Competitive Benchmarking

Posted in Marketing and Strategy Terms, Total Reads: 287

Definition: Competitive Benchmarking

Competitive Benchmarking is a continuous process of comparing & benchmarking your own firm with the most successful firm or competitor in the same field/domain on certain parameters. If we talk with respect to operations, we need to look at response times, attention to detail and helpfulness.

Steps to follow:

1. Find out what to benchmark

2. Identify the drivers

3. Look at the ways to measure

4. Identify your current situation

5. Find out details about your competitors with what to benchmark against

Graphical representation of competitive benchmarking.

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