Today we look at the first step in our Performance Measurement Toolkit, a framework created by the team at Conduit to help clients successfully bridge the communication gap between marketers and IT teams when developing strategic Information Systems and Business Intelligence (BI) solutions.
The SWOT Analysis
Each and every CRM project starts by establishing a scope and key marketing objectives. Performance measurement and the development of an effective data dashboard is no exception. Therefore Step 1 of our Toolkit is all about understanding the frame of reference and priorities for your performance measurement initiative.
The aim of the SWOT is to help you identify and explore key strategic themes that you want to measure the performance of.
Most of you will be familiar with the SWOT analysis template, but it’s worth remembering few basic facts before we start:
- Strengths & Weaknesses are Internal Factors that we can control.
- Opportunities & Threats are External Factors that we cannot control but we can impact.
TIP: Use data and ask meaningful questions to populate your SWOT template. Don’t just list factors, analyse them!
Financial data, customer feedback, employees surveys, output data from processes and/or information about resources and capabilities should be used to analyse those internal factors.
For external factors try to get secondary data that has relevance and impact to your specific industry (e.g. competitor analysis, external market research and surveys, specific customer research, usability reports etc).
What you are aiming for:
You are aiming to populate the SWOT template with attributes (factors) that will be used to develop your strategic themes (key areas of focus). Many of you will have strategic themes and objectives already set by your department or organisation; in this instance use the SWOT to explore these and crystallise your thinking. It will pay off dividends later on in the process.
To identify strategic themes you can mix and match Strength with Weakness (off-set a weakness through a corporate strength) or Strength with Opportunities (use a strength to invest or capitalise on new or existing opportunities).
Coming up next issue…
Make sure you put your SWOT work somewhere safe. Next issue we will continue to flesh out your strategic themes and objectives with the Situation Analysis Canvas.