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What is competitive benchmarking?
Competitive benchmarking is the process of comparing your organization to one or more of its competitors. It offers a high-level view of your competitors' performance.
Competitive benchmarking & analysis allow you to analyze the performance of your competitors’ brand, products, and services, so you can optimize your strategy.
Competitive analysis helps you understand the qualitative data behind the numbers.
Competitive benchmarking can help you:
- Evaluate their strengths & weaknesses
- Understand how your organization fits in the market
- Establish goals for your strategy
Examples of competitive benchmarking:
- Measuring if your brand has been mentioned in more social media posts or news articles
- Understanding if your competitors reach a wider audience
- Identifying if there is a company that earns more engagement
