Competitive benchmarking is the process of comparing your company’s performance against your competitors. It is a powerful tool that can help you identify areas where you need to improve and make changes in your business.
However, It is not a simple process. There are a number of factors that you need to consider in order to do it correctly. In this article, we will give you a step-by-step guide on how to do competitive benchmarking the right way.
Create a list of criteria that are important to you
Think about what you want from your business – from the quality of your work to the number of clients or customers you have or the amount of money you make.
It’s important that whatever criteria you choose are relevant to your business goals and objectives. For example, if one of your goals is customer retention rates, then look at how many customers come back after one month or six months or even two years.
Find your competitors
The first step in any competitive benchmarking process is finding who your competitors are. If you’re selling products or services in a market with many players, this can be tricky without a dedicated marketing team or significant resources at your disposal. You can use tools like Google Alerts to stay on top of what other businesses are doing and how they’re doing it
Map out their strategies
The next step is mapping out where each of your competitors sits within their industry and what they’re doing to get there. This includes everything from researching their products and services (and how they compare to yours), reviewing their marketing tactics, investigating pricing structures, analysing social media activities and more.
Look at the data in detail
The next step is looking at the actual data in detail. You’ll want to see which websites have the most visitors from different countries and at what times of day they’re most active on social media sites like Facebook or Twitter. This can give you a lot of information about who your competitors are attracting and what kind of content they’re sharing with their audience.
Compare your site’s performance with others
You should then compare your site’s performance against others. For example, if Facebook has lots more visitors than Twitter but only attracts half as many leads per visitor, you’ll know something’s wrong with your social media strategy or maybe even with how well optimised your website is for mobile devices.
Conclusion
With a proper competitive benchmarking process, you will be able to identify areas where you need to improve. For more information visit our website.