The 7 Minute Mentor

522 - PEST, SWOT, FFS!

October 24, 2018

Hey, what's happening? Welcome to Episode 522 of The 7 Minute Mentor with me, Mark Asquith. Today I'm going to talk about acronyms. I'm going to dispel a couple of acronyms that, honestly, they're not that complex but they are really quite important. But my job here at my own personal brand and with The 7 Minute Mentor is to help you to overcome some of the crap that I didn't have any help overcoming, you know? I had to learn a lot of this stuff for myself. And I want to help you through that. And things like these acronyms, they make you feel a little bit silly if you don't know what they are. I don't want you to feel silly. No one should feel silly in business because we're all in this learning together.

So, my job is to help dispel some myths and give you kind of the walk through of things, okay? And that's what I'm going to do today. I'm going to blow away two specific acronyms PEST and SWOT. That's right, PEST and SWOT. So, we're going to dig into that in just a minute. And it does continue the theme from yesterday and the day before. We talked about smart objectives where we blew away one acronym in marketing. And then yesterday we talked about marketing campaign goals versus overall marketing goals. And today we're going to build upon that, like I said, with these two very important factors that you should talk about in your marketing strategy, but that you might not have ever come across before. So we're going to come to those in just one moment. But look, it's coming up to the end of the week, isn't it? It's coming up to the end of the week.

Now, I'm going to be away next week, so I'm going to be doing my free coaching next week from a very, very special place. I am going to be doing my free coaching from Harvard University because I'm speaking at Harvard University. That's right. I've got a speaking gig over at Harvard to talk about audio and podcasting. And it's going to be fantastic. It's a true honour. I didn't plan on traveling at all again this year and then this opportunity came up, and how do you say no to Harvard? So, I'm going to be out there next week doing my free coaching just like this week on Friday. It's going to be 4pm UK, 11am Eastern, 8am Pacific. And I'm going to be live giving you my very, very best for 30 minutes. So, please come along to the session and just let me help you to define, challenge, and conquer the biggest issues that you're having in your business, okay? You can do that at excellence-expected.com/freecoaching.

Also, just a quick reminder, the team at AWeber are still giving you that 90 day free trial. Now, AWeber have got some wonderful initiatives going on at the moment. I've been very, very lucky to speak to those guys over the last few weeks about some amazing developments that they've got. I've been very lucky to get some early access to certain pieces of that development that are certainly going to help us and that are certainly going to help you. Now, what I want you to do is just consider this. How do you get people to know, like, and trust you? The only way to do that is to create very regular, very regular and consistent communications, touch points, ways of interacting with your audience. And email is the finest way to do that. It's amongst one of the highest performing marketing tactics, marketing channels that you can use. And it is still doing so very well for everyone. And if it's not doing well for you, then there's something wrong. And I want you to go and get started with AWeber to try and fix that, all right? Go and get your 90 day free trial at excellence-expected.com/aweber.

Acronym city, PEST, SWOT. There are so many of these acronyms that knock about in marketing and start up and founder circles. It's so bloody annoying, isn't it? Because if you don't what they mean and someone dumps one on you in a conversation, you're just like, "Well ..." you know? You've either got to admit that you don't know what it means, or you've kind of got to bluff it. And either way, you just feel like you've not got it going on. It's an awful feeling. So, what do PEST and SWOT mean? Are they still relevant? And why should you care? Well, look, a strategy, we're going to talk what a marketing campaign strategy is tomorrow, versus an actual marketing campaign itself. And one integral component of a marketing strategy is to analyze the landscape, okay? It's to analyze the landscape of your industry, analyze the landscape of basically what is going on in your world. And that is what these two exercises, these two acronyms, PEST and SWOT, allow you to do. You see, one is a tool set. One is a process for analyzing you internally, analyzing your internal structures. And one is an opportunity just to check and analyze external factors that may affect you.

Now, PEST, P-E-S-T is an external facing analysis that stands for basically running analysis on the political landscape in your industry, the economic landscape in your industry, the social landscape. And sometimes that's known as socioeconomic as well, but typically social. And then technological, technological analysis of your landscape. So, you can analyze these four sectors.

And SWOT, that's an internal analysis. Strengths of your organization, weaknesses of your organization, opportunities that you have, and threats to your organization. Now, your marketing strategy and your business strategy should include these two analyses. It should do. It sounds boring. It sounds really kind of dull and old school, but you should include them.

So, political. Let's talk about external factors. Political things, like in England we've got Brexit. We are leaving the European Union and that can affect us in so many ways. The pound is going to drop. That's the way it works. It has dropped. Staff are going to be harder to find. Economical, well, like I said, the pound is going to drop. What's the property market like? What's inflation like? Social? What are people's buying habits? How are they feeling because of Brexit? How are they feeling because of it? Technological, okay, AI is becoming a thing. Smart homes are becoming a thing. Echos and smart speakers are becoming a thing. How does that affect us?

And then internally, strengths. Okay, what are we great at? Weaknesses. Where do we need improvement? Opportunities? What do we do that no one else does and what has the industry presented us with that we have an opportunity to do well in? And then threats, what are the threats on the horizon for us? Competitors, threats to the industry, threats to the spiraling costs of certain things. By putting these analyses together, not only do you form a really strong business outlook, but you actually also start to look at things like, "Okay, how do I structure my campaigns?" If we've got a weakness that is perceived by the market, we have to create a marketing campaign to overcome that weakness. Remember when Starbucks had that problem with racial inequality and basically racism in their stores? One of their marketing campaigns literally the day after was, "We have shut our entire stores." Be under no illusion, this was marketing. There was a PR crisis team there. They implemented a marketing campaign based on a perceived weakness, and that's what they did. In my opinion, they didn't do a very good job, but they still tried it, okay?

So, PEST. Political, economical, social, technological analysis of the external landscape in your industry. And then strengths, weaknesses, opportunities, and threats, the SWOT analysis. Do them. Let me know if you need a hand because I'm here to help. I'll see you tomorrow guys. And never forget, the more you expect of yourself, the more you will excel.