A SWOT Analysis can be used in various scenarios including establishing your own company’s current position in the market or with a specific client, the position of your client in their market, analysing the position of your own or your client’s competitors or the position of a particular assignment, project, service, people placement or product you are delivering. It can also be used for your own specific work (or personal) situations, meetings, fact-finding exercises, etc., etc.
In addition, a SWOT Analysis can be used to deal with difficult people when you need to find a way forward and develop a sound working relationship.
SWOT Analysis is a technique used to evaluate the Strengths, Weaknesses, Opportunities & Threats of any given situation.
Firstly, you must define the objective of such an analysis before identifying the internal & external factors which are positive & negative in achieving that objective.
You will then need to undertake thorough research in order to produce an effective SWOT Analysis using various sources such as market/industry commentary, Annual Reports & Accounts, brochures, press articles, Google searches/equivalent, current/previous account managers, Account File, correspondence, one-to-one-meetings, etc., etc.
Strengths and Weaknesses usually relate to internal factors which are largely under your control. For example, your company’s quality management system has BSI certification or a project manager is under-performing.
Opportunities and Threats usually relate to external factors such as you receiving an Invitation to Tender or the MD of a competitor plays golf with your client’s MD.
Preparation for Analysis
In addition to research, you’ll need to set up a brainstorming meeting with a mix of key individuals, some of whom will ideally have knowledge of the client and others who are proactive & have a good knowledge of your company’s products & sales propositions, similar client Accounts and the market as a whole. Ideally, at least one of these should be a successful account manager from a ‘model’ account. However, although this will not always be possible/feasible for many SWOT analyses, it highlights the need to include your best people whenever brainstorming.
SWOT Questions to Ask
Please remember that it’s inevitable that some questions are equally relevant across different SWOT areas so there will always be a degree of duplication.
It’s also highly probable that you won’t score very well on your early SWOT analyses. This is quite normal so please don’t worry or despair. Your results will quickly improve which will be vital for your commitment to continuous improvement.
As you review each question it’s imperative that you ask it from all 4 perspectives, allocating a ‘yes, no, maybe or not applicable’ answer for each; so, 4 answers to each question (1 each for strength, weakness, opportunity & threat). Some sample SWOT questions:
Management – client culture documented, understood & accepted by all people having client contact?
Financial – no debtors older than 60 days?
People – employment package v the market?
Client – are any key contacts leaving or changing role?
Client Expectations (of your company) – skills & knowledge transfer to client staff/managers?
Delivery/Performance – if revenue & profit margin targets are realistic, why are they being missed
(poor estimates/quotes/contracts, overruns, delays, rework, etc.)?
Issues – have there been any client complaints? If yes, were they logged/resolved satisfactorily?
Sales – lost orders reviewed?
In the context of SWOT, when qualifying/trying to close sales opportunities, please consider these sample questions under the acronym COSMONAUTS:
Competition – are they currently working for the client or done so previously?
Opportunity – would the contract provide important new client contacts/business knowledge?
Solution – what are the strengths & weaknesses of your solution?
Money – is the client’s budget realistic?
Objective – what is your company’s reason for pursuing this contract? (strategic, tactical, financial, idle
resources, etc.)
Need – what are the business/operational consequences for the client if they don’t go ahead with the
contract?
Authority – who are the influencers & decision-makers?; do you have access to them?
Unique – are any of your USPs in the client’s decision-making criteria?
Timescale – can you realistically complete all the sales bid activities, in addition to what is to be
delivered contractually, in the required timescales?
Size – is the contract too big for your company?
Additional SWOT Questions following a Client Satisfaction Survey
If you already have feedback from a client satisfaction survey it’s a bonus which puts you in a much stronger position regarding your SWOT Analysis. However, if you don’t have such feedback this is not a setback. You’ll just need to initiate your first survey at the most appropriate time.
So, as results from client satisfaction surveys are a crucial component when performing a SWOT Analysis, questions require significant thought and preparation. Ideally, you’ll survey the same areas at least once a year so that you can monitor trends as well as receiving a snapshot of client satisfaction, although it may take a few attempts to refine your questions.
Satisfaction Surveys can also be used to obtain key information on the client’s future needs, appetite for selected sales propositions and where your company stands compared to the competition (survey questions being tailored according to what information has already been gleaned about the client).
Nevertheless, the key areas to receive client feedback for input to SWOT, in the pursuit of continuous improvement, will always be your company’s performance, expertise/skillsets, business/market knowledge and reputation.
Sample questions for client Users:
- value added?(proactive ideas, suggested improvements/small pieces of work free of charge)
- working relationships & teamwork?
- approachable, helpful, co-operative, advice & guidance?
Deliverables
Deliverables come in all shapes and sizes (collectively referred to as ‘solutions’) including
consultancy/advice, studies/reports/reviews, assignments, projects, services, people placements,
products, etc. So, depending on the delivery type, you’ll need to tailor yourquestions including:
- how effective is the ‘solution’ in the working environment?
- how efficient is the ‘solution’ in the working environment?
- is the ‘solution’ easy to use?
Values & Ethos – fairness? openness? integrity?
Account Manager – team player? initiative? drive?
Sample questions for client Managers/Board:
- do your skills, services, people &/or products fit with client organisation?
- do you have a good understanding of client business, structure, culture, working practices & the market they operate in?
- would client consider your company might work in new areas of client organisation &/or provide other services, people or products
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Best Practice Quote 13 of 13:
“only a full & honest SWOT analysis will enable you to improve your chances of winning further sales orders and thwart the competition”
NEXT BLOG: What is Account Management?
A complete set of account management components can be found at accountmanagementgold.com, all of which aim to significantly improve supplier performance and block the competition.
As an introduction to these components, I’m writing a series of blogs which I hope will be of value and appropriate for the type & size of your client, prospect and target organisations:
- What is Account Management?
- Understanding Your Clients
- Values, Ethos & Image
- Supplier Account Manager
- Relationship Management
- Client Contact Management
- Sales Propositions & Opportunities
- Sales Opportunity Qualification
- Balanced Scorecard
- Risk Management
- Account Performance Reviews
- Satisfaction Surveys
- SWOT Analysis (today)
As these blogs will be geared to anyone engaged in developing new business with clients or prospects, and for ease of context, I’ll regard all readers as account managers as everyone has the same endgame, no offence!
I really hope you, your colleagues & business associates find value in these blogs; please let me know either way. Please also get in touch if you think there might be potential for our businesses to collaborate.
ASPIRE’s MISSION
– to enable suppliers to minimise risk in all that they do with particular focus on developing long-term revenue streams
– to increase productivity/profit/margin, client/people networks, trust/integrity, reputation/market standing & morale/pride
Richard Wright
Managing Director
ASPIRE Account Management
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