Bear in mind chucking everyone, big and small, in together will mean your reporting loses focus. Ultimately, the aim of the benchmarking will decide who to include. This should help stop you getting caught off-guard. That way you can be ready as they get more successful and catch you up. It means you can see who is performing well and how they’re doing it. In a time when disruption upends entire industries, it’s a mistake to not pay attention to the little guys.īenchmarking against the smaller players in the game can pay off. There’s always smaller companies snapping at others’ heels. It also gives you a look into how they build foundations for future work and projects.Īnother approach is to look down the table. Obviously it’s not as simple as just doing what the best do, but it can give you some very valuable insight into how they operate and work. The figures might look depressing at first, but with research and investigation you may see common approaches between the larger companies, or areas you’re particularly weak in compared to them. In that case, benchmarking against them can offer some insight into how you can achieve their success. You might be looking at the biggest and the best in your industry with plans to become one of them. Of course, you might have bigger ambitions than fighting off your close competitors. That might mean planning your own SEO work to pick up the traffic they’ve lost, and ensure the same doesn’t happen to you. You could spot your main rival’s SEO performance trending downwards over the last few months. This is a great choice for mid-to-near future planning and taking advantage of immediate opportunities. This gives you a good view of the companies you’re directly competing against and the ones most likely to be coming after you. Likely the ones that are most similar to yourself in terms of size and success. One option is to benchmark against your closest competitors. Competitors and your relation to them can vary wildly, so who you can include depends on what you want to get out of it. There are plenty of different approaches here. How to choose competitors to benchmark against Don’t get hung up on sticking to top line metrics alone. This will ensure the benchmarking has value for as many people within the company as possible. You should also consult with all parts of the business to see what would be useful to include. This shows how only tracking your performance against your past self can miss an important part of the picture. Either something is going wrong on your end or they’re trying something new. ![]() Have a think about what metrics could be early indicators for bigger outcomes too.įor example, if your share of voice on social media drops and a competitor takes the top spot this means it’s time to investigate. Ask yourselves why you want to benchmark in the first place. Your pre-existing KPIs are a good start of course, but this can be a chance to go a bit broader. With so much scope on what can be included, how do you even choose your competitive benchmarks? How to choose your competitive benchmarks It all comes down to do your aims and what areas are important to you. Benchmarking means you can easily spot when a competitor is doing well or beginning to struggle – both prime times to evaluate your own strategy.Ĭompetitive benchmarking can fit around your business and its departments, being as broad or as granular as you like. Not only can you get get an organized overview of your company and how it performs on different levels, you can also keep competitive. It also is an important step of a competitive analysis. This means companies can look to define ‘best practice’ for specific metrics and compare this to their own approach. This will often include looking at the practice behind these metrics as well. This is used to measure the performance of a company and compare it to others over time. ![]() Competitive benchmarking is the process of comparing your company against a number of competitors using a set collection of metrics.
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