How to Use SWOT Matrix to Formulate Strategy For Internet Business Part 1

SWOT Matrix is a template that helps you to formulate strategy for many business situation. As a continuation to my earlier published article, you can study a real life example how to use it for an Internet Business.

In the previous article, you have read how to use the SWOT Analysis Template to identify the Strengths, Weaknesses, Opportunities and Threats. You can click SWOT Factors to review the full list. With the long list, your task is to reduce them to 2-3 items per factor. You may be wondering why only limit to 2-3 items? You will get to know it in my next article on SWOT Matrix Part 2. Meanwhile, let's work on this number first. Shell we?

To be realistic, it will be very lengthy for me to do a complete SWOT Analysis in this article but a summary of it as an example will suffice for now.

As you may know, there are several strategies to start an Internet Business. Here, let's consider "Traffic" is one of them. One of the ways to drive trafficWeb traffic is the amount of data sent and received by visitors to a web site. It is a large portion of Internet traffic. This is determined by the number of visitors and the number of pages they visit. is to be ranked high in google page#1. In order to rank high in google page#1, you ought to compete with my competitors already ranked high. You need to know your Strengths and Weaknesses as compared with those competitors. Unfortunately, I have limited information about them.

To illustrate how to narrow down the list, you pick 2-4 websites highly ranked as your competitors for comparisons. What you do is to create a STRENGTHS Matrix to list all your 8-9 Strengths factors indentified earlier. Then indicate the level of Strengths in comparison with the competitors. You rate yourself high if you are better than the competitors and vice versa. After you have completed the rating, you take the top 2-3 items that are "worst off" and keep the list. Say, you have identified the 2 "worst-off" Strengths as below:-

1. Advanced user of computer
2. Some knowledge in website / webpage design

Use the same matrix to do the same for Weaknesses factors

The next step is use an OpportunityA business opportunity , or bizopp , involves the sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business. The licensor or seller of a business opportunity usually declares that it will secure or assist the buyer in finding a suitable location or provide the product to the purchaser-licensee. This is different from the sale of an independent business, in which there is no continued relationship required by the seller. Multi-level marketing is often presented as a business opportunity, such as the phrase, "Let me tell you about an incredible ground-level business opportunity. Matrix to narrow down the list for Opportunities factors. Similarly, you list all the Opportunities factors into the matrix and evaluate the probability of occurrence and its impact to you (to start an Internet Business), and multiply the two to get a score. Do that for whole list. At the end, you should have a list of scores for the list. Now do a ranking with 1 for highest score and so on. Next pick 2-3 items that ranked 1 to 3 and keep it. Example:

OPPORTUNITIES:

1. Government provide incentives for IT investment
2. WIFI or internet access is available everywhere

Next use the same matrix to do the same for THREATS factors

Once you have completed the four steps procedure to narrow down a long list of SWOT factors. You are ready to input them into a SWOT Matrix to formulate your strategy. Read full articleArticle marketing is a type of advertising in which businesses write short articles related to their respective industry. These articles are made available for distribution and publication in the marketplace. Each article contains a bio box and byline that include references and contact information for the author's business. Well-written content articles released for free distribution have the potential of increasing the authoring business' credibility within its market as well as attracting new clients. of SWOT Matrix with graphic illustration. Look out for how to "Use SWOT Matrix to formulate strategy for you InternetA global network linking millions of computers for communications purposes. The Internet was developed in 1969 for the U.S. military and gradually grew to include educational and research institutions. In the last five years, connections to, and use of, the Internet have mushroomed, primarily due to the popularity of the Web and email. BusinessThe production/distribution of goods or services for profit. Such activity can be carried out by an individual, a family, a partnership, or an incorporated company. (Part 2)" in the next issue.

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