Understanding Keyword Variations & Latent Semantic Indexing (LSI)

While working on your business plan, a school project, or if you’re generally looking into marketing buzzwords, you’d find that a SWOT analysis is widely acclaimed. Let us explain why. By definition, a swot analysis is a comprehensive external and internal evaluation of a company’s strengths, weaknesses, opportunities, and threats.  Keep in mind that this is quite the traditional approach. This tool is meant to analyze company strengths and weaknesses as well as current and possible marketing actions to determine which opportunities it can best pursue. 

The Traditional SWOT Analysis - A Marketing Staple

Most marketers and businesses have used this as a tool to analyze their current and prospective markets to find attractive opportunities. But with opportunities, come threats. The only drawback of this framework is that it doesn’t factor in the dynamic nature of the business world. But we’ll get to that in a hot minute. The traditional framework though, to its merit, does allow for a thorough study of your business and is a fantastic place to start.

Above, the traditional framework considers a company’s strengths, weaknesses, opportunities, and threats. Pretty linear stuff.

Problems With The Traditional SWOT Analysis

• It Does Not Consider Cognitive Biases

This strategic analysis leaves room for social bias, memory bias, probability bias, decision bias, to name a few. The forward-viewing parts of the framework; such as the opportunities and threats can be met with unverified claims and subjective social hierarchies. 

• You Need More Data To Back It Up

Most SWOT analyses are not conducted with a reliable collection of data from intelligence gathering about the world on hand. With SWOT, business owners are essentially trying to anticipate the future (risks and opportunities) and what they can do to ensure financial benefit. This is in turn based on the competitive landscape (vis-à-vis strengths and weaknesses) which is based on their impression of the company. This can be a bit...unidirectional. The business landscape is dynamic and future trends, disruptive tech, and competitor profiles are what can help you navigate through today’s cut-throat landscape.

• It Does Not Take Internal Politics Into Consideration

SWOT analysis is usually done within an organization and involves a fair bit of self-criticism. You’re forced to point out openly what you like and dislike about your own business. People put in this position are more likely to self-censor and riddle their analysis with inaccurate information

Reimagining SWOT for a Dynamic EcoSystem

Diagram of new SWOT courtesy of Harvard Business Review:

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The business world is dynamic and smaller players end up giving larger firms a run for their money. Case & Point: GymShark. Started by a lad in the UK who ran inventory in his bedroom, this underdog fitness apparel brand is now worth a billion dollars and holds a significant market share. GymShark poses stiff competition to household brands like Nike, Adidas, Puma, and similar big-league brands. This proves that other’s weaknesses and strengths can affect your SWOTs. Meaning, in some cases, large corporations’ strengths can be opportunities for smaller businesses. Nike’s large brand name and major market share drove independent brands to center stage, owing to multiple internet trends, sustainability issues, and sweatshop manufacturing rumors.

When Determining Strengths

Strengths encompass internal aptitudes, resources, and positive work environments. These determinants ideally help the company serve its consumers and achieve its quarterly/annual goals.

If you own a boutique, consider what would happen if local brick and mortar businesses shut down due to unavoidable circumstances (Like good ol’ COVID-19) and where your store would stand in the e-commerce space? Or if you’re looking into your personal brand, state how your unique sense of humor would make your content stand out on the infinite, content-jammed feeds of Instagram. No matter what field you’re in, question your strengths enough to anticipate your weaknesses.

When Determining Weaknesses

Weaknesses include internal limitations and negative situational factors that may interfere with the company’s performance. Factors such as a hiring deficit, poor employee retention, questionable manufacturing practices, etc. The idea here is to figure out what you’re dealing with. Knowing your company’s weaknesses allows your public relations and marketing departments to anticipate any positive or negative developments that come to light.

So, how do you accurately define what your brand’s weaknesses are? There are two important considerations:

• Get in the shoes of a weary buyer. If you were a customer, what would deter you from buying this product? Would you avoid engaging with this business because of their values? What would make you abandon your website’s checkout page?
• What is it like to work for you? Step out of your authority and look at the inside, out. What do you think could hinder your employees’ ability to get the job done? Is there anything at the office that needs fixing? What can you do to boost morale and improve your output?
• What areas are you least profitable? Ask yourself where your business lacks certain resources, or what costs you the most time and money. Whether it’s equipment, manufacturing costs, logistical issues, etc., make sure you note down every single detail. Be sure to take inputs from colleagues and employees in different departments. They will likely see weaknesses you hadn’t considered. That’s the magic of perspective.

When Determining Opportunities

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Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage. Usually, you’d be able to find weaknesses that could be an exciting opportunity. When determining opportunities, asking yourself the following questions; What technologies would make business hassle-free? How do I reach a new target audience? How can my business stand out with tech? Is there something our customers complain about while making a purchase?

Weakness and opportunity go hand in hand. Once you’ve made a list of weaknesses, it should be easy to create a list of potential opportunities that could arise if you find creative ways to work around your weaknesses. Case & Point: SpaceX. SpaceX went up against space tech giants such as Boeing and Lockheed Martin. Their weaknesses were their lack of experience and financial resources. However, those apparent weaknesses have led the organization to develop a series of low-cost, efficient innovations. They successfully reduced costs by using cheaper consumer electronics in their rocket components.

When Determining Threats

Threats are unfavorable external factors or trends that may present challenges to performance. The recent turn to sustainability has pushed several businesses to identify environmental threats. Plus, the current political climate has brands struggling to ensure fair, inclusive messaging without pissing off the next internet activist. So the traditional framework does not account for this. But your analysis doesn’t have to be incomplete. With a little elbow grease, you could make this an insightful tool. Analyze and understand the social, technological, economic, ecological, and political trends that might impact the future that the SWOT is trying to anticipate. 

In the aviation industry, for example, it might be grim at the moment due to the effects of COVID-19 worldwide, causing a decline that’s never been seen before in the history of this sector’s existence. But some airlines like Air Canada are hopeful to be distributors of the COVID-19 vaccine like they are with PPE across Canada. This opened up an entirely new segment that was initially a threat to them and their competition.

Now Determine Your Competition’s Strengths and Weaknesses

Now, the idea that your competitor’s weaknesses present an opportunity to you can be found everywhere. In Krav Maga, a self-defense system created by the IDF, for example, teaches you how to neutralize an opponent twice your size by just using their weight against them. The same goes for the Japanese martial art, Judo. 

A great example is Pepsi taking on the bevy giant, Coke. Pepsi introduces a much lower price, a price that was hard for Coke to compete with because of their already established pricing. Pepsi also appealed to the younger crowd as opposed to Coke’s more heartland approach.

Remember, the traditional SWOT framework is focused on your business but you need better insights to truly anticipate the good, the bad, and the ugly when you start out. Business is changing if it’s not booming. You just have to keep up.

If you have any questions, contact us!

What is Webflow eCommerce?

Webflow eCommerce is one of the features offered by this robust tool allowing users to create their eCommerce website without the hassle of coding. To start with, you need to choose an eCommerce template from the library and with the help of visual editor you can create custom webpages. As opposed to many conventional eCommerce platforms, Webflow focuses on building functionalities for the website giving complete design freedom and customization solutions. From home page to inventory management you can can design everything using the Webflow eCommerce feature.

Is Webflow good for eCommerce?

Did you know that in 2022, Webflow's user base increased by 67%? One of the many reasons for this rise was Webflow eCommerce. It gives you an access to various kinds of functionality adding enormous value to your business. Webflow eCommerce is changing the way businesses are selling goods without the need to code. The Webflow inventory management helps you maximize your website's potential and bring traffic from different channels. Even though platforms like Shopify seem to be the top favourite, Webflow offer chock-full of features making it very for businesses like you to grow and generate enormous revenue. The Webflow store and Webflow eCommerce integrations help to boast high traffic as compared to WordPress, Wix or Shopify.

Other than helping you design a highly responsive and beautifully designed website, Webflow offers features like animations, template, themes, several shipping options and payment support to multiple formats. All this collectively makes Webflow eCommerce a perfect pick for developing your eCommerce website. All you need to have is the right Webflow agency with some expert Webflow specialists.

Some of the main features you get with Webflow eCommerce includes:

1. Sell goods and offer discounts
2. Inventory management
3. On-site checkout
4. Multi language support
5. Safe online transactions
6. Integration of APIs and webhooks
7. Product variations
8. Manage tax
9. Merchant dashboard to support eCommerce operations
10. Sending transactional emails giving order update.
11. In-built animations
12. You can customize you checkout process

How do I set up an eCommerce store with Webflow?

To set up an eCommerce store with Webflow, you can follow these steps:

1. Sign up for a Webflow account: First, you'll need to sign up for a Webflow account and choose a plan that includes eCommerce capabilities.
2. Choose a template: Next, choose a template for your eCommerce store. Webflow offers a variety of templates for different types of eCommerce stores, such as fashion stores, home decor stores, and art stores.
3. Customize the template: Customize the Webflow template to fit your specific needs and preferences by using the visual design editor to change the layout, design, and content of the template.
4. Add your products: Add your products to your eCommerce store by creating product pages and adding product details, such as images, descriptions, and pricing.
5. Set up payment and shipping options: Set up payment and shipping options for your eCommerce store by connecting a payment gateway and configuring shipping rates and options.
6. Publish your store: Once you've set up your eCommerce store, you can publish it and start selling your products.

By following these steps, you can set up an eCommerce store with Webflow and start selling your products online.

Can I accept payments through Webflow?

Webflow is a powerful platform that allows users to design, build, and launch websites without writing code. One of the most common questions about Webflow is whether it's possible to accept payments through the platform.

The short answer is yes, you can accept payments through Webflow. However, it's important to note that Webflow does not provide its own payment gateway or merchant account. Instead, you'll need to use a third-party payment processor to handle the transactions.

There are a variety of payment processors that can be integrated with Webflow, including Penni, PayPal, Stripe, and Square. These payment processors provide secure and reliable payment processing services, and they can be easily integrated with Webflow through the use of custom code or third-party plugins.

Overall, it is possible to accept payments through Webflow, but you'll need to use a third-party payment processor to handle the transactions. By working with a Webflow agency like Choquer Creative, you can ensure that your payment integration is set up correctly and functioning smoothly. Choquer Creative has a team of experienced designers and developers who can help you set up a payment gateway and integrate it with your Webflow website.

How do I add products and manage inventory in Webflow?

Adding products and managing inventory in Webflow is a straightforward process that allows you to easily sell your products online. Here's how you can manage inventory using Webflow:

1. Adding products: To add products to your Webflow eCommerce store, you'll need to create product pages and add product details such as images, descriptions, and pricing. You can do this by using the visual design editor and the eCommerce tools in Webflow.
2. Managing inventory: To manage inventory in Webflow, you'll need to set stock levels for each product and keep track of your inventory as you sell products. Webflow allows you to set low stock alerts to notify you when your inventory is running low, and you can also set up automatic reordering to help keep your inventory stocked.

Inventory management can get overwhelming or may go wrong, so you might need the help Webflow experts to set the things for you in the right place. Experts at Choquer Creative can help you streamline the process of adding products and managing inventory in Webflow. We can help you create product pages, add product details, and set up Webflow inventory management tools to help you keep track of your inventory and sell your products online efficiently.

Can I create discount codes and promotions in Webflow?

One of the benefits of using Webflow for eCommerce is that it allows you to create and manage promotions and discount codes. This can be a great way to drive sales and encourage customer loyalty.

So, can you create discount codes and promotions in Webflow? The short answer is yes, you can. However, it's important to note that Webflow does not provide built-in tools for creating and managing promotions. Instead, you'll need to use a combination of custom code and third-party tools to create and manage promotions on your Webflow eCommerce store.

There are a few different ways you can create promotions in Webflow eCommerce:

1. One option is to use custom code to create a discount code form that allows customers to enter a promo code at checkout. You can then use a third-party tool like Zapier to automatically apply the discount to the order when the code is entered.
2. Another option is to use a third-party plugin or integration to create and manage promotions in Webflow. There are several plugins and integrations available that can help you create and manage promotions on your eCommerce store, including the Webflow eCommerce promotions and discounts app.

How do I set up shipping and tax options in Webflow?

Setting up shipping and tax options in Webflow is an important step in setting up your eCommerce store.

1. Setting up shipping options: To set up shipping options in Webflow, you'll need to specify the countries you ship to, the shipping rates for different regions, and any shipping restrictions you may have. You can do this by using the eCommerce tools in Webflow.
2. Setting up tax options: To set up tax options in Webflow, you'll need to specify the tax rates for different regions and determine whether tax should be applied to shipping fees. You can do this by using the eCommerce tools in Webflow.

By setting up shipping and tax options in Webflow, you can ensure that your eCommerce store is compliant with relevant laws and regulations and provide a seamless experience for your customers.

Can I integrate Webflow with my existing inventory management system?

If you're using Webflow to build an eCommerce store, you may be wondering whether it's possible to integrate the platform with your existing inventory management system. The short answer is yes, it is possible to integrate Webflow with your inventory management system.

There are a few different ways you can integrate Webflow with your inventory management system including:

1. Using a third-party plugin or integration to sync your inventory data between the two systems. There are several plugins and integrations available that can help you sync your inventory data between Webflow and your inventory management system, including the Webflow eCommerce Inventory Sync app.
2. Another option is to use custom code to create an integration between Webflow and your inventory management system. This can be a more complex solution, as it requires writing and maintaining custom code to sync the data between the two systems.

How do I customize the checkout process in Webflow?

Customizing the checkout process in Webflow is an important step in optimizing your eCommerce store for conversions.

1. Customizing the checkout form: To customize the checkout form in Webflow, you can use the visual design editor to change the layout and design of the form, as well as add or remove fields. You can also use the code editor to make more advanced customizations.
2. Customizing the checkout experience: To customize the checkout experience in Webflow, you can use the eCommerce tools to set up payment gateways, configure shipping rates and options, and manage tax rates. You can also use the visual design editor to change the layout and design of the checkout pages.

By customizing the checkout process in Webflow, you can create a seamless and user-friendly experience for your customers, helping to increase conversions and grow your business.

Can I create customer accounts and allow for logins in Webflow?

If you're using Webflow to build an eCommerce store, you may be wondering whether it's possible to allow customers to create accounts and log in to your site. The short answer is yes, it is possible to create customer accounts and allow for logins in Webflow.

There are a few different ways you can create customer accounts and allow for logins in Webflow which include:

1. Using a third-party plugin or integration to manage customer accounts and logins on your eCommerce store. There are several plugins and integrations available that can help you manage customer accounts and logins on your Webflow site, including the Webflow eCommerce Customer Accounts app.
2. Using a custom code to create a login form and manage customer accounts in Webflow. This can be a more complex solution, as it requires writing and maintaining custom code to manage the accounts and logins on your site.

How do I track and analyze eCommerce metrics in Webflow?

Tracking and analyzing eCommerce metrics in Webflow is an important step in optimizing your eCommerce store and growing your business.

1. Tracking eCommerce metrics: Webflow provides a range of eCommerce metrics that you can track to measure the performance of your store. Some of the metrics you can track include sales, revenue, conversion rate, average order value, and customer lifetime value. You can track these metrics using the eCommerce tools in Webflow.
2. Analyzing eCommerce metrics: To analyze eCommerce metrics in Webflow, you can use the eCommerce dashboard to view your metrics over time and identify trends and patterns. You can also use third-party tools to track and analyze your metrics in more detail.

By tracking and analyzing eCommerce metrics in Webflow, you can optimize your eCommerce store and grow your business.

Can I create and manage an email marketing campaign in Webflow?

Email marketing is a powerful tool for businesses, and if you're using Webflow to build a website, you may be wondering whether it's possible to create and manage an email marketing campaign within the platform. The short answer is yes, it is possible to create and manage an email marketing campaign in Webflow.

There are a few different ways you can create and manage an email marketing campaign in Webflow. One option is to use a third-party email marketing service that integrates with Webflow. There are several email marketing services available that can be easily integrated with Webflow, including Mailchimp, Constant Contact, and AWeber. These services provide a range of tools and features for creating and managing email campaigns, including templates, automation, segmentation, and analytics.

Another option is to use custom code to create and manage an email marketing campaign in Webflow. This can be a more complex solution, as it requires writing and maintaining custom code to manage the campaign within the platform.

Overall, it is possible to create and manage an email marketing campaign in Webflow, but you'll need to use a third-party service or custom code to do so. By working with a Webflow agency like Choquer Creative, you can ensure that your email marketing campaign is set up and functioning correctly with our Webflow Developers.

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Wrapping up

A survey by Forbes predicts the retail eCommerce business to go as high as $8168 trillion by 2026. This not only means more business opportunities but also huge competition. This pivots us to address one of the main challenges faced by eCommerce companies which is finding new ways to drive traffic to the platform. This starts by developing your website with the right tools and Webflow serves the purpose if you don't want to get into the technical hassle. Stuffing your website with a bunch of products and hoping to get sales won’t do any good. Having the right development tools and eCommerce SEO strategy can make or break your business whether you are a novice or established in the industry.

To help you set the right foot in the eCommerce industry with the Webflow inventory management done rightly, the expert Webflow developers at Choquer Creative will go above and beyond. Get in touch today to set up a consultation call and discuss your project.

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