LONDON--(BUSINESS WIRE)--Infiniti, a leading market intelligence solutions provider, has announced the launch of their latest article on the six competitive benchmarking best practices to enhance your growth strategy. As businesses across the globe are shifting their focus to building top-notch customer experiences, having a competitive benchmarking strategy is vital to stay ahead of the game. A well-thought-out competitive benchmarking strategy is a worthwhile pursuit that will yield desired results for businesses. It helps to measure the performance of a company and compare it to others over time.
For over 15 years, Infiniti’s solutions have helped numerous companies stay on top of their game by offering solutions to improve their competitive intelligence capabilities. This article provides comprehensive insights into six competitive benchmarking best practices to follow for effective and impactful business results.
Our research shows that, today, most companies have started turning to competitive benchmarking solutions to understand which of their competitor strategies to focus on. With the aid of such solutions, businesses can now effectively measure their performance against their peers in the market. This article, which is now available for free download, will help you understand some key best practices to follow for effective competitive benchmarking.
Managing risks and identifying competitor strategies are not easy tasks for companies. Request a free proposal to know how we can help you streamline your benchmarking processes.
Competitive benchmarking best practices
#1: Begin early
Understanding competition and gaining a clear overview of their strategies is similar to having a map that shows a business the path to their ultimate destination. The sooner this is done, the better for companies to transition from a reactive to a strategic organization. Half the work in competitive benchmarking is done if businesses know where to begin.
Get in touch with our competitive intelligence experts to know more about how we have helped clients across industries to choose the right benchmarking strategies for their business.
#2: Maintain a timeline
Competitive benchmarking is a highly time-consuming process that involves researching competitors, analyzing opportunities for improvement, and implementing changes. It is advisable to limit the scope of benchmarking to research and other activities that can be finished within a time frame that reflects a typical planning cycle in the company. By doing so, businesses can analyze how they compare to their competitors early in the cycle, implement changes, and share the results that can help in better planning for the next quarter.
#3: Take inspiration from other industries
Organizations can gain useful insights by analyzing companies operating outside their industry. Understanding how companies in other industries are solving challenges can help organizations frame similar strategies to overcome their problems. For instance, examining how companies in the retail industry handle customer grievances and giving increased focus on customer experience can help companies in other sectors to follow similar strategies to retain their customers.
To know more about the benefits of Infiniti’s competitive benchmarking solutions, get more info here!
About Infiniti Research:
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
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