Competitive Benchmarking is an ongoing procedure for comparing & benchmarking your own business and performance with the most successful organization or competitor in the same field/domain on certain parameters. It is a direct competitor-to-competitor comparison of a product, service, process, or method. If we discuss with respect to procedures, we need to look at the rates of response, attention to depth and helpfulness.
This type of benchmarking provides a possibility to know about your business, performance, product, service, and your competition better; incorporate forces against another common competitor. A good example of competitive benchmarking, within just the automobile brands, two or more American car companies might benchmark for mutual benefit against a common international competitor.
- Advantages of Competitive Benchmarking
-Contrasting like processes
-Know your competitors better
-Helpful for planning and setting goals
-Similar corporate issues
- Legal Issues with Competitive Benchmarking
-Relatively low-performance improvement
-Restricted to trade secrets
-May provide misleading information
-May not get best-in-class comparisons
-Opponents could capitalize on your weaknesses
Benchmarking is a powerful tool for maintaining the competitiveness of the business and it is any means to gain a competitive advantage. Benchmarking can lead to a far better understanding of a provider’s comparative strengths and flaws. Also in a period of super competition, benchmarking encourages the organization to look outwards, to be adaptable and innovate. Presently there are four types of benchmarking: internal, competitive, other industry and global. Moreover, competitive benchmarking can be conducted at three levels:
Strategic Functional and Operational
Competitive benchmarking can be carried out extensively using two approaches. A great anonymous study can be organized involving a group of competition and the client. This would expose certain industry benchmarks. Additionally, as well as to supplement the unknown survey, primary research can be carried out – for example, within the competition’s customer and provider base to find out more about their processes.
Benchmarking influences KPIs, redeploys resources, increases cost efficiencies, raise the calibre of products, services, customer experience and much more.
Competitive Benchmarking Webinar will give you all the insider tips to compare your business with the most successful company in the same field as yours and create an impression that will give your business a bigger voice to engage with your audience.
Register and know more about Competitive Benchmarking on Thursday, July 20, 8:00 PM IST.
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