4 Key considerations for more effective competitor benchmarking
Your competitor set is changing – but has your approach to competitive benchmarking stayed the same? Pia Kirkland shares four considerations to recalibrate your strategic intelligence and turn insights into meaningful action.
The need for effective competitor benchmarking has risen up the corporate agenda in recent years, due to the growing threat of disruption from start-ups, new business models and technological advancements.
Established companies – and whole industries – are increasingly challenged to adapt in today’s fast-changing landscape if they want to stay relevant in the eyes of their consumers and customers. Ways of thinking that have proved successful over several decades can result in damaging blind spots.
Missed opportunity?
90% of Fortune 500 companies are actively using customer benchmarking to guide their strategic approach. However, the majority focus on direct competition, looking at what they have done or are doing - not future threats.
Turn blind spots into white spaces
The need for effective competitor benchmarking has risen up the corporate agenda in recent years, due to the growing threat of disruption from start-ups, new business models and technological advancements.
Established companies – and whole industries – are increasingly challenged to adapt in today’s fast-changing landscape if they want to stay relevant in the eyes of their consumers and customers. Ways of thinking that have proved successful over several decades can result in damaging blind spots.
Missed opportunity?
90% of Fortune 500 companies are actively using customer benchmarking to guide their strategic approach. However, the majority focus on direct competition, looking at what they have done or are doing - not future threats.
1. Start with the consumer problem
The need for effective competitor benchmarking has risen up the corporate agenda in recent years, due to the growing threat of disruption from start-ups, new business models and technological advancements.
Established companies – and whole industries – are increasingly challenged to adapt in today’s fast-changing landscape if they want to stay relevant in the eyes of their consumers and customers. Ways of thinking that have proved successful over several decades can result in damaging blind spots.
Missed opportunity?
90% of Fortune 500 companies are actively using customer benchmarking to guide their strategic approach. However, the majority focus on direct competition, looking at what they have done or are doing - not future threats.
2. Be crystal clear on the burning issue
The need for effective competitor benchmarking has risen up the corporate agenda in recent years, due to the growing threat of disruption from start-ups, new business models and technological advancements.
Established companies – and whole industries – are increasingly challenged to adapt in today’s fast-changing landscape if they want to stay relevant in the eyes of their consumers and customers. Ways of thinking that have proved successful over several decades can result in damaging blind spots.
Missed opportunity?
90% of Fortune 500 companies are actively using customer benchmarking to guide their strategic approach. However, the majority focus on direct competition, looking at what they have done or are doing - not future threats.
3. Invest in high-quality, reliable strategic intelligence
The need for effective competitor benchmarking has risen up the corporate agenda in recent years, due to the growing threat of disruption from start-ups, new business models and technological advancements.
Established companies – and whole industries – are increasingly challenged to adapt in today’s fast-changing landscape if they want to stay relevant in the eyes of their consumers and customers. Ways of thinking that have proved successful over several decades can result in damaging blind spots.
Missed opportunity?
90% of Fortune 500 companies are actively using customer benchmarking to guide their strategic approach. However, the majority focus on direct competition, looking at what they have done or are doing - not future threats.
4. Ensure the benchmarking leads to action
The need for effective competitor benchmarking has risen up the corporate agenda in recent years, due to the growing threat of disruption from start-ups, new business models and technological advancements.
Established companies – and whole industries – are increasingly challenged to adapt in today’s fast-changing landscape if they want to stay relevant in the eyes of their consumers and customers. Ways of thinking that have proved successful over several decades can result in damaging blind spots.
Missed opportunity?
90% of Fortune 500 companies are actively using customer benchmarking to guide their strategic approach. However, the majority focus on direct competition, looking at what they have done or are doing - not future threats.
Unlock the full potential of competitive benchmarking
The need for effective competitor benchmarking has risen up the corporate agenda in recent years, due to the growing threat of disruption from start-ups, new business models and technological advancements.
Established companies – and whole industries – are increasingly challenged to adapt in today’s fast-changing landscape if they want to stay relevant in the eyes of their consumers and customers. Ways of thinking that have proved successful over several decades can result in damaging blind spots.
Missed opportunity?
90% of Fortune 500 companies are actively using customer benchmarking to guide their strategic approach. However, the majority focus on direct competition, looking at what they have done or are doing - not future threats.
