Interested in evaluating your organization's performance against your competitors? Competitive benchmarking can help you gain insight into your strengths and weaknesses relative to other businesses in your industry.
Competitive benchmarking is what it sounds like – benchmarking your company against your most direct competition. Competitive benchmarking typically takes place within one industry and focuses on areas like product quality, customer satisfaction, market share, and operational efficiency. It allows you to identify areas of improvement and ways to leverage competitive advantage. Competitive benchmarking reveals your company’s relative position in the market, which can make way for better strategies for product development, marketing, and operations. Competitive benchmarking is important because it gives you a more complete understanding of the big picture within your industry by comparing your operational results with the competition.
Competitive benchmarking is essential for any business prioritizing market share.
You can use several financial metrics to review and evaluate your company’s financial performance and to achieve goals and objectives. To monitor business performance, let’s take a look at some of the core financial metrics you should be tracking:
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