www.similarweb.com\/blog\/research\/company-research\/swot-analysis-best-practices\/","title":{"rendered":"SWOT Best Practices to Fast-Track Growth"},"content":{"rendered":"<p>It\u2019s easy to get drawn in by day-to-day tasks. One meeting follows another and the regular rhythm of work can make it a challenge to see the big picture. There\u2019s a dependable solution to unlock growth opportunities, sharpen your strategy, and make your daily tasks more efficient at driving growth: running company analysis reveals your strengths, weaknesses, opportunities, and threats, also known as <a href=\"https:\/\/www.similarweb.com\/blog\/research\/company-research\/swot-analysis\/\">SWOT analysis<\/a>.<\/p>\n<p>But what are the SWOT analysis best practices? And how can you take your SWOT analysis to the next level? That\u2019s what we\u2019ll cover in this post. We\u2019ll also explain how we use data analysis with our SWOT analysis example to map out the process clearly.<\/p>\n<p>In this blog, we\u2019ll break down:<\/p>\n<ul>\n<li>Best practices to get the most out of your SWOT analysis<\/li>\n<li>SWOT analysis example<\/li>\n<li>SWOT analysis template<\/li>\n<\/ul>\n<p><b>Ready to SWOT it up?<\/b><\/p>\n<p><iframe title=\"YouTube video player\" src=\"\/\/www.youtube.com\/embed\/5-SxvdyFtzk\" width=\"100%\" height=\"400\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>Better together: SWOT analysis + competitive analysis<\/h2>\n<p><a href=\"https:\/\/www.similarweb.com\/blog\/marketing\/marketing-strategy\/competitive-analysis\/\">Competitive analysis<\/a> and research can help you spot what you&#8217;re doing right (your internal strengths), where you\u2019re beating your competitors, and where you\u2019re trailing them (your external opportunities). When you know that,\u00a0 you can work out how to overtake them. To understand your strengths and weaknesses, you need to understand your competition. That\u2019s where competitive analysis can elevate your standard SWOT analysis.<\/p>\n<p>Effective competitive analysis has five main steps:<\/p>\n<ol>\n<li><b>Set clear objectives<\/b> \u2014 Just like in anything else you do in business, you\u2019ll want to understand the key strategic questions that you\u2019re aiming to answer in your competitive analysis. If it\u2019s to support SWOT, it will be to focus on the strengths and weaknesses of your competition. You\u2019ll want to narrow this down further.<\/li>\n<li><b>Define your strategy<\/b> \u2014 To remain focused, it\u2019s important to line up your resources efficiently before getting started and define key <a href=\"https:\/\/www.similarweb.com\/blog\/research\/market-research\/industry-swot-analysis\/\">metrics in your industry<\/a>.<\/li>\n<li><b>Focus your priorities <\/b>\u2014 Don\u2019t aim your analysis at your entire company at once. Focus on a single element, like <a href=\"https:\/\/www.similarweb.com\/blog\/research\/market-research\/market-growth\/\">market growth<\/a>, financial performance, or operations.<\/li>\n<li><b>Build a roadmap <\/b>\u2014 Like any important project, your analysis should start with effective brainstorming, and have a clear timeline and milestones laid out in advance.<\/li>\n<li><b>Measure your results<\/b> \u2014 You\u2019re not doing this SWOT for fun (although it can be). Remember to track growth and evaluate your results over time, by following up on your competitors\u2019 performance.<\/li>\n<\/ol>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-84088\" src=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Competitive-Analysis-in-5-Steps-scaled.png\" alt=\"Competitive Analysis in 5 Steps\" width=\"2560\" height=\"1335\" srcset=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Competitive-Analysis-in-5-Steps-scaled.png 2560w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Competitive-Analysis-in-5-Steps-300x156.png 300w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Competitive-Analysis-in-5-Steps-1024x534.png 1024w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Competitive-Analysis-in-5-Steps-768x400.png 768w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Competitive-Analysis-in-5-Steps-1536x801.png 1536w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Competitive-Analysis-in-5-Steps-2048x1068.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p>Integrating <a href=\"https:\/\/www.similarweb.com\/\">digital intelligence<\/a> is now critical in competitor research.<\/p>\n<p>Digital intelligence enables you to look at traffic and engagement data, <a href=\"https:\/\/www.similarweb.com\/blog\/research\/market-research\/website-demographics\/\">website demographics<\/a>, conversion stats, and other metrics in near real-time. Company research wasn\u2019t always this effortless.<\/p>\n<h2>Digital teardowns: Moving SWOT online<\/h2>\n<p>Monitoring the digital data of your website and your industry helps you create and update your business strategy as the <a href=\"https:\/\/www.similarweb.com\/blog\/research\/market-research\/market-shifts\/\">market shifts<\/a>. As a result, digital teardowns are an important part of SWOT best practices.<\/p>\n<p>The benefits are wide-ranging and include:<\/p>\n<ol>\n<li><b>Grow<\/b> &#8211; Grow your business and increase your digital presence<\/li>\n<li><b>Analyze<\/b> &#8211; Provide the opportunity to <a href=\"https:\/\/www.similarweb.com\/website\/\">analyze traffic<\/a> and engagement data to monitor and track changes<\/li>\n<li><b>Act<\/b> &#8211; Make actionable recommendations for strategic planning based on data and insights<\/li>\n<li><b>Win<\/b> &#8211; Dominate your market by identifying potential threats and learning from your competitors&#8217; <a href=\"https:\/\/www.similarweb.com\/blog\/research\/digital-analysis\/digital-strategy\/\">digital strategy<\/a><img decoding=\"async\" class=\"alignnone size-full wp-image-84091\" src=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/The-benefits-of-competitive-analysis-in-todays-digital-world-scaled.png\" alt=\"The benefits of competitive analysis in today's digital world\" width=\"2560\" height=\"1337\" srcset=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/The-benefits-of-competitive-analysis-in-todays-digital-world-scaled.png 2560w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/The-benefits-of-competitive-analysis-in-todays-digital-world-300x157.png 300w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/The-benefits-of-competitive-analysis-in-todays-digital-world-1024x535.png 1024w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/The-benefits-of-competitive-analysis-in-todays-digital-world-768x401.png 768w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/The-benefits-of-competitive-analysis-in-todays-digital-world-1536x802.png 1536w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/The-benefits-of-competitive-analysis-in-todays-digital-world-2048x1070.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/li>\n<\/ol>\n<p>SWOT\u2019s tenets can be divided into two categories: internal and external:<\/p>\n<ul>\n<li><b>Strengths and weaknesses <\/b>are things a company can control and change.<\/li>\n<li><b>Opportunities and threats<\/b> are external and relate to the landscape in which the company operates. These are what the company needs to take into consideration to maintain a competitive advantage and not be surprised by competitors.<br \/>\n<img decoding=\"async\" class=\"alignnone size-full wp-image-84101\" src=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Digital-Teardowns-SWOT-analysis-in-the-digital-world.png\" alt=\"Digital Teardowns-SWOT analysis in the digital world\" width=\"1100\" height=\"574\" srcset=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Digital-Teardowns-SWOT-analysis-in-the-digital-world.png 1100w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Digital-Teardowns-SWOT-analysis-in-the-digital-world-300x157.png 300w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Digital-Teardowns-SWOT-analysis-in-the-digital-world-1024x534.png 1024w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Digital-Teardowns-SWOT-analysis-in-the-digital-world-768x401.png 768w\" sizes=\"(max-width: 1100px) 100vw, 1100px\" \/><\/li>\n<\/ul>\n<h2>Critical SWOT questions to consider<\/h2>\n<p>Similarweb gives decision-makers the most reliable data available on the market, providing a 360-degree view of the digital world. Pretty cool, right?<\/p>\n<p>It can help you answer lots of questions, for both internal factors and external factors, including:<\/p>\n<ul>\n<li>What is my company\u2019s <b>strongest<\/b> digital asset?<\/li>\n<li>In what areas do I <b>lack expertise<\/b>?<\/li>\n<li>Does my main competitor have <b>new technology<\/b>?<\/li>\n<li>Do we have a strong <b>customer base<\/b>?<\/li>\n<li>What do <b>my competitors<\/b> do better than me?<\/li>\n<li>Where should I <a href=\"https:\/\/www.similarweb.com\/blog\/research\/market-research\/new-market-strategy\/\"><b>launch <\/b><b>new products<\/b><\/a> or expand my audience reach into new markets?<\/li>\n<\/ul>\n<p>All these questions must be answered to comply with SWOT analysis best practices. And it\u2019s pretty fun and interesting to look at the data along the way if you ask us.<\/p>\n<h2>A SWOT analysis example<\/h2>\n<p>Now we\u2019ve gone over an effective, SWOT analysis structure, let\u2019s put it into action. We\u2019ve taken digital data from our intelligence tool to get started.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-84133\" src=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Example-Digital-teardownof-CNN-and-competitive-set-2-scaled.png\" alt=\"Example: Digital Teardown of CNN and competitive set 2\" width=\"2560\" height=\"1343\" srcset=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Example-Digital-teardownof-CNN-and-competitive-set-2-scaled.png 2560w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Example-Digital-teardownof-CNN-and-competitive-set-2-300x157.png 300w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Example-Digital-teardownof-CNN-and-competitive-set-2-1024x537.png 1024w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Example-Digital-teardownof-CNN-and-competitive-set-2-768x403.png 768w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Example-Digital-teardownof-CNN-and-competitive-set-2-1536x806.png 1536w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/Example-Digital-teardownof-CNN-and-competitive-set-2-2048x1075.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p>Using Similarweb data to pit media giant <b>CNN<\/b> against four competitors (<b>FOX News<\/b>, <b>The New York Times<\/b>, <b>Washington Post<\/b>, and <b>USA Today<\/b>) in this SWOT. We\u2019ve outlined our (fictitious) key questions, tasks, and role within the company.<\/p>\n<p>For CNN\u2019s <b>strength<\/b>, we looked at market quadrant analysis. This gives us a look at the competitor landscape to understand strengths when compared to competitors. In this case, CNN had the highest number of monthly visits and <a href=\"https:\/\/www.similarweb.com\/blog\/research\/market-research\/unique-visitors\/\">unique visitors<\/a> (78.4M and 398.9M, on average, per month).<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-84136 size-full\" src=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-SWOT-Analysis-2.png\" alt=\"CNN SWOT Analysis\" width=\"1610\" height=\"886\" srcset=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-SWOT-Analysis-2.png 1610w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-SWOT-Analysis-2-300x165.png 300w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-SWOT-Analysis-2-1024x564.png 1024w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-SWOT-Analysis-2-768x423.png 768w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-SWOT-Analysis-2-1536x845.png 1536w\" sizes=\"(max-width: 1610px) 100vw, 1610px\" \/><\/p>\n<p>This indicates CNN may be a habit for these visitors.<\/p>\n<p>CNN\u2019s weaknesses are in the <a href=\"https:\/\/www.similarweb.com\/blog\/marketing\/seo\/keyword-gap-analysis\/\">keyword gap<\/a> insight. In this shot, we can see that CNN only received 1.7 million out of 13.6 million impressions from these 10 search terms. The terms are focused on sports and politics, which suggests CNN needs to optimize its content in these fields.<\/p>\n<p>CNN\u2019s opportunity is in <a href=\"https:\/\/www.similarweb.com\/blog\/research\/audience-and-brand-building\/demographics-audience-analysis\/\">audience demographics<\/a>. CNN has both the highest overall traffic and the largest share of traffic from <a href=\"https:\/\/www.similarweb.com\/blog\/research\/audience-and-brand-building\/attract-millennial-audiences\/\">millennial audiences<\/a> which is a critical market trend today for advertisers. With this data, CNN can bring in advertisers and ad networks without having to rely on cookie data, a major benefit moving forward in the <a href=\"https:\/\/www.similarweb.com\/blog\/research\/digital-analysis\/cookieless-future\/\">cookieless future<\/a>.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-84137\" src=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-Demographics-2.png\" alt=\"CNN Demographics\" width=\"1566\" height=\"768\" srcset=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-Demographics-2.png 1566w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-Demographics-2-300x147.png 300w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-Demographics-2-1024x502.png 1024w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-Demographics-2-768x377.png 768w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/CNN-Demographics-2-1536x753.png 1536w\" sizes=\"(max-width: 1566px) 100vw, 1566px\" \/><\/p>\n<p>Lastly, CNN\u2019s threat has to do with traffic and engagement. While <a href=\"https:\/\/www.similarweb.com\/website\/cnn.com\/\">CNN\u2019s traffic<\/a> is high, its YoY growth in both monthly visits and unique visitors is behind the NYT and Washington Post. This is most likely because the competitors have gained ground on super popular topics, like COVID-19, the <a href=\"https:\/\/www.similarweb.com\/corp\/reports\/2020-election-postmortem\/\">U.S. presidential elections<\/a>, and more.<\/p>\n<p>So let\u2019s sum up the structure of a SWOT analysis. CNN has identified its strengths, weaknesses, opportunities, and threats based on digital tools and <a href=\"https:\/\/www.similarweb.com\/blog\/research\/market-research\/dddm\/\">data-driven intelligence<\/a>. We\u2019ve also added action items for each category. After all, taking action is a critical step in what makes a good SWOT analysis.<\/p>\n<h2>SWOT analysis template<\/h2>\n<p>We know starting out on your customer journey and business plan can seem a bit overwhelming. Don\u2019t worry, we\u2019ve got you covered. We\u2019ve created some killer templates that will help you make a good SWOT analysis and optimize your planning process.<\/p>\n<p>Our SWOT analysis template provides a systematic approach that any small, medium, or enterprise-size business can use as a solid foundation for its growth strategy and decision-making. Map out your strengths, weaknesses, opportunities, and threats so you can clearly see where you have room for improvement and areas in which you excel.<\/p>\n<p>Plus, with our other do-it-yourself market research templates and planning tools, you can analyze trends, define buyer personas, and track your performance against industry benchmarks.<\/p>\n<div class=\"stepped-form stepped-form--background\">\n  <div class=\"stepped-form__content\">\n      \n<div data-contact-us-hidden-sub-subject=\" \"\ndata-contact-us-should-get-chilipiper=\"false\"\ndata-contact-us-boolean-always-show-phone=\"false\"\ndata-contact-us-i18n-subtitle3_tell_us_more=\" \"\ndata-contact-us=\"split\"\ndata-contact-us-hidden-subject=\"no cu\"\ndata-contact-us-hidden-asset-type=\"Report\"\ndata-contact-us-hidden-campaign-name=\"Market Research Templates\"\ndata-contact-us-hidden-campaign-solution=\"All\"\ndata-contact-us-hidden-campaign-region=\"ALL\"\ndata-contact-us-hidden-form-location-breadcrumbs=\"Form Corp\/Reports\/SWOT Best Practices to Fast-Track Growth\/Content\"\ndata-contact-us-hidden-message=\"I want to download the file\"\ndata-contact-us-hidden-sfcmpid=\"70167000000c3GOAAY\"\ndata-contact-us-hidden-member-status=\"Downloaded\"\ndata-contact-us-hidden-button-caption=\"Download\"\ndata-contact-us-hidden-cta-description=\"null\"\ndata-contact-us-hidden-cta-url=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/06\/SimilarWeb-Market-Research-Templates-JUNE-2021-1.pdf\"\ndata-contact-us-i18n-title=\"Get started with all the market research templates you need to succeed!\"\ndata-contact-us-i18n-submit_button=\"Download\"\ndata-contact-us-i18n-success_title=\"Thanks for downloading!\"\ndata-contact-us-i18n-success_subtitle=\"Sit back, relax, and enjoy!\"\ndata-contact-us-i18n-success_sub_subtitle=\" \"\ndata-corp-form-type=\"split-download\"\ndata-contact-us-file-url=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/06\/SimilarWeb-Market-Research-Templates-JUNE-2021-1.pdf\"\ndata-contact-us-hidden-file-url=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/06\/SimilarWeb-Market-Research-Templates-JUNE-2021-1.pdf\"\n>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n<h2>Stay ahead with SWOT analysis best practices<\/h2>\n<p>A SWOT is a tried and tested tool in any business setting and strategic management setting. With Similarweb\u2019s digital tools, your team can uncover competencies and internal weaknesses and take your company&#8217;s decision-making to an entirely new level.<\/p>\n<p>Want to learn more about SWOT and what Similarweb can provide you with along the way? Check out our latest expert webinar and this great resource outlining SWOT best practices. <b>Digital-first world, here we come!<\/b><\/p>\n<p><a href=\"https:\/\/www.similarweb.com\/corp\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"alignnone wp-image-84117 size-full\" src=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/SWOT-Analysis-Banner.png\" alt=\"Book a demo\" width=\"858\" height=\"218\" srcset=\"https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/SWOT-Analysis-Banner.png 858w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/SWOT-Analysis-Banner-300x76.png 300w, https:\/\/www.similarweb.com\/blog\/wp-content\/uploads\/2021\/07\/SWOT-Analysis-Banner-768x195.png 768w\" sizes=\"(max-width: 858px) 100vw, 858px\" \/><\/a><\/p>\n<p><em>This blog post was written by <span id=\":7c8.co\" class=\"tL8wMe EMoHub\" dir=\"ltr\">Allie Kashkash<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s easy to get drawn in by day-to-day tasks. One meeting follows another and the regular rhythm of work can make it a challenge to see the big picture. There\u2019s a dependable solution to unlock growth opportunities, sharpen your strategy, and make your daily tasks more efficient at driving growth: running company analysis reveals your [&hellip;]<\/p>\n","protected":false},"author":326,"featured_media":84160,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6481,6453,2809],"tags":[],"class_list":["post-84082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-research","category-digital-analysis","category-research"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SWOT Best Practices to Fast-Track Growth | Similarweb<\/title>\n<meta name=\"description\" content=\"What are the SWOT analysis best practices? 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