Competitive analysis: get and stay ahead of the game.

Competitive benchmarking is a process whereby businesses use primary data about their competitive set and best practices to pin down several core dimensions of success. Having developed a list of such “competitive benchmarks,” a business can incorporate them into an analysis of its own performance. This type of analysis could be one-off or part of an ongoing tracking study to help the business chart performance over time. Without exception, competitive benchmarking will help a business catch up and even overtake its competitors, as long as the business can rely on the data quality.

Use competitive benchmarking to:

• Find out what the best practices are for your industry or other industries with similar operations.
• Assess your competitors’ behavior and evaluate where you stand on product features that drive satisfaction, purchase, and brand loyalty.
• Compare your prices to those of others in the industry, including “generic” markers.

How you benefit:

• Learn precisely which product or service feaures drive satisfaction for your company while exploring weaknesses among your competitors.
• Increase your organizational agility as you observe and adapt, in real-time, to market changes.
• Eliminate the gap between you and your competitors as you study and learn from the successes of industry leaders.
• Give your customers the “right” value as you match (and overtake) your competitors in dimensions like quality and service.

Worried about where to start your benchmarking? Maybe you know which competitors are worth your interest, but you aren’t sure what it is about their approach that you need to master. Maybe your intent is not to mimic but to stand out completely from the competition. Whatever your objective, FGI Research can help you collect, analyze, and act on the data that helps you make informed choices. We can also provide recommendations as to how to put your insights into action.

Contact a representative today for your complimentary needs assessment.