💭 How to Use SOAR Framework Tool
This SOAR framework template is a real find! Take the 3 steps below to get a customized report:
- Add the required data. Fill in the form with the results of your assessment of a company. You can regulate the number of factors.
- Choose your favorite design. You can adjust the analysis template using different alignments and colors.
- Download the result. Pick docx, pdf, png, or jpeg format.
📗 SOAR Analysis Framework
SOAR is a popular framework in strategic planning. It is used for competitor analysis, analysis of individuals, and even for personal development.
SOAR stands for:
The framework applies to any sphere: education, technology, healthcare, retail, and so on.
What Is a SOAR Analysis?
SOAR analysis is an action-based marketing tool that assesses a company and its perspectives. Using a positive approach to creating and executing business strategies, SOAR highlights the company’s strengths and implements them in future advancements. The analysis often involves interviewing stakeholders.
How to Use SOAR Framework for Competitor Analysis?
SOAR framework allows you to analyze your competitors using a 2x2 matrix that features the company’s strengths, opportunities, aspirations, and results.
- First, identify the strengths and weaknesses of your competitors. That way, you can be prepared for possible threats.
- Then, you can use available information sources such as public statements or interviews to help you identify your company’s aspirations and track its progress.
What Are SOAR Analysis Alternatives?
SWOT, PESTEL, 5 forces, and VRIO analyses are good alternatives to SOAR analysis. While all of them have different goal and focus, using different analysis frameworks may be beneficial. You can use our free tools to organize your findings in a neat template.
What Are the Benefits of SOAR Over SWOT?
SOAR focuses on setting and achieving goals instead of simply analyzing the situations. It is future-oriented, while SWOT mainly focuses on the current situation. SOAR framework also encourages taking action and tracking progress. It is a more positive approach that primarily focuses on the strong sides of a business.
👼 SOAR Analysis in 5 Simple Steps
If you are familiar with SWOT analysis, SOAR must be nothing new to you. Follow these five steps to conduct SOAR analysis:
- Determine the goals of the analysis. Define the reasons for the analysis. Decide on your objectives and the time frame you want to achieve them within.
- Brainstorm. Create the first draft of SOAR analysis using all the ideas that come to your mind. Use different perspectives (e.g., customers, employees, upper management) to assess the company thoroughly.
- Reduce the word count. Highlight the most crucial information you have found. Eliminate long sentences, uncertainty, and repeated thoughts.
- Implement. Define the metrics to measure success (the results section). If you have an opportunity to influence the company, apply your findings. If not, try to predict the outcomes of your strategy within a certain period.
- Track the progress. Analyze the effectiveness of the proposed course of action. Change or adjust it if necessary.
📱 SOAR Framework Template Example
Here’s an example of Apple, Inc.’s SOAR analysis:
- Strengths. It is a well-known brand with a good reputation and almost $2.5 trillion worth. It puts quality over quantity and hence maintains the image of a high-end brand. The company uses the latest technologies and has its own R&D centers.
- Opportunities. Apple can open its official stores in developing countries. The citizens of these countries are already loyal to the brand because they use and value its products. Apple can invest in artificial intelligence to maintain its innovative brand image.
- Aspirations. Apple aims to become a fully sustainable brand with high customer retention. To do so, it has to recycle its products and packaging, as well as guarantee data security, high quality of products, and usefulness of its additional services.
- Results. By the end of 2022, Apple aims to beat its objective of 300 million distributed iPhones by 30%. Apple also announced its 2030 objective. The company wants to become 100% carbon-free both in the supply chain and product usage.