Week 3 – SWOT analysis
During week 3 we looked at the readership of the Yorkie and a SWOT analysis of the publication. As well as this, we looked at roles and selected which jobs would be suitable for each individual, discussing the responsibilities and skills needed for each one. In order to provide a house style format we discussed what type of design would look best and which would suit our readership. We decided on a minimalist look throughout, providing a modern outlook on York rather than the local traditional styles which are already on the market. This offers readers a fresh take on the city, ensuring it will not look outdated after some time.
Magazine SWOT analysis
The acronym SWOT stands for Strengths, Weaknesses, Opportunities and Threats. This type of analysis is a strategic planning model, aiding organisations to see where they’re performing best and where they can improve. It can point out opportunities that may not have been identified beforehand, as well as alert publishers to aspects which may have a negative impact on the finished product.
At the beginning, before launching a publication, is when publishers typically carry out a SWOT analysis. This will enable the whole team to contribute and offer any insights into the competitive environment, also assessing the potential opportunities. Furthermore, the analysis can be applicable to existing publications, for example, during a strategy refresh, where methods and practices can be improved whilst also looking at the competition and profitability.
A benefit of this analysis is that it allows businesses to prepare long and short term plans, whilst identifying any gaps between their performance and future goals. This, will in turn, enable gaps to be closed.
SWOT analysis for The Yorkie –
Strengths and weaknesses (internal):
I believe the Yorkie has a great advantage when it comes to the team, it is made up of a younger generation therefore we are able to keep current and up to date in regards to the stories we produce and how we publish them. We have access to numerous sources and full access to the technology needed including; recording equipment, cameras, computers etc.
Appealing to our target audience (18-30); we are able to use platforms such as social media in order to reach out and promote our stories. We have decided on a minimalist look for the overall style of the magazine, which I think will work in our favour. It offers a modern take in publishing, not too overpowering, with a sense of simplicity. Sometimes, magazines can look cluttered with too many distractions and be confusing for the reader – this would not appeal to our readership.
The intended audience has potential to be large as it reaches out to locals and tourists, it offers news and insights into the city of York with a whole range of topics for both genders.
On the other hand, due to the magazine being a brand new publication, our brand ‘The Yorkie’ has no current reputation because not many people know about it as of yet. Therefore, gaining readership could prove to be a challenge. Also, the subjects chosen are very different to each other; there is no occurring theme throughout. This may not appeal to the chosen demographic as they may be looking for consistency throughout the magazine.
Opportunities and threats (external):
The fact that the magazine is based in York is an opportunity in itself, due to the fact the readership is not limited. It effectively offers anyone the chance to read up on everything local and current, due to this it can gain a lot of popularity. By managing the digital side e.g. social media and our website, it can really promote the publication and allow it to become known to our target audience. From this, the customer base has a chance to increase. Furthermore, by working with local people and businesses it gives us a chance to add to our contacts, and in turn, it promotes any businesses in the magazine for free.
Threats can become apparent due to the magazine market being so competitive. This type of environment makes it a challenge for any publication to be successful as big brands can dominate the market. Also, people mainly turn to the internet for news and entertainment, which means many magazines which are launched can easily fail in their first year.
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