SWOT analyses have long been used in business to identify the positive and negative areas that need attention. The four areas are:
Strengths - What are you currently doing that is a real advantage. The items that are working well.
Weaknesses - The areas where you are exposed, items that are not going well.
Opportunities - Items that you aren’t currently doing but could be achieved and become a strength. A gap in the market for example or an under-utilised asset.
Threats - What does your competition do better. Any challenges posed by changes in regulations.
A SWOT is a great exercise for a Customer Success department to go through. The process really helps identify the areas that need work or to take more advantage of. Broadly, the Strengths and Weaknesses are internal factors and the Opportunities and Threats are external, although that’s not absolute.
One danger with a SWOT is that you just end up with big lists. A great way to add some structure to this is assigning each item with a weighting, perhaps a score of importance from 1-5.
A basic SWOT for a Customer Success team might look like:
A very useful thing to do with a SWOT is to plot it out into four quadrants. Once you've done that, you can see how the weighting makes a big visual difference opposed to just a list view:
Despite a SWOT analysis being pretty simple to produce, few Customer Success teams currently have one. There are a couple of reasons for this. Firstly, it takes time for the whole team to sit down and go through all of their pro's and con's. It's not just the time it takes to produce the analysis, but also the time needed to act on the items your've identified. Secondly, it can be hard to see some of the factors when you are so close to them, and that includes some issues you don't wont to raise.
However, it is such a useful process you really should set aside an afternoon and go through the exercise.
Receive regular emails and help yourself become a Customer Success expert. You can unsubscribe in one click, and your email will never be used for anything else.