Competitive benchmarking: what it measures, and why use it?

Essentially, it is a measurement technique that involves comparing a company’s KPIs over a certain period to those of competitors and using the results to improve its position.

Recommendations for benchmarking:

• Establish several main goals of benchmarking or highlight problems it’ll help solve;
• Prepare a list of competitors for comparison: include market leaders and those who are rapidly developing (one of them might soon become your new competitor);
• Identify clear and measurable key parameters for comparison with competitors.

Value of Benchmarking in PR

‍1. To increase the presence in the publications of Ukrainian mass media.

A regional milk company is opening an office in Kyiv. It wants to increase its presence in popular Ukrainian mass media publications and make the brand recognizable.

‍To achieve its goals, the milk company monitors the media, compares its media effectiveness with competitors, forms a list of critical media for further placement, and evaluates the style and subject matter of the most popular publications.

                                                                                                                            Source: GIFER

‍2. To assess the reputation of the candidate running for mayor.

‍A famous city businessman is planning to run for mayor of his city from a newly created political party. He owns several restaurants downtown and a stake in one of the top construction companies in the region. The media often writes about him.

‍You can conduct a reputation audit to assess the candidate's image and find out how the key mass media see him compared to competitors. The received data will help address the weaknesses and prepare key messages for distribution in the media before the election.

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3. To update the communication strategy.

A fashion retailer launched the first line of clothing made from ecological fabrics and plans to develop the sustainability niche in the future. The company needs to manifest its ecological orientation in its communication strategy.

‍To update the communication strategy, you should evaluate the level and quality of the media field of your brand and compare it with the competitors' metrics. If your objective is to emphasize environmental orientation, make sure to include companies and brands from related fields with successful experience in environmental positioning in the list of competitors.

With the help of content analysis, it is possible to collect data over long periods, evaluate your position, and explore effective communication channels for your target niche.

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4. To find practical solutions for business development.

An online home rental service plans to expand its business locally and add new services for customers. The company needs to understand which regions and services to include in the business plan.

‍One of the tools to assess the market situation is retrospective content analysis, which makes it possible to obtain data for a long period. It will let you analyze the successful experiences of competitors and evaluate services for customers already operating not only in your field but also in adjacent niches.

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The successful result of benchmarking is the acquired knowledge about the processes that can lead the brand to success, reduce reputational risks, and improve the effectiveness of communications with the media. We are eager to help you conduct successful benchmarking with our LOOQME HUB tool. Contact us whenever you’re ready to exceed every market player :)