In the 12-step process of the Funnel of Opportunity, the first step is to identify Key Accounts. With these accounts, our first instincts are to think of how we market towards them or the tools we need to penetrate the accounts. To sell more of what we are selling. I think it is just as important to learn from our customers. We are who customers are and where they take us determine our future. So, understanding our customer’s customer become paramount. It is one of the ways we spot trends. As a result, I encourage organizations to do a SWOT Analysis for existing key accounts.
When I create a marketing plan during the situational review, I prefer to do both a SWOT and a SOAR. I do a SWOT a little differently than most, it is not the four block, post-it-note type exercise. I explain and give you a template in this blog post, Not as easy as you think, A SWOT Analysis. The familiarity of the SWOT lends itself to getting people started in the process. SOAR is a great method to use for expanding on the positive areas of an organization. It is a strength-based approach. SOAR allows you to lead with the positive side of the issues and many times you will often discover more. The SOAR framework outlined:
- Strengths: External and Internal to organization; what can be built on? How are present strengths used to get results? How do these strengths fit with realities?
- Opportunities: What are the external and internal stakeholders asking for? What existing skills exist to deliver?
- Aspirations: What do external and internal stakeholders care about most? What is the most compelling aspiration?
- Results: How will success be measured? What resources can be utilized? What are the best rewards?
Recommended Book: The Thin Book of SOAR; Building Strengths-Based Strategy
Utilizing a strength-based approach when looking at key accounts offers you a unique perspective. Especially when your customer is not the preferred choice in the marketplace. A SOAR framework is more of a leading indicator of where your customer’s market is trending. A SWOT seems more of a report card or current state analysis. Take a look at the framework below and first, do one for yourself and then try to do one, hopefully with their participation, for a key account.
A copy of my SOAR Analysis sheet is below.
