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How do you choose the right competitors to benchmark against?

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Benchmarking is a common technique in competitive analysis, but it also has some challenges and limitations. In this article, we will explore what benchmarking is, why it is useful, and how to choose the right competitors to benchmark against. We will also discuss some of the pitfalls and best practices of benchmarking, and how to use the results to improve your own performance.

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Ed Rivera

Director, Strategic Finance - Online Subscriptions @ LinkedIn

1 What is benchmarking?

Benchmarking is the process of comparing your own performance, processes, or products with those of your competitors or industry leaders. Benchmarking can help you identify your strengths and weaknesses, set realistic goals, and find opportunities for improvement. Benchmarking can also help you understand your customers' needs and expectations, and how to meet or exceed them.

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Ayodele Olajiga

Helping Business Owners & Organizations Scale | Transformation & Turnaround Expert | Ex-McKinsey, Ex-Investment Banker, Entrepreneur
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Its important to also benchmark your performance against your historic performance to see if you are making progress as an organization.

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2 Why is benchmarking useful?

Benchmarking can be a powerful tool to help you gain a competitive edge, identify areas for improvement, monitor progress, and adapt to changing market conditions. By learning from the best practices and innovations of others, you can measure your results against your goals and standards, and demonstrate your commitment to excellence, thus enhancing your reputation and credibility.

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3 How to choose the right competitors to benchmark against?

Choosing the right competitors to benchmark against is a critical step in benchmarking. To ensure you are comparing yourself to the most relevant, comparable, and accessible competitors, consider the following criteria: Relevance - select competitors that target the same or similar markets, customers, and segments as you; Comparability - opt for competitors that have similar size, scale, and scope as you; Accessibility - pick competitors that have publicly available or easily obtainable data and information. This way, you can access them through research, surveys, interviews, or observation, and benchmark against competitors that have similar goals, challenges, and opportunities, as well as resources, capabilities, and constraints.

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Ed Rivera

Director, Strategic Finance - Online Subscriptions @ LinkedIn
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One thing that I have found helpful is identifying and aligning the key business objectives the company is trying to achieve and the primary success metrics that support these objectives. This helps ground the rest of the framework recommendations, such as relevance, comparability, and accessibility. It also facilitates the performance analysis from the selected competitors around the metrics that matter to our company

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4 What are the pitfalls and best practices of benchmarking?

Benchmarking can be a difficult task, and there are several common pitfalls and best practices to consider. When benchmarking, it is important to choose a manageable and representative sample of competitors, as too many or too few can lead to an overwhelming or incomplete analysis. Additionally, it is essential to benchmark the right and relevant metrics that are aligned with your goals, standards, and customer needs. This will ensure meaningful and actionable results. Lastly, data and numbers need to be analyzed and explained in order to understand the context and reasons behind the differences, and draw the insights and implications that matter.

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Ed Rivera

Director, Strategic Finance - Online Subscriptions @ LinkedIn
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Benchmarking can be time-consuming and resource-intensive, requiring significant data collection and analysis investment. Therefore it is always essential to 1) clearly define the objectives of the exercise ahead of time and 2) understand if the organization is ready to operationalize the results. Without defining those two items, we might focus on collecting and chasing benchmark metrics rather than building sustainable value for stakeholders.

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5 How to use the results of benchmarking?

Benchmarking is an ongoing process of learning and improvement, not a one-time activity. Rather than copying or imitating your competitors, use the results of benchmarking to inspire and innovate your own performance, processes, or products. To make the most of benchmarking, celebrate your strengths and achievements, recognize and reward what you do well, and leverage your competitive advantages. Additionally, identify and prioritize your weaknesses and gaps, develop action plans and solutions, and learn from your competitors' successes and failures. Adopt and adapt the best practices and innovations that suit your needs and goals, and avoid the mistakes and pitfalls that hinder your performance. Finally, track and measure your progress and results against your benchmarks, and adjust your benchmarks as needed to reflect the changing market conditions and customer preferences.

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6 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 choose the right competitors to benchmark against?

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1 What is benchmarking?

2 Why is benchmarking useful?

3 How to choose the right competitors to benchmark against?

4 What are the pitfalls and best practices of benchmarking?

5 How to use the results of benchmarking?

6 Here’s what else to consider

Competitive Analysis

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