How do you cope with dynamic and complex market environments when doing competitive benchmarking?

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Competitive benchmarking is a vital process for any business that wants to stay ahead of the curve and deliver value to its customers. But how do you conduct effective and reliable benchmarking when the market is constantly changing and evolving? How do you keep up with the trends, innovations, and challenges that your competitors face and respond to? In this article, we will share some tips and best practices for coping with dynamic and complex market environments when doing competitive benchmarking.

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Heba Nader

Experienced Market Researcher | (PMP)?, MBA in Marketing & International Business, Certified Marketing Researcher, and…

1 Understand your goals and scope

Before you start comparing your performance with your competitors, you need to have a clear idea of what you want to achieve and how you will measure it. What are your key performance indicators (KPIs) and how do they align with your strategic objectives? What are the specific aspects of your products, services, processes, or operations that you want to benchmark? How will you define and segment your market and your competitors? These questions will help you narrow down your focus and scope, and avoid getting overwhelmed by too much or irrelevant data.

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2 Choose the right sources and methods

Depending on your goals and scope, you will need to select the most appropriate sources and methods for collecting and analyzing data on your competitors. Some common sources include industry reports, websites, social media, customer reviews, surveys, interviews, mystery shopping, or direct observation. Some common methods include SWOT analysis, gap analysis, spider charts, or scorecards. You should aim to use a combination of sources and methods that provide you with accurate, timely, and comprehensive information, while also being ethical and legal.

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Heba Nader

Experienced Market Researcher | (PMP)?, MBA in Marketing & International Business, Certified Marketing Researcher, and Mckinsey Forward Advanced Level Champion
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if you want to evaluate your competitors' online presence, analyzing their websites and social media activity might be more effective. Additionally, conducting surveys or interviews with industry experts can provide in-depth perspectives. Once data is collected, methods like SWOT analysis or gap analysis can help identify areas for improvement or potential opportunities. It's essential to utilize a mix of sources and methods to ensure the information gathered is accurate, timely, and complies with ethical and legal standards.

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3 Update and validate your data regularly

One of the main challenges of coping with dynamic and complex market environments is that the data you collect can quickly become outdated or inaccurate. Therefore, you need to update and validate your data regularly, and check for any changes or discrepancies that might affect your benchmarking results. You can use tools such as alerts, newsletters, RSS feeds, or web scraping to monitor your competitors' activities and announcements, and verify your data with multiple sources or experts. You should also review your data collection and analysis methods periodically, and adjust them if needed.

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4 Communicate and act on your findings

The final step of coping with dynamic and complex market environments when doing competitive benchmarking is to communicate and act on your findings. You should present your findings in a clear and concise way, highlighting the key insights, gaps, strengths, weaknesses, opportunities, and threats that you discovered. You should also provide recommendations for improvement, innovation, or differentiation, based on your benchmarking results. You should involve your stakeholders, such as managers, employees, customers, or partners, in the communication and action process, and solicit their feedback and input.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you cope with dynamic and complex market environments when doing competitive benchmarking?

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1 Understand your goals and scope

2 Choose the right sources and methods

3 Update and validate your data regularly

4 Communicate and act on your findings

5 Here’s what else to consider

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