Using a SWOT Analysis to Validate Your Idea

Using a SWOT Analysis to Validate Your Idea

MAKO Design + Invent – February 22, 2021

When you come to Mako Design with your product idea, we understand that it’s much like introducing us to your baby. You’ve worked hard and prepared yourself to bring it into this world, nurture it and help it grow. We also understand this is a very personal thing for you. But to give ideas the best chance to succeed you need to be objective. Meaning, first-time invention makers in Canada should validate their ideas before bringing them to life.

Remember, a great idea is one that’s relevant, legitimate, and simple to understand.

The good news is that there are free online templates and tools to help you.

One of our favourite tools for first-time invention makers in Canada is the SWOT Analysis.

Mako Design + Invent SWOT Analysis for first-time invention makers in Canada.

How do First-Time Invention Makers in Canada Use the SWOT Analysis?

The SWOT Analysis is a tool inventors use to validate their ideas. Inventors use this tool by comparing the strengths, weaknesses, opportunities, and threats that relate to their product. Using this tool help equip you to think logically about your product idea instead of focusing on unnecessary details.

Here are some best practices:

  • Do the research.
  • Keep it brief and simple.
  • List out points under each category that relates to your product idea.

What’s the Goal of the SWOT Analysis for First-Time Invention Makers in Canada?

After you complete your analysis, you should understand the potential market positioning of your product at launch. You can make a determination if your idea is valid or if it requires further retooling.

The SWOT analysis is also a useful tool in other scenarios. From marketing campaigns to product updates, this is a fundamental tool you’ll end up using to evaluate your strategies in the future.

Inventor working on a SWOT analysis.

Strengths

Under this section, start by listing out the problem you’re solving and how your product solves the problem. Build upon this by listing the key selling points of your product idea. Compare your product idea to your competitors and determine what your product does better.

Keep in mind that having “many” key selling points is not always a strength. In fact, too many product features may even become weaknesses. Too many features and it might be too expensive to make. Too many features and your customers might not even buy it because they don’t know what your product does. At Mako Design, we strongly recommend our clients focus on a specific niche and keep their product idea simple. This especially goes for our first-time invention makers in Canada.

Weaknesses

These aren’t necessarily negative aspects of your product. Instead, think of your weaknesses as potential opportunities. Unlike threats, weaknesses are much more controllable.

For example, almost every first-time invention maker in Canada will have this same weakness: lack of brand awareness.

How do you turn this into an opportunity?

Because customers don’t know much about your brand, you have the luxury of fine-tuning your branding until you have traction. When you’re an established brand, this is much harder to do. Take BlackBerry for instance. Despite the fact that BlackBerry a successful enterprise software and IoT company, they’re still infamously known as a failed smartphone company.

Opportunities

As mentioned above, opportunities are often disguised as weaknesses at first. And that’s ok. Because you’ve probably experienced in your personal life and career that weakness doesn’t stay a weakness forever.

Unless you let it.

In many cases, opportunities can also come from external factors. For example, you may have friends or family who have access to a 3D printer to help you create 3D mockups. For many inventors, Mako Design is an “opportunity” as well. We make it accessible for first-time invention makers in Canada by designing, developing, engineering, and manufacturing their dream ideas.

Threats

Unfortunately, you’ll have very little control over threats. These are the external factors that are potentially detrimental to your product. The most common place to start is to list the advantages that your competitors have over your product. Other threats to consider are industry trends, regulatory changes, or changes in your social environment. For example, ever since JUUL was caught for advertising to children, we’ve seen plenty of new vaping regulations pop up all over North America. Things like flavour bans and product restrictions were put in place to limit the appeal of vaping products to youth.

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