Benchmarking: What are your competitors doing better?

Benchmarking is a management tool that continuously compares a company’s products, techniques, processes and values with competitors’ standards or values (especially the best of the competitors). The criteria can be chosen arbitrarily, but usually cost, time and quality are analyzed. On the one hand, you can rank your company based on these findings, on the other hand, it can be used to revise and optimize your campaigns, which will lead to you getting closer to your competitors. This can also create competitive advantages. This is not a one-time competition or strengths and weaknesses analysis, but a constant comparative analysis with the best competitors.

The goal of benchmarking

The long-term goal of benchmarking is to stay competitive in a fast-paced, ever-changing world. Through constant comparison with your competitors, you can learn from best practice companies to identify and implement improvements without the risk of missing important trends.

Types of benchmarking

Here you can see the different types of benchmarking listed:

• Internal benchmarking
• External benchmarking
• Competitive benchmarking
• Functional benchmarking

Benchmarking quickly explained

Here benchmarking briefly explained:

• Constant comparative analysis with the best competitors
• Criteria are arbitrarily selectable
• Optimize marketing campaigns through insights gained and never miss trends