Competitive Analysis and Benchmarking

Benchmarking is an important process of Mystery Shopping which involves the internal measurement of a company’s products, performance, etc. This alone will not help to determine a company’s progress or place in the market.

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Benchmark your competitor - Benchmark competitors

A benchmarking with competitor companies plays a very integral role to ascertain a company’s performance and to have a complete analysis of the market scenario. When a company gets both internal and external analysis or benchmarking, new plans or strategies can be rightfully adapted in the required areas for improvement. Competitor Benchmarking is the process of comparing your company against the number of competitors using a set collection of metrics.

Key Performance Indicator

This means companies can look to define ‘KPI’ (Key Performance Indicators) for specific metrics and compare this to their own approach. It also is an important step of a Competitive Analysis. In order to offer this Competitive Analysis to our clients, we would need to go through different steps: Criterion – Plan – Evaluate – Report – Analysis – Deliver. Once these aspects are identified, then the data can easily be compared and analyzed, which can further lead to a SWOT analysis for the client and help them find the weak areas (where the competitors are having an edge) and put plans and actions into place to strategically improve in those areas and help improve the business eventually.