Competitive Benchmarking: Measure Yourself Against Your Competition; Your Customers Already Do

A competitive benchmarking analysis program allows you to compare your product, operations, and customer experience against your biggest competitors, illuminating your blind spots and potential differentiators. Understand what your competitors are offering consumers, how they go about it, and what you can do to fight back.

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Know Your Competition

They say to know your enemy. We're not necessarily saying that your competitors are your enemies… but you should know them too. And competitive benchmarking helps get you there.

With qualitative and quantitative methodologies, competitive benchmarking gives you the lowdown on your competitors, arming you with information to answer the following questions:

  • What are your customers' expectations and experiences when they visit your stores? Are they the same expectations and experiences as when they visit your nearest competition?
  • What unique in-store experiences do your competitors offer that you do not?
  • What is your customers' perceived value of you and your competitor's brand proposition? How do they differ?
  • How can you leverage knowledge about your competitor into differentiators that ultimately drive traffic and sales?

Think of it this way: If your business moved into a new neighborhood and you wanted to have the most attractive office building in town, you'd be taking regular walks around the block to check what neighbors are doing with theirs. You'd especially keep your eyes on the companies that have been on the block the longest and have a reputation for being the best, making sure they haven't come across some new architectural method or a particularly handsome gargoyle. Because if they are the neighborhood standard, they are the standard your company should be measuring itself against.

It works the same way with a competitive benchmarking analysis. When entering and operating in a marketplace, it is absolutely paramount that you benchmark yourself against your competition. Otherwise, your customers are measuring you against a standard you simply cannot see or understand.

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Competitive Benchmarking, the TrendSource Way

Our difference starts with our Field Agents. Anytime a competitor opens their door, we have a qualified and vetted Field Agent somewhere close by, ready to check them out on your behalf. With over 300,000 Agents spread across the US and Canada, our Field Agent database is the best in the business — we know, we ran a competitive benchmarking on it.

But of course, it's not just our agents. Our Quality Assurance and Analytics teams are always on hand to make sure that the data our agents collect is quickly turned into accurate and actionable insights. Throw in the fact that we have been designing competitive analyses for Fortune 100 and 500 companies for more than a decade, and you start to see the TrendSource difference.

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