SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is an analysis technique used to assess the internal and external factors that can impact a product or organization. By conducting a SWOT analysis, you can gain valuable insights into the product’s current state and future potential.

To perform a SWOT analysis effectively, you should begin by examining the internal strengths and weaknesses of your product.

• Strengths (internal) are the unique qualities and advantages that set your product apart from competitors. These can include features, technology, brand reputation, or any other factor that gives our product an edge.
• Weaknesses (internal) are the areas that need improvement or pose challenges for our product. These can include limitations, outdated features, or any aspect that may hinder success. By identifying and analyzing these internal factors, we can capitalize on strengths and work towards mitigating weaknesses.
• Opportunities (external) are outside factors that have the potential to positively impact your product's growth and success. These can include emerging market trends, new technologies, or changes in consumer behavior that align with our product's value proposition. Identifying opportunities allows you to adapt your strategy to capitalize on them.
• Threats (external) are external factors that can hinder your product's success or pose risks. These may include competitive pressures, changes in regulations, or evolving customer preferences that could negatively affect your product. By recognizing threats, you can develop strategies to mitigate or overcome them.

Involve client stakeholders, our internal stakeholder ans SMEs, and (potential) customers. Their perspectives and insights can provide a more comprehensive understanding of the product's SWOT areas. Seek feedback and encourage open discussions to ensure all relevant information is considered.

The add-on to SWOT is analyzing the relationships between strengths and threats, and weaknesses and opportunities. You’re looking for a way you can leverage good factors to mitigate the risks of bad factors.