Easy 4-step process for Competitive Benchmarking
- Specify the goals and parameters: Clearly state what you hope to achieve by using competitive benchmarking. Establish the parameters of your benchmarking study, such as the rivals you wish to examine and the KPIs you plan to utilize for assessment.
- Determine and Gather Information: Determine who your main rivals are and obtain pertinent information about their achievements. To provide a foundation for comparison, gather internal data about your own performance in the same areas.
- Evaluation and Compare: Examine the gathered data and compare your performance with that of your rivals. Examine competitor’s strategies and look for best practices. Recognize the factors that lead to their performance in the areas where you are benchmarking.
- Execute Modifications and Monitor: Make adjustments or enhancements where your performance needs work based on your analysis. Review the benchmarking process on a regular basis to stay updated on changes in the competitive environment and to continue making improvements.
Competitive Benchmarking in product management
Competitive Benchmarking in product management involves assessing the strengths and weaknesses of companies offering similar products, which is essential for product managers to make informed decisions about product pricing, marketing, and sales strategies.
Table of Content
- What is Competitive Benchmarking?
- Importance of Competitive Benchmarking
- Example of Competitive Benchmarking
- Why do Brands need to have a Competitive Benchmarking tool?
- Easy 4-step process for Competitive Benchmarking
- Benefits of Competitive Benchmarking
- What Are Different Types of Benchmarking?
- How to choose competitors to Benchmark against?
- Key methods of Competitive Benchmarking & Analysis
- Competitive Benchmarking vs. Competitive Analysis
- How can Competitive Benchmarking go wrong?
- Conclusion: Competitive Benchmarking
- FAQs On Competitive Benchmarking