Key methods of Competitive Benchmarking & Analysis
- Gathering of Data: Compile extensive information about the performance of competitors and your own business.
- KPIs or key performance indicators: The key performance indicators that is used for benchmarking should be identified and defined.
- Customer feedback and surveys: To find out how customers view your goods and services in comparison to those of your rivals, use customer surveys and feedback systems.
- Market Analysis: To learn more about market trends, new technology and customer behavior, conduct market research.
- Frameworks for Competitor Analysis: Use well-known competitor analysis frameworks to systematically evaluate the competitive environment and identify areas that require development, such as Porterâs Five Forces or SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
- Industry Standards & Benchmarks: Evaluate your companyâs performance in comparison to standard practices and benchmarks.
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
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