How do you compare your startup's metrics to competitors and industry standards?

2 Step 2: Find relevant data sources

The next step is to find reliable and relevant data sources that can provide you with benchmarks and insights on your competitors and industry standards. There are various types of data sources available, such as public sources like Google Trends, SimilarWeb, or Crunchbase, private sources like CB Insights, SaaStr, or G2 Crowd, and primary sources like surveys, interviews, or feedback. You can use tools such as SurveyMonkey, Typeform, or Intercom to collect primary data sources. Additionally, industry reports, surveys, blogs, podcasts, or social media can also be used as public data sources.

3 Step 3: Analyze and compare your data

The third step is to analyze and compare your data using different methods and tools. You can use quantitative methods, such as ratios, percentages, averages, or trends, to compare your metrics with your competitors and industry standards. You can use tools such as Excel, Google Sheets, or Tableau to perform quantitative analysis. You can also use qualitative methods, such as SWOT analysis, gap analysis, or customer journey mapping, to compare your value proposition, strengths, weaknesses, and opportunities with your competitors and industry standards. You can use tools such as Miro, Canva, or Lucidchart to perform qualitative analysis.

4 Step 4: Draw insights and take actions

The final step is to draw insights and take actions based on your analysis and comparison. You should look for patterns, anomalies, gaps, and opportunities that can help you improve your performance, validate your assumptions, and adjust your strategy. You should also prioritize your actions based on their impact, urgency, and feasibility. You can use frameworks such as the OKR (Objectives and Key Results) or the SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) to set your goals and track your progress.

Comparing your startup's metrics to competitors and industry standards is not a one-time activity, but a continuous process that requires regular updates, reviews, and feedback. By following these four steps, you can compare your startup's metrics to competitors and industry standards effectively and efficiently.

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?