Advertising agencies thrive when their content is effective in reaching millions of people and their messages are properly delivered. However, they must maintain their stature in the business and strive to improve more. They must know the gap that is present between their current situation and their objectives in the future. This is also a way for them to know on how to improve their future content and strategies.
A SWOT analysis can help in bridging this gap. SWOT stands for strengths, weaknesses, opportunities, and threats. This kind of analysis is helpful for advertising agencies in determining these gaps. The SWOT analysis can help in changing some processes and strategies that have been used for a long time.
The SWOT analysis is a widely used technique in advertising. The gaps in the operation processes in the advertising agency are not seen without using this analysis. You may also see blank SWOT analysis templates.
Here’s how to use the technique in line with the advertising industry:
For advertising agencies, their strengths include their good track record and relationship with their partners. A team of creatives making good content and effective marketing can also be considered as a strength. A good relationship with the customers is also a big strength, since they are the one bringing in money to the agency. List down other factors that contribute to the strength of the business.
Other things which can be considered as strength in your advertising agency are the clients that you currently have and the low debt that you have incurred while building your business. The lower the debt, the more money you can use for the operations of the advertising agency.
The weaknesses are the factors that can prevent you from achieving your goals for the business. The boundaries to success are created with the lingering weaknesses that you have. One example of an advertising agency’s weakness is the competition with other businesses. Do an analysis on the competition and where you stand in the industry. Find out which area your competitors excel in. You may also see free SWOT analysis templates.
A lack of marketing expertise is also considered a weakness in the business. Marketing is an important driving force for advertising agencies to succeed. Break down all the things that could hinder the business from prospering and see what you can do about it. You may also see business SWOT analysis templates.
In an advertising agency, opportunities arise out of nowhere and it must be grabbed before it is gone. The advertising agency has no control over this phenomenon.They should take advantage of the opportunities that can be found outside of their simple business. The internet is one example of an opportunity for ad agencies.
It has the power to reach many people with just a few clicks, as long as you have a stable connection. These opportunities create a ripple of another opportunities that can help the business get into the right footing. Every opportunity must be seized for the business to prosper. List down other opportunities for you to succeed in the business. You may also see sample healthcare SWOT analysis.
The threats in the business are also external factors that cannot be controlled by the company. One of the biggest and most common examples is competition with other companies. Competition is always there. However, it is a different story when competitors do the same thing as you do. To combat this, think of a unique edge that you can use and implement it in your marketing strategies.
Advertising has evolved over time. It only has two main goals and these are promoting the product and getting the message communicated effectively to the people. You may also see restaurant SWOT analysis.
Now here’s how advertising goes in different mediums:
Television advertising is one of the most common ways of advertising a product for several years now. The use and combination of sound, visual effects, and moving pictures create a stunning and catchy effect to the viewers. Slogans are made so the product has its own identity when it comes to branding. It targets a broad range of audiences and is now facing challenges such as the emergence of online advertising. In television advertising, a 30-second to 1-minute advertising costs a lot. It includes the cost in production and paying for airtime. You may also see employee SWOT analysis templates.
Radio advertising only uses audio and smart choices of words to properly promote the product and communicate the message. The thing with radio is it can reach audiences in far-flung areas that cannot be reached by television signals. However, it is only limited to an audio-only advertising. An ad without visual support is deemed ineffective. Advertising via radio also offers little opportunities to track responses from the public. You may also see marketing SWOT analysis templates.
Advertising in print publications can be in color or in black and white. Advertisers have to pay newspaper companies for a space to have their ads placed in the daily issue. Negotiations can be done for the payment fee. A graphic designer is hired to make the design for the print ad and send it to the papers. High-quality and full color imagery advertising is also practiced when you plan to advertise in magazines. Slogans are still used all the same, along with one image that can tell the message in one go.
The clearest manifestation of this kind of advertising are the large pictures that you see being posted on an elevated place in a high traffic area. Billboards are commonly seen among avenues where many cars pass by. The billboard ad should be attractive and stunning enough to catch the attention of the passers by. Large billboards are usually for outdoor use while the smaller billboards are used in airports, terminals, and other hubs where there are a lot of people coming and going. You may also see manager SWOT analysis templates.
Signage advertising are also seen in plane banners, mobile billboards that are attached on vehicles, plastic bags, and printed advertisements attached in grocery carts. It is also being done through sky writing, where planes hover the sky and use special chemicals to write the words in the air. You may also see professional SWOT analysis.
The internet is a rapidly growing outlet for advertising. Advertisers have been taking advantage of this breakthrough. Advertising on the internet has three options. It can be done through email, social media and website advertising. In email advertising, advertisement is delivered as you send an email to the client. This is a lower cost of internet advertising compared to the other two.
In social media advertising, the content is published in social media outlets such as Facebook, Twitter and Instagram. Placement options are also being attached in the advertisement. When you advertise through a website, the content can be executed through text, image, multimedia and interactive medium. The sizes of each ad are measured in pixels. Website advertising is the most expensive medium of internet advertising.
In a sponsorship advertising, advertisers pay a certain amount of money for their products to be featured in events and trade fairs. Their products are mentioned during spiels and there is a booth available where audiences can give the product a try. Sponsorship advertising aims to target a specific kind of audience. It creates an opportunity for them to tie in direct response from the audiences. You may also see personal SWOT analysis.
Advertising is also done in mobile devices. The ads are embedded in the applications that run on devices such as smartphones and tablets. Mobile advertising can be executed when the user logs in to the internet in his device and the advertisement pops up. It is one of the fastest ways of advertising since more people can afford smartphones.
Product placement is done when a company pays for a certain amount of screen time to be shown on screen. It is usually done in a television series and in movies. A character uses the product on screen and it should be as visible as possible. The product name is also spoken by the actor in his speech during his screen time. You may also see retail SWOT analysis.
Advertising on brochures, pamphlets, rack cards, and flyers are being done by companies due to its quick message relay and lower costs. Printed advertisements are also inserted in credit card bills to make a call to action with their customers. It is also imprinted in retail receipts to catch attention.
Advertising agencies thrive with good content and marketing skills. While there are lapses that can be observed by making the analysis, it is more important to bridge these gaps so productivity can be maximized. A change in the operations and shift in production processes will surely happen, but it is only recommended for the company’s growth and survival in this competitive industry. You can also read internal audit SWOT analysis.