What is SWOT?
SWOT analysis is a tool that helps your business understand your corporate presence, impact, strengths, and weaknesses. SWOT stands for Strenghts, Weaknesses, Opportunities, and Threats; two factors, strengths and weaknesses, are fundamental internal factors within the core of your businss while opportunities and threats are influences that arise from the environment all around you and the business landscape you’re in.
Since we’re dealing with the Jewish market in this blog, we’ll paint some broad strokes about the Jewish market and their SWOT analysis overall. Here’s some examples and brief SWOT analysis about the Jewish market:
- Family-oriented close knit culture
- Strong word-of mouth potential
- Generally perceived as affluent and educated
- Tendency for loyal buyer behavior
- Rich holiday seasons with increased purchasing habits
- Concentrated in affluent metropolitan areas (ie NYC, LA, Miami, Chicago, etc), allowing for targeted marketing to the majority of the Jewish market.
- Small yet vocal/seen minority within pop culture, politics, and business (certain Jewish figureheads include Michael Bloomberg, Adam Sandler, Steven Spielberg, Amare Stoudemire, etc.)
- Small demographic when compared to other minorities.
- Different holidays and celebrations than the average US family.
- Tough to make inroads into a loyal community.
- Many different psychographic and religious differences requiring different marketing tactics.
Here are the opportunities and threats that are externally impacting the Jewish demographic.
- A growing demographic with greater family size than the average US family.
- Strong influencing power by concentrated Jewish communities over distant Jewish communities.
- Developed international home country of Israel with growing consumer base.
- Religious customs are becoming trendy in mainstream culture (ie Kosher, Matchmaking, Israeli Green industry, etc.)
- Middle Eastern conflicts could deter companies from pursuing Israeli consumers.
- Jewish assimilation is considered on the rise, downplaying unique Jewish identities.
- Rising costs of “being Jewish” (such as Jewish education, kosher food, cost of living in major metropolitan areas, etc.) could cut into purchasing power.
As with many SWOT analysis, this list could be perceived as subjective. And that’s probably because these are broad strokes overall about the community. As we continue updating this blog, we’ll develop informative topics on the Jewish market and see which strengths and weaknesses will genuinely affect your business.