The 10 Benefits of Benchmarking

Perform a good analysis of the competition or Online Benchmarking it will allow you to know your competitors better and to develop or improve your Digital Strategy.

Why is it necessary to carry out online Benchmarking?

Companies are increasingly finding themselves in a very competitive environment, especially on the network. Differentiation is key to positioning ourselves against the competition and making us a prominent place in the market.

If you have a company, you should always be aware of the activities and trends in your sector.

The 10 Benefits of Benchmarking:

1. ACHIEVE GREATER KNOWLEDGE AND UNDERSTANDING ABOUT COMPETITORS:

You will detect who your competitors are, what channels they are on, what they are doing, what their strategies are, their strengths and weaknesses, etc.

2. ANALYZE THE COMPETITION IN REAL TIME:

Thanks to new technologies, we can know what they are doing on the different online channels, what keywords they use the most, what are the most effective and ineffective practices, etc.

3. LEARN MORE ABOUT THE SECTOR:

If we practice active listening or Social Listening we will be able to know what users say about the competition and the sector, but above all about our company.

4. SETTING NEW OBJECTIVES:

All the information collected will allow us to change our strategy, establish a new plan of action and achieve new goals.

5. IDENTIFY WHERE PERFORMANCE CAN BE IMPROVED:

Benchmarking will also help us to know which areas we should pay more attention to and improve.

6. KNOW THE DEMOGRAPHIC CHARACTERISTICS OF COMPETING USERS:

If we don't know the users or potential customers of our company, we have a problem, but thanks to the analysis of the competition and the sector, we can focus the new strategy on a Target concrete.

7. IMPROVE THE EFFECTIVENESS OF YOUR MARKETING CAMPAIGNS:

Once the results have been evaluated, we can make decisions that will allow us to improve our Marketing strategy.

8. DETECT NEW NEEDS OF OUR CUSTOMERS:

If we monitor the network, we will know what users want and demand.

9. INCREASE RETURN ON INVESTMENT (ROI):

Once the Marketing strategy has been corrected and implemented, we will see an improvement in the return on investment.

10. CONTINUOUSLY IMPROVE:

Competitive analysis will allow us to reduce risks, introduce improvements more quickly and be among the best.

Apple is a clear example of a company that analyzes the market and competition. Apple was not the creator of mobile phones, nor tablets, nor mp3...

After analyzing the market, he found that it was more necessary provide a good customer experience. They achieved this by improving the design, size, portability, usability, image, etc. but above all they were able to meet the customer's needs.

The practice of Benchmarking is not about literally copying or stealing the competition, but about detecting what really works in order to take it into account and to be able to make our company more competitive and gain the ability to excel.

All companies should incorporate into their Marketing Strategies the practice of Benchmarking to constantly analyze competitive activities.

We would like to end with a phrase from Sonia Gogova (Former Director of Competitive Intelligence at Telefónica) that we have mentioned on more than one occasion because we like it a lot: “We don't know what we are losing if we don't know what we could win”.

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How can we help you?

If you need more information, do not hesitate to contact us.