What is Competitive Benchmarking?
Comparing your company's performance and practices against competitors to identify gaps and best practices.
Detailed Explanation
Competitive benchmarking is the process of comparing specific business metrics, processes, or practices against those of competitors or industry leaders. This comparison helps identify performance gaps, set improvement targets, and understand best practices in the market. Benchmarking can cover everything from operational efficiency to customer satisfaction to product features.
Real-World Examples
Comparing feature sets across competitors
Benchmarking customer satisfaction scores
Analyzing pricing relative to competitors
How It's Used
Performance improvement
Goal setting
Strategic planning
Product development
Put Competitive Benchmarking Into Practice
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