There are many advantages of benchmarking because it refers to measuring your business process and quality in the industry. Besides, benchmarking also includes the process of competition analysis you should perform to win and make your business grow bigger. By the way, what do you exactly need to analyze from your competitors?
- Quality of product & service. This is indeed the foremost aspect in competitor analysis because you first need to know about the product or service quality that your competitors provide to customers. What makes it worth and how can it be accepted in the market? For instance, in food industry, you may take a look at and compare not only the taste, but also design, label, etc.
- Marketing strategy. Another essential aspect to analyze is marketing strategy. You should find out what strategies they implement to let customers know and retain them. In internet market strategy, you may analyze their SEO efforts and social network campaign.
- Staffing. Staffing is about how your competitors manage and engage personnel. As we all know, employee productivity is the most crucial thing in business. They might lead to success or cause failure. Therefore, it’s important to analyze your competitors’ staffing as well including about the number of employees and leadership styles.
- Finance. Finance is about profitability in which a business uses minimal capital or budget to operate a business and receive high amount of profit in return. Other financial matters to analyze are cash flow and profit growth.
In addition, you may also need to include other aspects in computer profiling, like facilities and feedback management