Competitive market benchmark analysis
How do your programs or products compare with the “best in class” for your industry? Why repeat the mistakes others have made? With Benchmark provides an “external viewpoint” to give you a clear understanding of how your prospects view your efforts compared with others. With this information, you will sharpen your programs and ensure success.
A benchmark analysis is a quantitative and qualitative summary of where you are today. For instance, a technology benchmark for an internet site would have the volume of traffic (quantitative) plus the volume of traffic of your competitors (qualitative). This information would then be used for comparison purposes. Benchmarks usually involve an upcoming change or a chance to show performance over another point in time. Again for a technology benchmark for an internet site you may be about to ramp up your marketing, driving more traffic to your site. The benchmark would be used against a future summary of the same data (the traffic) to show the impact of the this new marketing. Many times a benchmark of your company and that of your competitors will be used to justify doing something. Say you sell baby food. You would do a benchmark showing you own 20% of a 3 Billion Dollar market but your biggest competitor owns 45%. You would need those numbers (the benchmark) to argue for a change in business model to increase your market share in the baby food industry.
Benchmark analysis is someone checking relative position with respect to others in same zone. Example is a Virgin Airline may do benchmarking to see how its performing against standards set in Airline Industry (Standards could be set by taking average performance of selected airlines over many years)
