What is SLEPT analysis
SLEPT analysis is another tool that marketers can use to analyse the target market they are considering entering.
SLEPT analysis stands for Social, Legal, Economic, Political & Technological.
Social refers to changes in consumer attitudes and preferences.
These will vary depending on the geographic market you are thinking of targeting.
For example, short dresses are not acceptable in some cultures, whereas they are in others.
It is important to consider what are the social ‘norms’ and preferences of the market you wish to enter (or are already in).
Legal refers to the laws that govern the product or service that you wish to sell.
What is legal will vary between country (India, USA etc).
Some laws in Europe are decided at a European level, by the European Union (EU).
An example is product certification (‘CE’ marked) in EU member states, which has a common set of rules across the EU.
This allows manufacturers to save costs by only having to ensure that their products conform to one standard.
The standard is then valid throughout the EU, rather than having to comply with different product standards for France, Germany, UK etc.
In the case of Europe, it is important to realise that not all laws are made by the EU body.
National laws differ amongst the member states of the EU.
For example, cars have to have their speedometer calibrated in MPH (Miles Per Hour). In the republic of Ireland it is in KPH (Kilometres Per Hour).
Economic factors to consider when undertaking a SLEPT analysis include literally can the people you want to sell to, actually afford your product.
What might be priced as an ordinary product in one part of the world, might be considered a luxury item elsewhere.
This is because of the differences in income levels of the average person, in different parts of the world.
Another economic consideration to be made, is the economy in the country or region, that you wish to market to.
Economies have ups and downs, commonly known as ‘the economic cycle’. This can occur at a national, regional or worldwide level.
Political events can have an impact on your businesses marketing strategy.
The Chinese mobile (cell) phone maker Huawei has recently been barred from certain Google services. This was due to a decision by the USA government.
Technological changes happen at a rapid pace, and you need to analyse both yourself and your competitors.
(c) 2019 Craig Miles