Assume that you have an idea/product/service to kick-start your business. It is obvious that you will have some competitors as well. How would you manage to step above them? Competitive Benchmarking is a method, that would certainly help you achieve your goals. Is that some formula? Come, let us know.
What is Competitive benchmarking?
In simple terms, it is all about knowing where you are in comparison to your competitors in the market. One can gather a lot of information on conducting an analysis. It helps you know who all (direct and indirect) your competitors are, where they excel, and how do they manage to stay on the top.
Many of you might say, we have a lot of assumptions about our competitors. But are you aware of the facts, and data? Are you sure, your assumptions would match the exact data of the competitors? Well, assumptions can help you know your competitors but not thoroughly. That’s where benchmark data becomes crucial.
Few FAQs that competitive benchmarking can help fetch the answers are -
- Who owns the biggest slice of the market?
- What is the average engagement rate of a certain industry?
- Who are the target audience of my competitor?
- Where exactly I need to improvise my product/service?
- What are the gaps between my competitor and target audience?
- What is the growth secret of my competitor?
Quite simple but answering such queries can help you improvise your current marketing strategy and step up.
TAKEAWAY – Competitive Benchmarking allows you to thoroughly assess and compare various rival business tactics to your own.
How Does Benchmarking Help?
Competitive benchmarking can dig up several vital information that can change any business’s present status. The following are a few to mention -
- Stay on the top of the industry.
- Update yourself with latest, emerging market trends.
- Get an objective view of your business.
- Increase your sales and revenue.
- Get more opportunities to upgrade according to market shifts.
- Improve overall company performance.
- Identify opportunities and risks.
- Spur new ideas and innovations in the market.
The last but not the least is – Avoid being an obsolete.
TAKEAWAY – Competitive benchmarking from a third-party can provide an unbiased point of view to manage the competitor research.
Is Relying on Third-Party Competitive Benchmarking Correct?
Now, when you are aware of the benefits of competitive benchmarking, you might be thinking if opting for third-party services will be a good option, or self-service will provide more benefits. The obvious benefit of taking help of a third-party market research company is that it saves a lot of internal team hours, and most importantly, it provides unbiased information.
No wonder, many companies provide their data openly but there are companies that don’t disclose vital information freely online. In such cases, a market research firm can be of help. Third parties have a neutral voice, and hence, can provide clear and unbiased results which can benefit your business enormously.
Stratview Research is one such market research firms, that offers reliable competitive benchmarking, market entry strategies, strategic growth consulting, and more. The market experts compile high-quality market information to help users obtain granular level clarity on current business trends and expected future developments.
Connect with the experts at - Stratview Research