There is a lot of competition in the market today
(offline/online). We see more and more businesses, companies, or brands trying
to enter the offline and online world. This is why using benchmarking as a
resource to know and study your competition allows you to look beyond what you
do and avoid mistakes that others have already made.
Market growth has diversified them. And that
people no longer just buy in one place. Because it's the only option, but they
have the power to choose where and why they want to do it. This means it's
about to be the most delusional time of the year, as well as the most confusing
time for all users.
We also know that thanks to the Internet,
geographical or time constraints are more or less the same. That's why you can
buy European products from anywhere in the world.
This, although it brings obvious advantages,
complicates the situation for local, regional, and national companies. Because
depending on the product, many people prefer to invest in shopping abroad
rather than in their own country.
This is where the various strategies, tools, and
strategies come in handy that will help your company stay relevant to your
audience and they will like you more than other brands.
For example, with good content marketing, you
will be able to guarantee that users will fall in love and persuade them to
Attractive aspects that you may find useful to
highlight are proximity, speed of delivery, a guarantee that they will be able
to see and review a product before purchase, or the risk of taking it out of
On the other hand, one resource that can help you
capture your audience is NPS. This will let you know the level of satisfaction
of your customers. And you will be able to work to improve and optimize the
quality of your services.
This is a major determining factor for a user to
be loyal to a brand and to be better at promoting it.
Following this introduction, we would like to
give you the tools you need to perform effective benchmarking by following the
advantage of benchmarking with these tips
1. Be objective
There are those who believe that benchmarking is
copying competition or stealing their strategies. The truth is that it is far
from reality. Being able to evaluate a goal of what other brands like you do
that will really nurture you allows you to tailor your own strategies to your
goals and then develop them effectively.
Let's take an example of two brands that offer
very similar and identical products: McDonald's and Burger King. Each one has
its differences and offers different experiences.
In addition, it is a fact that there are people
who love Burger King, and for McDonald's, it will never change. They usually
preserve the most natural taste of the meat, for example.
On the other hand, in addition to hamburgers,
McDonald's fans usually highlight fries and ice cream. So it is well known that
each of these companies has focused on highlighting something different about
their brand and has maintained it as a distinctive feature.
If one of the copies the other, they must lose
the "special value" that users see in them and as a result, they may
lose their fans.
2. Know what is trending
Another very important aspect is the current
trend and being a part of what everyone is talking about, not just relating to
it and losing your essence to care.
Your brand may not be able to participate in all
the emerging trends, but make sure you see the ones that match your brand.
It can be anything more simple than using a song
that is currently in vogue for your video, or something more complicated than
running a campaign around a trend event like the Super Bowl.
Being aware of what is happening in the world
will help you to take advantage of these opportunities and get on the wave, at
the best of times, everyone will see you.
After that, it's up to you to catch the users who
offer the best quality products or services and the best customer service.
3. Focus on the good habits of
A common mistake is to look only at how bad or
where the competition has failed to avoid repeating their stumbling block. And
it's true that it can help you not read there. But, it is more important to
focus on the work they have done well and the results obtained through that
It can serve as an inspiration, a reference, or
an example so that from your place you can create strategies that will lead you to meet your own goals. And you
can even challenge yourself to overcome what others have achieved.
Always remember that each brand has specific
goals and the steps they take must be aimed at meeting them. It will not let
you get lost in the sea of competition around you.
4. Create a comparison chart
A comparison chart will allow you to see more
clearly the advantages and disadvantages, the ups and downs of developing truly
This will enable you to purposefully view the
activities and implement what is best for you. We put a lot of emphasis on this
because if you read on the internet you will see many examples which can be a
copy or a direct attack and it is not really benchmarking.
Be sure to include in the comparison chart not
only how similar they are but also how they differ. This way you will get a
clear picture of the situation in general and then you will be able to move in
the most specific direction.
5. Apply what you have learned
After completing all the previous steps, it is
time to work. Write down all the information collected and implement actions
that will lead you to meet your goals.
Define your goals, get to know your audience,
develop strategies that focus on your goals, and always stay within your brand
Finally, start focusing 100% and performing
personalized actions that can ensure that you are waiting for truly positive
6. Evaluate your results
Finally, always evaluate the results of each of
your actions, and even evaluate their performance when performing each action.
Don’t be afraid to change in the middle if you see that they are better.
Be flexible, tactful, and listen to what your
audience is saying. If an idea sounds like talent to you but the public isn't
connected to it, don't hold on to it or waste time waiting for it to improve.
Dare to improve your game on the go.
In such a changing world, we should not marry
forever with an idea or strategy, especially when the outcome depends on a
third party or company. Also, do what really works for you, keep it up, and
inject more energy into it.
For example, if you run a campaign to promote a
particular product or service and you see that it exceeds your expectations,
invest in it, add paid advertising, or expand it for maximum profit.
Take the numbers, because you will see what works
and you will know if there will be a guaranteed return on investment.
Therefore, the more you invest in it, the better it will be for you. There are
many brands that have a single star product and although it is not advisable to
keep all your eggs in one basket, it is not bad to highlight what your audience
Another thing you can do is cross-sell, maybe
your star product or service with someone else who doesn't have that much hook,
but you know it's very good. You can think of all these actions according to
the feedback you get from your customers, it will always be important so that
you can improve day by day.
Finally, we invite you to share this valuable
information with your team, and together they can learn not only about
benchmarking, which is a great method, but also about the best practices they
Always focus on your goals and the values of
your company. Leave your mark and let the audience fall in love with your
proposal and not just the image you are projecting.