Here in this article we are going to talk about advantages, disadvantages, strength, weaknesses, and related opportunities and threats of ad agencies. Ad agency is a company or a business whose business is to market apps for other business or company or organisation. It undertakes market research on behalf of its client and manages all aspects of clients advertising.
Top aso companies in Bangalore are at the top because they understand the importance of SWOT analysis and they conduct it time to time to stay at the top with top services and expert solutions.These app store optimisation agencies is probably best in their services because they keep themselves in a situation where they don’t think very high of them and continuously make efforts to point out mistakes and solve that at time without being disturbed. If you are also going to establish an aso services company or already in operation then it would be better to take a glance over given details.
SWOT for aso companies
Whenever you do SWOT analysis on your ad agency you have to focus on all 4 categories. This not only helps in business growth and development or pointing out mistakes and fixing but also for presenting it to your creditors or clients. SWOT analysis is not only done by organisations but also preferred for human beings to conduct as it is the method of purifying the soul of organisation as well as human being it helps throwing negatives and taking positives in. It helps enterprise to grow better and more focused than it was previosly.
Strength
While doing SWOT analysis first point comes here strength which means you have to notice all the positive and strong points about your organisation. It includes your experience in the field, no. of clients served, expertise, professionalism, cooperating partners etc. whatever which looks worth to count comes under this (that contributes to your organisation making it more powerful) category. Your list of dealing with current clients includes in this group. Capital not borrowed or borrowed from different sources but a very small share also contributes to this sector. In this way note down all the positive aspects related to your organisation. Strength undertakes top level employees with you, your position top in industry, your grooming brand name, best and complex marketing strategies and implementation, management of brand, customers loyalty etc. it’s all about internal characteristics of the organisation that gives advantage over the competition.
Weakness
It’s hard but important no one, rarely people admit to have any weakness but they have, same thing applies to the organisation to overcome your weakness you first have to count them. Weakness related to organisation should be noted it includes many things such as lack of clients, low marketing projects, low popularity, more than 50% investment done in your business by borrowed money, lack of partner, weak brand name, no self esteem, executive management staff, high termination of your employees, cost structure, no expertise or no professional in any field or any specific, no enough working capital, no proper website, no customer or followers on social media all comes under this category. These points are crucial to notify as to see the reason behind this problem and solve it from root. This is obviously not pleasant but enough to show you in which areas you need to exercise or improve your operations. Like not having a graphic designer under an ad agency is really a point to be noted as weakness as without him how are you supposed to do marvellous creations. Lack of promotional tools and staff is also weakness. It’s all internal liabilities or responsibilities that need to be solved as soon as possible. It could be anything which loses confidence of your enterprise.
Opportunities
Opportunities sounds really very positive and energetic same attitude should be applied while looking for opportunities in the market. Possibilities to grow your organisation, way to accomplish goals and set targets, new promotional tools to enhance the visibility of company, establishing brand value, ways to beat competition and all comes under the category of opportunities. So you have to write down all foresee possibilities that can enhance your business. Look for collaboration if needed with well reputed company or cooperation. Examine all the possibilities for your agency. Examine well whether growth prospects emerge from any market segmentation. Look for all the developmental criteria for upcoming 5years. What possible other things can come under opportunities for ad agencies when you check-?
Online market or digitization of the market, new product launch, new technology or updated technology, new products and services, new market areas or segmentation discovery, international expansion.
Threats
See anything which looks like danger to your organisation all comes under the group of threats. Threats really can never be overlooked nor stopped. Threats are just immortal. You can’t say that your firm don’t see any danger. As a responsible owner you have to keep your eyes wide open and your ears well to properly do market scanning. Market scanning is the process through which you come to know changes happening in the market or about to. Any type of changes can happen in the market like political, economical, marketing, competitive, natural, or any type. Threats can come from any direction what you can do is to estimate what changes are likely to appear and what changes you do to adapt it and secure it with converting it into a full or half opportunity. Competency is a big threat and as new entrants come to share your customer and profits. Budgets also are major responsibilities shrinking budgets represents your threats. So writing down your threats under threats column and properly analyzing the same.
Process to do SWOT analysis
5important steps and the SWOT analysis report are ready.
- Draw a table with 4 squares for strength, weakness, opportunity and threats
- Left side of the table is dedicated to internal environment that depicts your organisational environment which is controllable whereas right side of the table is dedicated to external environment that depicts outside market environment which is just not controllable.
- Mention upper left square as strength, upper right square as weakness, lower left square as opportunities, lower right square as threats
- Now mention all the strength, weakness, opportunity and threats that you have got for your organisation. Just fill all the boxes.
- In the fifth process all you have to do is to search for solutions.
Advantages of SWOT
It needs not to appoint a person expertise at it, actually this can be easily performed by anyone who is connected to organisation and know about SWOT analysis. No external consultant or business advisor is required to analyse your business you are enough to do that if you know everything about your organisation.
- You understand your business in a much better way.
- It counts your weakness that’s great because it would be not good to listen your weaknesses from other’s mouth
- It scans all possible threats on time which you can deeply analyse and seriously do something to avoid upcoming danger situation of your ad agency.
- Opportunities calculation, evaluation and application. It gives you uncountable opportunities which you can exercise for growth, development and expansion of your ad agency.
- It strengthens your goal 2times better and set your new objectives and reason for existence.
Whatever you say we all know that SWOT analysis is not waste of time in any terms. It just keeps you going and contributes towards being best whatever situations come.
Disadvantages of SWOT
Really, I don’t think there is any issue with it but somewhere it’s said that it posses disadvantages too and in that situation I count more positives of SWOT analysis over its negatives. SWOT analyses are done in two steps 1. Business planning then after deep analysing which takes time and needed professionalism i.e. research work and analysis or evaluation properly to take decisions. It consist only 4topics or you can say is concerned with only 4categories that is strength, weakness, opportunity, threats.
- It doesn’t prioritize issues what concerns really it don’t point out.
- Doesn’t provide any kind of solutions or any firm decision or offer alternative decisions
- Can really generate many ideas but sincerely not help in choosing which one is the best
- It produces lots of information but not useful or material.
How to overcome weaknesses?
Challenges should be accepted and timely actions should be taken before it’s late. It is said that precaution is better than cure so it’s correct. Analyzing your weaknesses related to different areas and sitting idly won’t solve your problem you seriously have to get up and do required changes. Main issue is to get proper identity on time with brand awareness.
- Agency brand differentiation
Every issue starts with low capital and no experts, if you don’t have required no. of professionals with you and amount then how you even suppose to be successful. You have to utilise your all money wisely and invest at only required places. First you have to appoint right professionals who are extremely excellent at their fields then after you have to create a brand value of your firm in the market to grab some clients. Brand should be created in a way that distinguishes you in a certain way from others that attracts attention of potential customers. Competition is too tough now that separate identity creation has become priority. They seek to trust brand awareness on the basis of awards, latest campaigns. Differentiation is the only way now to exist in the market.
- Focus on brand
Apply whatever you advice to your clients. Establishing a good communication is necessary to keep in touch with clients and further interested customers like public relations, digital, social networking sites. Integrated communications should be there as to remove confusions and show services and offers. Don’t stop promotional activity thinking it’s enough for us. Yes, waste and futile promotions should be stopped but you have to keep your brand focused and every second time a new tactic or idea enthusiastic one should be applied to connect to customers. Budget for brands awareness should be increased nor reduced.
- Actions on time
low marketing projects, low popularity, more than 50% investment done in your business by borrowed money, lack of partner, no self esteem,, high termination of your employees, no expertise or no professional in any field or any specific, no enough working capital, no proper website, no customer or followers on social media these all comes under weakness so what are you going to solve it is the main questions. You have too deeply analysed the root of the problem and have to go deep in order to get better results. Evaluate one by one and strict actions should be taken on time to overcome these weaknesses.