SWOT analysis blockchain
For any startup, as well as any new product that is about to be launched, it is useful if not essential to prepare a SWOT analysis. This is equally true for anyone from the blockchain technology sector that sets out on a new endeavour, to understand what the lay of the land looks like that you’re about to get involved in. We provide a SWAT analysis as part of our Integrated Marketing & Communication Strategy.
So let’s look at a meaning of SWOT analysis and what it stands for. It is normally presented as follows:
What are the strengths that the product or service brings to the market. Alternatively, what makes a company stand out from the competition. This can be compared to your Unique Selling Points (USPs). Using these Strengths are key to successfully break into a market.
Weaknesses prevent a product/service/company from top performance. Those weaknesses can (and should) be improved upon though, to ensure competitiveness.
Opportunities describe external factors that give the product/service/company certain types of advantages. An existing partnership with a retailer could be an opportunity for a manufacturing company.
Threats have the potential to harm the product/service/company and its success. A copycat bringing a similar product to market, an import ban by an important market on your product, increasing production costs. All of those examples are described as Threats.
Projects related to the blockchain technology or distributed ledger have a particular set of challenges and characteristics which should be considered while completing a SWOT analysis.
If you require assistance preparing a SWOT analysis for your project, please let us know and we’ll see how we can help.