Online Briefing Template
Benchmarking may be something that you are quite familiar with. No matter the industry, there is often a need to relate your position to others within your scope in order to both remain competitive and gain an advantage in terms of insight for future business decisions. With that being said, not many people are as familiar with the process of competitive benchmarketing. We realise that it can be confusing and that you may be wondering how it relates to market analysis. That is exactly why our team at Market Instinct has created a short guide on what competitive benchmarketing is.
First things first, competitive benchmarketing is basically the act (read: the art) of benchmarking marketing. It is an exercise. However, that is greater than the sums of its parts in that it transforms benchmarking values into marketable tools. How this is used, and the ethics of how it is used, is largely left up to the parties using it, but that is a discussion for a different day. Mainly, it is important to understand that competitive benchmarketing is aimed at interpreting the value of benchmarking and the how-to of companies that achieve superior performance levels.
So what is it used for? Competitive benchmarketing is used to compare internal organisational practices and the best case or best-in-class practices of the industry leaders within your scope. It is used both to design and create future projects as well as update and improve operational exercises within your business.
Competitive benchmarketing looks to a specific area of study where industry leaders can be identified, studied to isolate their relative operational practices, and then projects can be proposed that implement best practices. Internally it might be as simple as the publication and manipulation of your various benchmarks in order to establish a reputation as a thought leader within your industry. Market research or market analysis is instead far more customer-centric. Needs and preferences of the potential market, stakeholder value opportunities, competitor and trend analysis in terms of servicing and products, as well as the definition of business strategy in relation to market data – these are all the components of researching the market as opposed to investigating benchmarketing against your competitors.
Related Tag:- Competitive Benchmarking