Mar 6, 2023
Show Notes
They say success is 80% mindset, but what happens when
factors outside of your control (in this episode we will talk
specifically about competition) leave you feeling defeated?
How can you get your mindset back to good? In this episode, I’m
going to talk you through how performing a SWOT Test on your brand
and business can help you reframe your mindset and leverage
competition to improve your business.
SWOT stands for Strengths, Weaknesses, Opportunities,
and Threats. Doing this exercise will really help you brainstorm a
bigger picture and overview of what is really going on in your
business and where to focus your efforts.
Competition isn’t a Bad Thing
-
Forces you to stay fresh in your
business -
Brings more visibility to your
shop and can actually funnel customers right to you -
Gives you a chance to focus on
what you do well and what makes you and your brand unique (your
strengths) and improve upon the things you don’t do so well (your
weaknesses)
Getting Your Mindset Right
1. Ask yourself these questions when performing a SWOT
Test on your business.
-
Strengths – What is your unique
selling point? What do you do better than anyone else? What do your
customers love about your shop that is unique to you? What does
your community say you are the “go-to” for? Focus specifically on
the strengths of your brand. -
Weaknesses – What are some things
you struggle with? Where are the gaps in your skillset? What things
might hinder your success? Where can you spend time ensuring your
brand is strong and well-known? Are there aspects of your business
where you are just “winging it?” -
Opportunities – What external
factors can help your business grow? What changes would your
customers like to see? What additional revenue streams can be
added? What emerging technology can you leverage? -
Threats – What external factors
can harm our business? Are there economic or social issues that can
harm your business? What other risks/challenges do you face? When
you assess threats, be sure to evaluate the truth in the things you
are telling yourself.
2. Perform the SWOT Test on your competitor’s
business.
Doing this will help you focus on reality versus the
reality you’ve created in your mind. Don’t dwell on this step – it
is meant just to give you a clear picture of what is actually
happening.
3. Make changes to your business based on the results
of the test you performed on YOUR business.
Push the gas on your strengths. Find a way to level up
your weaknesses. Remember that by focusing on your weaknesses they
become strengths. What opportunities did you identify that you can
seize? How can you leverage your marketing plan, your community,
and branding so that your competition feels like less of a threat?
Focus specifically on the things YOU have control over.
If you are looking for additional support and someone
to bounce ideas off of, my Retailers’ Inner Circle is a great
resource. Not only will you have access to me and the bright minds
of over 100 fellow creative retailers, but you will also have
access to my signature course, Retail Made Simple, and countless
masterclasses that will help you level up every aspect of your
retail business.
Full show notes here https://wendybatten.com/147-2/
