You want your podcast to stand out. Have you ever thought of a SWOT analysis for your podcast? You’re always looking for ways to make your podcast better, and you’re not afraid to ditch strategies that are no longer working.
The reason you got into podcasting? Well, you have a strong message to share. And you’re eager to share your expertise with the world, interview engaging guests, and add value to your listeners’ lives. You might even be interested in monetizing your podcast to have additional income streams.
But there’s just one problem.
Your podcast isn’t reaching listeners the way you hoped it would. After all the time you’ve spent conducting research, brainstorming topics, and recording episodes, you’re starting to get worried.
How can you take your podcast to the next level when audience engagement isn’t where you’d like it to be?
How can you strengthen your message and connect with your audience in a profound way?
Luckily, we’ve put together a guide to help you answer both of these questions. in today’s article, we’re revealing how to uplevel your podcast using SWOT analysis.
- What is a SWOT Analysis?
- How Can Performing a SWOT Analysis Help You Grow Your Podcast?
- How to Conduct a SWOT Analysis For Your Podcast
- Putting it All Together To Take Your Podcast to the Next Level
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What is a SWOT Analysis?
A SWOT analysis is a method you use to analyze and identify internal strengths and weaknesses — and external opportunities and threats.
Brands perform SWOT analyses to identify what’s going right and wrong in their businesses. They then use that information to strategize improvements.
You can apply a SWOT analysis to just about anything you’re looking to develop.
Yes, that goes for podcasting, too.
Let’s break down what SWOT stands for, letter by letter:
The first element a SWOT analysis considers is strengths. This step in the analysis is about recognizing which internal characteristics and resources support a successful outcome. For instance, one of your most esteemed strengths could be your interviewing skills. Another could be your ability to find interesting, expert guests to interview.
The second element a SWOT analysis considers is weaknesses. This step is about recognizing which internal factors and resources could work against a successful outcome. For example, struggling to conduct thorough market research is a weakness. Failing to record consistent episodes could also be a weakness.
The next element in the analysis is about recognizing opportunities. It’s about noticing external factors you can either capitalize on or use to your advantage. For instance, collaborating with beloved influencers could be an external opportunity. Hiring a virtual assistant to provide concierge and sales services for podcast listeners could be another.
The final element in a SWOT analysis is about spotting threats that could impede your success. As a result, it’s about recognizing what kinds of external factors could jeopardize your podcast.
Potential external threats could stem from:
- Environmental factors
- Political factors
- Technological factors
- Economic factors
- Legal factors
- Social factors
For example, maybe you specialize in teaching listeners about building authority sites or how to find well-paying corporate jobs — but now all of your listeners are interested in remote freelancing jobs. In this situation, how can you pivot your approach to cater to your audience’s new interests?
How Can Performing a SWOT Analysis Help You Grow Your Podcast?
Now, based on what we’ve already shared, we bet you can recognize a few reasons why performing a SWOT analysis can help you grow your podcast.
But to really drive our point home, let’s take a look at a few benefits you can expect from performing a SWOT analysis.
- Sharpening your future vision
Use a SWOT analysis to look to the future and make the necessary changes needed to achieve your objectives.
- 2. Solving problems
Keep your listeners around for a long time by spotting common audience pain points and learning how to solve them.
- Analyzing what keeps you stuck and finding clarity
Moreover, understand what’s keeping you stuck and how to find solutions for every worry on your list.
- Improve your processes
Deliver more value to your audience at a lower cost by developing effective processes.
- Double up on the value you’re delivering
Learn more about what your audience finds valuable and how to give it to them.
- Stay proactive against external threats
Make sure to stay ahead of potential threats by creating a proactive protocol.
- Learn how to highlight your strengths
Finally, learn how to perfect your messaging and connect deeper with your audience by learning how to highlight your strengths.
How to Conduct a SWOT Analysis For Your Podcast
Now that we’ve laid the groundwork, let’s look at how to conduct a SWOT analysis for your podcast — step-by-step.
So, what makes your podcast unique? What value are you delivering? How does your audience benefit from your podcast as a whole? What does your audience get to walk away with after they’ve listened to an episode? What sets it apart from other podcasts?
In this step, identify any internal strengths that could help you reach your podcast goals.
For instance, do you host a finance podcast show for college students? If so, maybe you conducted an entire series about the best bank for college students. That’s a huge value-add since it’s cutting out hours of research your audience would’ve had to conduct.
Are you driven by a product-led growth mindset when discussing all things business on your e-commerce podcast? If your audience consists of online store owners and ecommerce entrepreneurs, you’re providing advice that could skyrocket their business growth.
You can also break this down further by analyzing your strengths in categories. For instance, analyze your podcast’s audio strengths, content strengths, audience engagement strengths, or whatever else is a priority.
When analyzing strengths, don’t forget to look at your branding, too. Do you have an attention-grabbing podcast logo? Are you making the best use of color psychology? Do your style choices match your brand’s identity?
Document all of this information in the “Strengths” section of your SWOT analysis.
What aspects of your podcast need improvement or could use more attention? Do you notice certain podcast ideas that aren’t scaling well or could harm your podcast long-term?
Is there a certain benchmark you have to hit so your podcast won’t lose profit? Are you looking to change your niche and are afraid you’ll lose listeners because of it?
In this step, identify any internal weaknesses that could impede your podcast’s growth.
For instance, a weakness that could come up is having your podcast blocked by parental control apps since it contains explicit or adult content. As a result,this would be a substantial weakness since it would limit the number of people your podcast could reach.
If you’re stuck on spotting internal weaknesses, consider your audience’s feedback and comments.
For instance, in a podcast episode on net worth by Afford Anything, a few comments read:
- “Idk why this podcast isn’t bigger than it is, it’s amazing …”
- “Bad title — didn’t even listen given the title”
- “How can I listen to your actual podcast — is it on Spotify?”
These comments give three major insights into how the Afford Anything podcast can improve:
- Lengthen episodes
- Optimize titles
- Highlight which streaming channels the podcast is available on
If sifting through podcast comments isn’t your cup of tea, you can also easily get to know your audience through online surveys and assessments. Sending a link to your subscribers asking for their feedback is an excellent way to spot weaknesses (and strengths!)
Next, document all the information you gathered in the “Weaknesses” section of your SWOT analysis.
Look for opportunities
What do your listeners crave that you’re not providing? What additional problems could your podcast solve? Which current audience needs are unmet, and how can you tackle them? What product promotion opportunities are you missing out on?
In this section, brainstorm external opportunities that can help you grow and expand your reach.
For example, are there any popular brands or products in your niche that you can promote? Are there monetization opportunities, like built-in podcast ads, that you can take advantage of? What about potential affiliate marketing opportunities?
In the end, focus on finding ways to grow your podcast while simultaneously serving your audience.
Document the insights you gathered in this step in the “Opportunities” section of your SWOT analysis.
Be proactive about threats
What potential podcast obstacles or challenges are you currently facing or could face in the future? What could get in the way of your podcast show performing optimally?
Do you detect any serious threats after conducting market research? Do you detect any social or economic factors that could derail your podcast strategy?
In this section, consider external threats that could harm your podcast.
For instance, are you worried that SEO standards for media files make it hard for your podcast to stay visible? Are you concerned you don’t have enough income streams to make podcasting worth it? Or does funding affect your ability to produce consistent podcast episodes?
Remember to document all of your concerns from this step in the “Threats” section of your SWOT analysis.
Putting it All Together To Take Your Podcast to the Next Level
Now, it’s time to take the information you gathered in your SWOT analysis and brainstorm solutions to make your podcast better.
To help you do this, create a checklist that includes each solution you’re planning on implementing. Why? Well, this is an effective way to take care of each to-do on your list without feeling overwhelmed.
Here’s an example checklist:
- Record a series on budgeting tips for college students
- Record a series on investing tips for college students
- Survey our audience for feedback on topic ideas
- Record a series of savings tips for college students
- Survey our audience for feedback on how we can improve
- Optimize our podcast titles
- Lengthen our episodes by 30 minutes
- Interview more prominent experts
- Reach out to the brands “Banking for Students” and “GetCollegeMoney” for potential affiliate marketing opportunities
- Make the most out of our meta titles, descriptions, and all SEO boosting options
In conclusion, running a successful podcast is a major priority for many modern professionals. You want to stand out, reach listeners in a profound way, and ditch strategies that are no longer working.
Now that we’ve given you the skinny on how to perform a SWOT analysis, you can do just that.
Are you ready to take your podcast to the next level with a SWOT analysis?
Therefore, remember to:
- Identify Strengths
- Spot Weaknesses
- Look for opportunities
- Be proactive about threats
Above all, use the insights you gathered from the analysis to brainstorm solutions and implement changes.
Are you ready to take your podcast to the next level with a SWOT analysis? Leave a comment below to let us know how it goes.
Mark Ankucic is the content strategist at Sked Social, the world’s best Instagram social media scheduler. You’ll often find him tinkering with SEO, tweaking copy for conversion, and scrolling social to find the latest news in the world of content.