For this weeks blog I am going to be conducting a S.W.O.T. analysis for my favorite brand of guitars, Taylor.
Taylor has become one of the most reputable names in the acoustic guitar industry. They are known for their quality and great craftsmanship. Taylor does a good job of marketing their brand on a few different social media platforms including Facebook, Twitter, and Instagram. Like any company Taylor has their own strengths, weaknesses, opportunities and threats.
I feel that taylor is most successful marketing themselves on Instagram compared to other social media platforms. They have a great amount of followers (roughly 168,000) and update their account often with great posts.
Strengths:
- Taylor does a great job of utilizing Twitter and Instagram to market and promote their new products. They often post about new and improved versions of their guitars which stirs up a lot of buzz online.
- They have emerged as arguably one of the top two brands in acoustic guitars
- Taylor knows that in today’s marketplace a big part of a company’s sales is due to marketing. And with the current trends, marketing is often done through these social media platforms. They do a great job of putting an emphasis on being current with trends and marketing over social media.
- They have a strong brand preference, brand awareness, and brand loyalty. Many people who play Taylor guitars want their next guitar to also be a Taylor.
- They sometimes use celebrities and famous artists who use Taylor guitars to help promote their brand.
For example, heres Taylor playing a Taylor.
Weaknesses:
- Although they take advantage of famous artists when promoting their guitars I think they can do it more often. Taylor makes an extremely great product that many musicians wouldn’t think about using a different brand. If Taylor could use this more like nike does when they endorse famous athletes, I think it will show their customers how good these guitars really are.
- Pricing is a weakness for Taylor. Although they provide a quality product many people cannot always afford a guitar ranging from 1000-8000 dollars. Many beginners and those who don’t have the means to spend this much are forced to go with a different brand of guitar.
- Their brand presence is not as strong on all platforms. Although they do have many followers on Facebook and Twitter I feel They are most effective over Instagram.
Opportunities:
- They can build a bigger presence on other social media platforms like Twitter and Facebook.
- Taylor can collaborate with celebrities and endorse them for using their guitars. In return the company will gain a stronger reputation for being the best guitars.
- They have a great opportunity to up-sell and cross-sell to existing customers.
- They can make a more affordable product and market it as a beginners guitar on any social media platform.
- Instagram’s video function is a great way to let their audience here how different and new guitars sound.
Threats:
- There are a few brands that are strong competitors in the market for high-end guitars. (Martin and Gibson to name a couple)
- Martin and Gibson (competitors of Taylor) are also great at marketing their products over Instagram and other social media platforms.
- Many other brands offer a cheaper and more affordable guitar that essentially does the same things, maybe just not as well.
- International companies like Yamaha (made in Indonesia and Japan) offer good guitars for beginners all the way up to professionals.
Even Taylor’s competitors have their own unique strengths, weaknesses, opportunities, and benefits, no two companies are exactly alike. But it is important to understand what your strengths are so you can market yourself highlighting those strengths, your weaknesses so you can improve on them, your opportunities so your company can grow and become better, and your threats so that you are always aware of things that can harm your company and cause you to have less success.
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