Made No matter where you rank within the industry, there is always room to improve. You just need to identify these areas for improvement and then compare those areas with the details of competing companies. By focusing on only one area at a time, it will be easier to gain access to in-depth and targeted metrics. Determine Your Benchmarking Metrics It is always easy to retrieve data regarding your own company, but it may not be as straightforward with your competitors.
Public companies will release annual reports online, but if you are evaluating a private business, then some investigative work will be necessary. Keep ICTP Conference 2017 an eye out for news articles, press releases, and sales reports that can provide you with the data you need for competitive benchmarking analysis. When it comes to identifying the metrics that you want to use in your benchmarking, you need to go off of what area you want to improve.
For instance, if you have been having difficulty acquiring new customers, then you should identify and focus on benchmarking brand awareness practices and strategies. Some specific Key Performance Indicators (KPIs) include SEO practices, customer touchpoints, customer engagement, brand recall, brand recognition, brand equity, and advertising techniques. Some other popular KPIs in benchmarking include domain authority, organic share of voice, conversion rates, and paid impression share.