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Competitive Benchmarking Framework

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Competitive benchmarking helps a brand know where they stand in a market full of similar brands. It shows you how your brand measures up in comparison to your competitors.

Competitive benchmarking helps identify gaps in process, strategies, and techniques to achieve your goals. It shows what your competitors are doing right to help you learn. By knowing what efforts you need to put, your marketers can take advantage of your strengths and use them to win over important trends.

01

What is Competitive Benchmarking?

Competitive Benchmarking involves comparing metrics of your brand with that of your competitors and the entire industry you are competing in.

The comparison of vital metrics helps a business evaluate its performance. This helps to learn about what the business is excelling at and what needs improvement. Looking into your competitor and overall market performance you can also identify best practices. Learning what makes them different and adopting good industry trends can give the business an edge over the competition.

With most businesses becoming digital, Competitive Benchmarking also involves comparing digital metrics. The aim is to gain insights from competitor’s digital marketing performance to improve your marketing efforts.

Competitive Benchmarking Framework1

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02

Metrics used in Competitive Benchmarking

You need to be clear about what metrics you want to measure and compare with your competitors. Before starting the competitive benchmarking the entire management should be on board with the metrics chosen for comparison.

The metrics are more valuable when they align with the goal a business wants to achieve. Keep the metrics simple, attainable and monitor them over time.

Brand Awareness: Measure direct traffic on your website, i.e., how many people search for your website by intentionally typing your URL

Reach in Social Media: Followers, likes, comments, retweets/ reposts, shares, etc., can show you much traffic social media brings to your company’s website.

Ranking: Evaluate how much traffic your keywords and landing pages bring

Growth Rate: Benchmark site traffic numbers

Product Success: Figure out the most popular products and services, improve your own offers by comparing your success against your competitor’s.

Customer Satisfaction or CSAT

Net Promoter Score® or NPS®

Share of Voice: Involves calculating how wide your share of advertisement and traffic is against your competitors.

Use these digital metrics to compare and learn what you can do to improve your consumer’s experience. Use the insights from the Competitive Benchmarking and enhance marketing strategies to achieve business goals.

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03

Difference between Competitive Benchmarking and Competitive Analysis

Competitive Benchmarking is tracking and monitors the competitor while the business is in motion. You measure and evaluate the performance of your business against your competitors. Here the aim is to gather data on competitor’s performance over long-term strategies and identify industry trends.

Competitive Analysis involves research by analyzing every move made by your competitors. The process involves scrutinizing every tactic and strategy the competitor uses. The aim is to see how they market themselves and promote their brand.

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04

Ways you can use Competitive Benchmarking

Process Benchmarking:

This requires you to understand the process you adopt and identify ways you can optimize them. It helps you to understand the internal process of your business. It allows you to examine how your competitors complete their processes. As a result, you learn ways to complete your process more efficiently.

Strategic Benchmarking:

The aim is to strengthen the marketing strategies a business adopts. Comparing strategies with competitors helps understand what makes the winning business more competitive. It helps learn what approaches successful businesses use to stand on top of the market.

Performance Benchmarking:

With this benchmark, a marketer cares about the outcomes/ performance. The outcomes could be of the overall performance or the performance of a specific team.

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