|
| |
Competitive benchmarking is the process of comparing your products, services, processes and practices to a direct competitor using standard measurements. This may be done to evaluate your current competitive position, develop strategies and evaluate performance. The following are common types of competitive benchmarking.
Figure of MeritA figure of merit is a product metric that customers consider when making a purchase. These typically serve as common benchmarks that all competitors in an industry work to improve. For example, cost per watt is a figure of merit for solar panels.Financial ResultsUsing the financial reports of competitors to gather financial performance metrics such as revenue per employee.
Operational MetricsOperating metrics may be available in a firm's marketing communications. Alternatively, industry consultants or market research firms may offer estimates. For example, firms might compare the energy efficiency of their data centers against best in class results.Marketing MetricsMarketing metrics such as brand recognition and top of mind are commonly available for an industry.
SalesSales teams may benchmark things such as customer acquisition cost and gross margins against a close competitor.Customer ServiceService industries are often benchmarked using customer satisfaction with such data independently collected by market research firms.Customer ExperienceA firm may benchmark intangible elements of services such as the taste of food against a close competitor.
Data Science
This is the complete list of articles we have written about data science.
If you enjoyed this page, please consider bookmarking Simplicable.
© 2010-2023 Simplicable. All Rights Reserved. Reproduction of materials found on this site, in any form, without explicit permission is prohibited.
View credits & copyrights or citation information for this page.
|
