What is benchmarking and how can it help you?
Posted: Tue Dec 03, 2024 5:01 am
Digital Strategy and Online Management
It's not about copying what the competition does, but about observing it, getting ideas and getting inspired. This could be the basis of benchmarking, a process of competitor analysis that can help you improve your company's marketing strategy and differentiate yourself from the rest. We tell you everything you need to know about benchmarking and how to get the most out of it .
You might be thinking: if my own strategy works for me, why should I pay attention to what others are doing? In the business world, you should never let your guard down, especially when it comes to looking vp compliance email lists at what the competition is doing. You can learn a lot through observation. And this is the basis of benchmarking: learning from that analysis of the competition to improve the processes you carry out.
The golden rules of benchmarking
There are 5 on which it is based,
Allows innovation
Help to improve
A good option to differentiate yourself from your competition
Allows you to extract data from it
Apply all this information to be different and better than the rest
Types of benchmarking
By analyzing your competition you can acquire valuable information and to do so you can choose one of the four existing types of benchmarking.
Internal benchmarking
This type of benchmarking is carried out within your company and competitors are left out. What does this mean? It is carried out by branches, different stores or franchises of a particular brand. See what each one does and identify the most successful actions or procedures.
External benchmarking
This is the most common, but it is recommended to first carry out your own SWOT analysis to see where we start from before comparing ourselves to the competition. And also see where we start from. Thanks to it, you can also improve your marketing strategy and our positioning.
Functional Benchmarking
Here we are going to think a little more, and we are not just limiting ourselves to the most direct competition but to all the companies in the sector, even if they are not geographically competitive (with e-commerce, they all are). Observing them can help you to locate their weak points and thus open the doors to other markets.
Comprehensive benchmarking
This involves carrying out the three previous competitor analyses at the same time. Of course, here you need more time and financial resources to carry them out because the observation and research work will be much greater.
This collection of information will help you a lot when it comes to making decisions and applying them to your digital marketing strategy. You know, take the good things from others and apply them to your brand. Strive for excellence.
It's not about copying what the competition does, but about observing it, getting ideas and getting inspired. This could be the basis of benchmarking, a process of competitor analysis that can help you improve your company's marketing strategy and differentiate yourself from the rest. We tell you everything you need to know about benchmarking and how to get the most out of it .
You might be thinking: if my own strategy works for me, why should I pay attention to what others are doing? In the business world, you should never let your guard down, especially when it comes to looking vp compliance email lists at what the competition is doing. You can learn a lot through observation. And this is the basis of benchmarking: learning from that analysis of the competition to improve the processes you carry out.
The golden rules of benchmarking
There are 5 on which it is based,
Allows innovation
Help to improve
A good option to differentiate yourself from your competition
Allows you to extract data from it
Apply all this information to be different and better than the rest
Types of benchmarking
By analyzing your competition you can acquire valuable information and to do so you can choose one of the four existing types of benchmarking.
Internal benchmarking
This type of benchmarking is carried out within your company and competitors are left out. What does this mean? It is carried out by branches, different stores or franchises of a particular brand. See what each one does and identify the most successful actions or procedures.
External benchmarking
This is the most common, but it is recommended to first carry out your own SWOT analysis to see where we start from before comparing ourselves to the competition. And also see where we start from. Thanks to it, you can also improve your marketing strategy and our positioning.
Functional Benchmarking
Here we are going to think a little more, and we are not just limiting ourselves to the most direct competition but to all the companies in the sector, even if they are not geographically competitive (with e-commerce, they all are). Observing them can help you to locate their weak points and thus open the doors to other markets.
Comprehensive benchmarking
This involves carrying out the three previous competitor analyses at the same time. Of course, here you need more time and financial resources to carry them out because the observation and research work will be much greater.
This collection of information will help you a lot when it comes to making decisions and applying them to your digital marketing strategy. You know, take the good things from others and apply them to your brand. Strive for excellence.