With the widespread crisis and marketplace uncertainty, SWOT analysis would be businesses’ best bet to determine their strengths and relevant market opportunities.
For a brand to keep up and move forward in times of economic downturn, one of the best
fundamental approaches would be to realize where it stands currently. Business leaders
need to understand what their company does and does not do, and that awareness is
mandatory for creating a sustainable and long-term business strategy. Hence, conducting a
SWOT (strengths, weaknesses, opportunities, and threats) analysis needs to be prioritized to gain market clarity.
Market risks may surface due to the increasing competition and ongoing environmental
factors – hindering business production. As a result, this old school standard can turn out to be an organization’s robust tool for survival during a pandemic situation. In this modern era, bigger companies across all industries still implement this technique – to assess their positive attributes, qualities they need to improve, peers’ advantages, and possible pipelines.
SWOT Analysis during COVID-19 Pandemic
A SWOT analysis during an unknown crisis situation can be tricky. However, without it, a
business may function unsighted – wasting resources, time, and operating in the wrong
direction. With the beginning of the pandemic, most organizations had to rethink their
strategies due to uncontrollable internal and external factors. For instance, industries like
travel and tourism, hospitality, entertainment, etc. were forced to implement new ways to
Having an understanding of all the business aspects can help marketers identify their
current state – with potential opportunities as well as threats. The crisis management
approach, like crisis SWOT (cSWOT), is necessary to ensure excellent decision-making
competence. As per experts, businesses primarily should focus on the distinct business
scorecard categories like customers, employees, revenue, and processes. It boosts the
overall functionalities, ensuring a brand to emerge as a stronger unit in the end. Besides,
cSWOT can augment a brand’s visibility with the right allocation of budget, resources, and effort.