Benchmarking Competitors for Success

To benchmark your business, you need to compare yourself to others in your industry. This will give you insight into how well you’re doing compared to other companies in your field.

Competitor research

Find out what competitors are doing.

Use a market research agency to identify your key competitors to benchmark yourselves against. Once you know who your competitors are, you can design the criteria for the competitor analysis based on the desired data output.

Identify gaps between your business and your competitors.

Once you’ve identified your competitors’ strengths and weaknesses, you need to figure out how you can differentiate yourself. This will help you decide whether you’re going to compete head-on with your competitors or try to carve out a new market.

Take action to close those gaps.

If you want to benchmark your competitors, you’ll need to find out what they’re doing right and wrong. You should also consider what kind of customers they attract and why they succeed. Then, you can use these insights to determine what you need to do differently to win more business.

Take action based on the results.

If you find that one competitor is performing well in a certain area, you should try to learn why. You might discover that they offer better customer service, provide better products, or charge less. By understanding what makes your competitors successful, you can use those same tactics to become more competitive.

Find out more.

Speak to one of our Research Consultants to find out how we can create a bespoke competitor research programme for your business.

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