BENCHMARK RESEARCH STUDIES PRO
BENCHMARK RESEARCH STUDIES SOFTWARE

Performance benchmarks can be made by looking at your own company’s data or competitors’.ĭigital: Digital benchmarking is performance benchmarking for web activity. A performance benchmark analyzes a company’s revenue, costs, or number of sales. Performance: Performance benchmarking includes collecting quantitative data and other key performance indicators. Prime example: If an organization is looking to develop a new marketing strategy, it may benchmark against the digital marketing strategies of companies it admires. Strategic: Strategic benchmarking is the process of understanding which business models are best for strategic success.

BENCHMARK RESEARCH STUDIES SOFTWARE

Let’s say your company is developing software and all your competitors suddenly develop a similar feature – you’d be wise to tap this trend and develop this feature too. There are several types of benchmarking and each is important for your business.Ĭompetitive: Competitive benchmarking is about staying on top of what your competition is doing. What are the different types of benchmarking? Improve strategic planning and goal-setting: Basing your strategic planning and goal-setting on benchmarks ensures that you’re working toward relevant and realistic goals.

BENCHMARK RESEARCH STUDIES PRO

Pro Tip: Tap into the Similarweb Industry Overview tool to get a bird’s eye view of your industry and industry-wide metrics.Ĥ. Monitoring market changes will let you know if your activities are successful or if you need to pivot. Benchmarking can reveal your position in the market and map the competitive landscape.

Track your market position: It’s important to understand how you compare to competitors. Pro Tip: Use the Similarweb Analyze Industry Leaders tool to see your top-performing competitors’ achievements and benchmark your potential.ģ. Know your potential: Do you know what similar companies are achieving? What’s realistic for you to achieve? Benchmarking can help you understand your growth potential and identify areas where you can expand. Pro Tip: The Similarweb Identify Industry Trends tool will allow you to analyze how demand and interests change in your industry.Ģ. With benchmarking, you’ll know exactly what your competitors are doing and be able to make the most of opportunities in real time. Spot trends and opportunities: Being able to identify trends can keep you from getting blindsided by a shift in your industry.

Not only will you understand your competitors, but you’ll also be able to:ġ. There are numerous benefits of benchmarking. By comparing your findings to your brand’s performance, you can set realistic goals and create a plan to achieve them. Studying other companies that may have superior performance will give you insight into their activities, processes, goals, and metrics. It’s a great way to evaluate performance, determine industry best practices, and identify opportunities for improvement. So sit down and buckle up, because here we go! What is benchmarking and what does it mean in business?īenchmarking is defined as the process of comparing and measuring different businesses’ activities and performances. Now that we’ve got the basic benchmarking definition out of the way, it’s time to focus on benchmarking in business, its benefits, the different types, and how it’s done. Who knew you were already such a benchmarking expert? Let’s face it, we’re benchmarking everything all the time! While you may not call it benchmarking when you eat a burger and think it wasn’t quite as delicious as the last one, it’s exactly what you were doing. We compare different products (like burgers), and elements in our environment (like night versus day), and even compare ourselves to peers to determine our own merits (though maybe we should do less of this one). Was it tasty? How tasty? You can only decide how good the burger was by comparing it to others you’ve eaten.Ĭomparison helps us understand relationships and make quality judgments. Think about the last time you ate a burger.

Benchmark research studies