Competitive benchmarking involves gathering detailed information about direct kuwait whatsapp number data competitors in key areas such as marketing strategy, product or service quality, production processes, cost management and customer service. The company's own performance is then compared to that of its competitors, and its strengths and weaknesses relative to its competitors are identified.
Benefits of competitive benchmarking
It allows the company to better understand its market and competitors, improve its processes and products, and develop more effective strategies. In addition, it can help the company identify new business opportunities and better adapt to changes in the market.
The main characteristics of competitive benchmarking are the following:
It focuses on the company's direct competition.
The company's performance is compared with that of its competitors in key areas.
The aim is to identify the best practices of the competition and apply them in the company to improve its performance.
It is used to develop more effective strategies and better adapt to changes in the market.
Competitive benchmarking example: marketing agency
A digital marketing agency specializes in offering online advertising and social media management services for small and medium-sized businesses. To improve its performance and stay competitive in the market, the agency conducts a detailed analysis of its main competitors in the digital marketing sector.
The agency collects information about competitors' marketing strategies, such as customer segmentation, advertising content, and frequency of social media posts. It also compares the prices and quality of services offered by competitors.
After carrying out the comparative analysis, the agency identifies that the competition is offering service packages at lower prices, which has allowed them to attract a greater number of clients. To remain competitive, the agency decides to adjust its prices and expand the range of services offered.
Furthermore, the agency realizes that its competitors are using more creative and original advertising techniques than its own. To improve its quality of services, the agency decides to hire a graphic design expert and expand its team of creatives to improve its advertising content and the frequency of its social media posts.
Conclusion
Competitive benchmarking is an essential tool for any company looking to improve its market position. By conducting a detailed and systematic comparison of its competitors' business practices and strategies, a company can identify its strengths and weaknesses, as well as opportunities and threats to its business. With the right approach and correct implementation, competitive benchmarking is an alternative to help a company keep up with market trends and outperform its competitors.
