Competitive benchmarking is a strategic process to compare your business performance against competitors. As a result, you can adapt their strengths and use their weaknesses to win the market.
What are the benefits of competitive benchmarking, how to do this research, and what is the best service? Find the complete answer here.
Why is Competitor Benchmarking Important for Your Business?
To remain relevant in business, brands must know the competition and gather information about other brands’ initiatives. So, here are the benefits you can gain after comparing your business to competitors:
- Understand the performance insight of your competitors.
- Refine the strategic plan by analyzing the weaknesses of competitors.
- Besides, it helps you to stimulate creativity and innovation by reviewing competitors’ products.
- Determine the best strategies and approaches to achieve your business goal.
- Realize your weaknesses and identify areas of improvement.
How to Do Competitive Benchmarking?
The goal of competitor benchmarking is to identify areas that you can improve. In addition, you will be able to stay ahead in the market.
To conduct the competitor benchmarking, you need to do several processes below.
1. Determine Key Performance Indicator (KPI)
First, you need to identify which areas you want to compare against the competitors. For instance, you can benchmark product features, customer service, price, or marketing strategies.
2. Choose The Competitors
Select the competitors that are relevant to your business. Make sure that they run the business within the same market.
3. Gather Data
Start collecting data from your competitors based on the metrics you have decided. For instance, you can gather data from financial reports, surveys, social media, or customer reviews.
4. Analyze Data
Finally, you can conduct a competitive benchmarking analysis. So, you can compare your business performance against competitors.
Conducting Competitor Benchmarking with Central Insight
After knowing the process of competitor benchmarking, you may realize that the research is quite complicated. Therefore, it is better to ask for help from an expert to do it.
Central Insight has expertise in conducting research and analysis. We assist businesses in comparing their performance with the competitors so they can find opportunities for improvement.
So, are you planning to conduct competitive benchmarking soon? Feel free to contact us and request a free consultation by completing this form.