Benchmarking: the key to understanding our sector
Posted: Sun Apr 20, 2025 4:25 am
When our company enters the field, it does so with the boundless enthusiasm of a novice player, but also with its inexperience. It needs to have a guide in mind, a reference to turn to when doubts and insecurities assail it. For a fledgling brand, knowing how the competition works is just as important as designing an attractive logo or choosing a CMS, and for that, it's necessary to conduct a thorough analysis of their work model. Benchmarking isn't an invitation to blatant plagiarism, but rather an opportunity to take note of strategies, methods, and techniques that, when applied to our project, can increase our visibility and profits.
Benchmarking modalities
Before deciding which companies and what aspects of them we are going to examine, we have to agree on the type of analysis we want to do:
Internal benchmarking. This is carried out by the company itself. General data, or data obtained by a specific department, is analyzed for future action. Areas that panama mobile database are producing inconsistent results are also compared to improve unproductive areas.
Competitive benchmarking . This is carried out with competing companies. All aspects that might be beneficial to our interests are analyzed: social media strategy, pricing policy, traditional marketing campaigns, etc.
Generic benchmarking. This time, the focus is on benchmark companies that aren't necessarily from our sector. The goal is to learn from the decisions that led them to achieve this status and try to incorporate them into our project. In this study, we typically see the names of established companies like Apple, Google, and Microsoft.
Stages of benchmarking
As with any process, benchmarking consists of several phases that must be followed in strict order if the desired aspects are to be improved.
Defining objectives . Before getting started, we need to be clear about which aspects of our company we want to improve and which benchmarking method to choose to support our work.
Identify the competition . We need to identify which company we would like to use as a source of inspiration for future actions. It's also important to consider the brands we want to distance ourselves from. Both studies can yield results that will serve as a learning opportunity and for improvement.
Complete analysis . With the companies selected, the next step is to decide which fields we'll measure. To do this, it's advisable to set KPIs linked to the objectives we've previously established. You have to be patient, because data collected in one or two days will be of little use. Ideally, the process should be extended over weeks, even several months.
Interpret the information . With an extensive database under our belt, it's time to create charts and analyses and compare them with our company's data. It's essential to highlight our weaknesses in order to learn from the things our competitors have mastered and managed well.
Implement the improvements . If we've already decided which aspects we're going to develop, it's necessary to develop a measured plan that will serve as a guide throughout the duration of the transformation.
Benchmarking modalities
Before deciding which companies and what aspects of them we are going to examine, we have to agree on the type of analysis we want to do:
Internal benchmarking. This is carried out by the company itself. General data, or data obtained by a specific department, is analyzed for future action. Areas that panama mobile database are producing inconsistent results are also compared to improve unproductive areas.
Competitive benchmarking . This is carried out with competing companies. All aspects that might be beneficial to our interests are analyzed: social media strategy, pricing policy, traditional marketing campaigns, etc.
Generic benchmarking. This time, the focus is on benchmark companies that aren't necessarily from our sector. The goal is to learn from the decisions that led them to achieve this status and try to incorporate them into our project. In this study, we typically see the names of established companies like Apple, Google, and Microsoft.
Stages of benchmarking
As with any process, benchmarking consists of several phases that must be followed in strict order if the desired aspects are to be improved.
Defining objectives . Before getting started, we need to be clear about which aspects of our company we want to improve and which benchmarking method to choose to support our work.
Identify the competition . We need to identify which company we would like to use as a source of inspiration for future actions. It's also important to consider the brands we want to distance ourselves from. Both studies can yield results that will serve as a learning opportunity and for improvement.
Complete analysis . With the companies selected, the next step is to decide which fields we'll measure. To do this, it's advisable to set KPIs linked to the objectives we've previously established. You have to be patient, because data collected in one or two days will be of little use. Ideally, the process should be extended over weeks, even several months.
Interpret the information . With an extensive database under our belt, it's time to create charts and analyses and compare them with our company's data. It's essential to highlight our weaknesses in order to learn from the things our competitors have mastered and managed well.
Implement the improvements . If we've already decided which aspects we're going to develop, it's necessary to develop a measured plan that will serve as a guide throughout the duration of the transformation.