In an earlier post we discussed how to use a SWOT to identify opportunities for your business during COVID-19 (if you haven’t read that click here). Below, you will see a real-life case study of a business in Cambodia using a SWOT to pivot their business model and thrive during COVID-19.
Prior to COVID-19, Kokopon, a new tech startup in Cambodia, was trying to gain traction in the market. They were selling discount coupons for medium and small businesses and were working hard to gain customers but were having trouble gaining traction.
During COVID 19 they spotted an opportunity to pivot their model, and now they are thriving. Below you can see a summary of their SWOT analysis and how it can help you identify opportunities for your business.
– Strong tech knowledge
– Strong online marketing knowledge
– Large online following
– First to market
– Difficulty getting customers to commit
– Difficulty getting customers to trust a brand-new product
– Due to COVID 19, everything is moving digitally
– Local businesses will be facing difficulties due to decreased sales and tourism
– Local businesses will need help moving online
– Local market may still not trust online technology
– Recession causing decreased spending
Using the SWOT, Kokopon identified a number of opportunities as more businesses wanted to move online. Kokopon made a strategic decision to support farmers to sell their products online with their new project My Chamkar. This has resulted in significant growth for Kokopon, by using a SWOT they were able to utilize their strengths to identify and make the most of new opportunities that were presenting themselves. The SWOT is a great tool to use during COVID 19 because it not only analyses the internal strengths and weaknesses and but also looks at what is happening in the broader environment.