How to create a SWOT Analysis?

In order to create a SWOT analysis, you must define the problem that you are trying to solve or the idea that you want to validate.

Please note that this hypothesis could relate to an existing feature, product, service or experience and could pertain to an entirely new creation or an addition to an existing creation.

SWOT analyses are intended to help you gather an in depth understanding of the strengths, weaknesses, opportunities and threats of your business and that of your competitors, with a focus on how a cohort is serviced or taken care of.

This cohort could also be seen as a collective within your target audience, which must be defined in order to make sure you gather the right people.

Using Google or another search method like ChatGPT, make a list of 5+ competitors that offer features, products, services or experiences similar to the ones that you are pursuing.

For each competitor identified in Step Three, identify their Strengths, Weaknesses, Opportunities and Threats.

Consult the link below to learn about the questions that you could ask yourself when attempting to asses Strengths, Weaknesses, Opportunities and Threats.

Please note that you may wish to mix this SWOT analysis with a competitor analysis.

Create a matrix or diagram that compares the company profiles across the 4 SWOT categories: Strengths, Weaknesses, Opportunities and Threats.

Once you have a created the matrix or diagram, evaluate the market to see where you can improve your product, service or experience or where you can create something new that brings value to your target audience.

Additionally, we recommend that you consult our Methods for Synthesizing User Research article linked below to learn about design thinking products that could come out of the research that you have conducted.

These products are created using popular design research methodologies which are intended to help you and your organization innovate effectively.

When carrying out a SWOT analysis, it is important to note that they are neither a start nor an end.

They should serve as an evaluation of what your competitors are doing and how they are performing. They can help you inform yourself or your company of where you could create or refine your product, service, experience or hypothesis as you progress.

They are also capable of demonstrating that you should not pursue a feature or a product, service or experience - and that's OK.

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