What Is Competitive Benchmarking & How Can You Use It To Your Advantage Over The Festive Season?

Competitive Benchmarking
At Market Instinct, we make it our priority to help our customers gain a competitive edge by supplying them with data that can be turned into insight with our people-centred market research. We assist our customers with competitive benchmarking to help them get a leg up on their competition, consistently placing them at the top of their industries.

In A Nutshell: What Is Competitive Benchmarking?

To put it in the simplest terms, competitive benchmarking is the process whereby a company measures its performance over time by comparing it to others (its competitors) using a specific set of metrics. As part of the analysis process, companies look at the practice behind those metrics, allowing them to evaluate their approach to determine the best practices to follow.

Types Of Competitive Benchmarking

There are many types of competitive benchmarking. The three main types include:
  • Performance Benchmarking: Comparing outcomes and results, including team performance, revenue growth and social media performance.
  • Strategic Benchmarking: Comparing business approaches and models to competitors to help strengthen business strategies.
  • Process Benchmarking: Getting to know your business’s own processes, looking for ways to optimise them and make your processes more efficient.

Why Is Competitive Benchmarking Important?

Without competitive benchmarking, businesses have no way to objectively view their businesses and their standing within the marketplace. Without data, businesses can be biased in their observations and inaccurately gauge their position in the industry. Finite facts and data ensure that they can get a true, honest idea of their market position.

A Festive Example Of Competitive Benchmarking

As the festive season approaches, many industries are gearing up for a surge in business. Some practical examples of competitive benchmarking include:
  • Reviewing your competitors’ pricing policies, specials and holiday deals to determine what customers may expect over the festive season.
  • Analysing sales teams and reps to find those that are performing well and rewarding them with holiday bonuses. This will provide extra incentives for your other team members.
  • Internal benchmarking can help find ways to improve efficiency within the business and provide goals to aim for when the company reopens after the festive closure.
If you’re looking for a company to help you with competitive benchmarking, market research surveys, gaining important data from your target audience and more, choose Market Instinct. Get in touch with us today to find out more.