Why I Use a SWET Analysis for Competitive Research
Beyond SWOT
We all know the classic SWOT analysis: Strengths, Weaknesses, Opportunities, and Threats. It’s a great tool for strategic planning, but when it comes to understanding the competition, I find a slightly different approach that is even more insightful: The SWET Analysis.
SWET stands for:
- Strengths: This remains the same as in a SWOT analysis. What are the competitor’s core advantages?
- Weaknesses: Another familiar category. What are their vulnerabilities?
- Everything They Do: This is where SWET is different from SWOT. A deep dive into the competitor’s entire strategy and operations. What are their marketing channels? How do they price their products? What kind of customer service do they offer? The more comprehensive your understanding of their “everything,” the better.
- Turn Things Around: This final piece is where things get really interesting. By analyzing the competitor’s strengths, weaknesses, and overall strategy, we can identify opportunities to turn things around for ourselves. How can we leverage their weaknesses to our advantage? Can we learn from their strengths and improve our own offerings?
Why SWET?
The SWET analysis encourages a more holistic view of the competitive landscape. By going beyond just strengths and weaknesses, we gain a richer understanding of how the competitor operates, allowing us to develop more targeted and effective strategies.
Here are some additional benefits of using a SWET analysis:
- Uncovers Hidden Opportunities: A deep dive into “everything they do” can reveal hidden opportunities you might miss with a traditional SWOT analysis.
- Sparks Creativity: By analyzing how a competitor approaches a situation, you can use that knowledge to brainstorm new and innovative ideas for your own business.
- Identifies Future Threats: A comprehensive understanding of the competitor’s strategy can help you anticipate their future moves and prepare accordingly.
So, next time you’re researching the competition, give SWET analysis a try. It might just give you the edge you need to succeed.
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