A successful SWOT analysis is worth its weight in gold. The economical landscape is quickly changing. Years ago, getting started as a locksmith was simple. Some of the tactics you may have used are still just as valuable. Chances are, you put a half page ad in the phone book then went around to some people you knew and gave out business cards.
That is exactly what my Father did and it served him well, but that was back in 1979.
Skip ahead 30 years and you find that there is fierce competition in the locksmith industry. To maintain an edge on your competition all businesses should do a basic Strength, Weaknesses, Opportunities, and Threat analysis of their business. Additionally, a SWOT analysis can be applied to a specific project or venture being considered.
What is the goal of a SWOT analysis? The goal is to figure out if your goals or objectives are attainable.
Funneling resources without seriously considering the subsequent upside or downsize could be a risky venture.
As we all know, scamming locksmiths have developed a huge presence online and in the phone books. This not only makes it more expensive to compete with scammers because their prices are below the cost of doing business legitimately, but your advertising expenditures are being diluted. This aggressive campaigning is something that no locksmith can combat alone.
ALOA has set up a legal task force fund to attempt to bring justice to these perpetrators. You can donate here! Whether or not justice can and will be brought to these individuals remains to be seen. Of course, we all hope for a quick and effective resolution that benefits the hard working professionals across the country.
The bottom line is, 1-800-UNLOCKS® is interested in crafting successful marketing ideas that locksmiths can follow and have measurable success. (If you want to share your own successful marketing stories, please leave a comment.)
In order to grow, a locksmith must look at the following:
Strengths: attributes of the person or company that are instrumental to attaining the objective.
Weaknesses: attributes of the person or company that are detrimental to attaining the objective.
Opportunities: external conditions that are helpful to attaining the objective.
Threats: external conditions which could hamper the business’s objective and performance.
An objective should be clearly defined and concrete.
Non-Concrete statement: “I want to make more money”.
Concrete statement: “I will increase revenues 20% by June 2012. This statement is much more concrete and thus attainable.
Possible Strength Answers: Had proper locksmith training, established relationships with hardware manufacturers, built solid customer base in my territory, maintain track of inventory, have a professionally built website, have a social media presence that gets updated at least once a week.
Possible Weakness Answers: Lack any of the above, poor customer service, don’t answer phone calls and return calls promptly, don’t answer the phone professionally and proudly, lack an easy to remember and trusted phone number.
Possible Opportunities Answer (external): New technology to increase customer base, social media outlets like Facebook, Twitter, and LinkedIn. Possible population growth in an area, new construction in an area, competitor goes out of business, increase in crime rates, skilled labor force available, unique product offering to control your territory.
Possible Threat Answer (external): New competition in town, scamming locksmiths, etc.
The biggest threat to the growth of a locksmith is lacking a well-defined market place niche. Locksmiths come in all shapes and sizes but the product offering remains the same. Those that specialize in a field such as automotive or safe work are probably content with limiting growth potential. There’s no doubt specializing and honing your skills pays off. Being a jack of all trades is nearly impossible. That’s where skilled and trained personnel come in handy. There are plenty of hungry and driven individuals out there willing to learn a trade. If you know a locksmith that needs a job, contact us here, we will help find them a job.
The biggest and most controllable strength you have is yourself. Being courteous and polite regardless of how customers may treat you says a lot. The biggest opportunity the full-service locksmith has is 1-800-UNLOCKS®. It is unique, it is easy to remember, it gives you a market niche, it allows you to control a specific territory, it separates you from your threats whether they are locksmiths or scamming locksmiths. This is what you would call a solid competitive advantage.
As always, thanks for reading and always be thinking how you can better serve your customers.
