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competitive benchmarking

Six Competitive Benchmarking Best Practices to Enhance Your Growth Strategy

Businesses across the globe are shifting their focus to building top-notch customer experiences. So, having a competitive benchmarking strategy is vital to stay ahead of the game. Although competitive benchmarking essentially involves comparing your company’s performance with those of the key competitors, it is much more than a casual and anecdotal view of the competition. It also involves pinpointing which of the competitor strategies to focus on and also provides an idea on the benchmarking metrices to use. A well thought-out competitive benchmarking strategy is a worthwhile pursuit that will yield desired results for businesses. It helps to measure the performance of a company and compare it to others over time. Take a look at these six competitive benchmarking best practices to follow for effective and impactful business results.

Competitive benchmarking best practices

Begin early

Understanding competition and gaining a clear overview of their strategies is like a map that shows a business the path to their ultimate destination. The sooner this is done, the better for companies to transition from a reactive to a strategic organization. Half the work in competitive benchmarking is done if businesses know where to begin. Also make it a point to establish a measurement and tracking system that keeps tabs on the progress.

Maintain a timeline

Competitive benchmarking is an extremely time consuming process as it involves researching competitors, analyzing opportunities of improvement, and implementing changes. It is advisable to limit the scope of benchmarking to research and other activities that can be finished within a time period that reflects a typical planning cycle in the company. By doing so, businesses can analyze how they compare to their competitors early in the cycle, implement changes, and share the results that can help in better planning for the next quarter.

Take inspiration from other industries

Organization can gain useful insights from analyzing companies operating outside their industry. Start by identifying one critical problem and then understand how companies in other industries with similar challenges are handling the situation. Understanding how companies in other industries are solving challenges can help organizations frame similar strategies to overcome their problems. For instance, examining how companies in the retail industry handles customer grievances and their increased focus on customer experience can help companies in other sectors to follow similar strategies to retain their customers.

Use meaningful metrics

There are several metrices that can be used to measure the overall health of a business. This makes it essential for businesses to be collectively clear on which metrics define superior performance and world-class customer support. Benchmarking research should be limited to factors that are standard across the industry, making comparison easier. Before rolling out the plan, it is also important to involve various teams to reach a consensus on how these metrics will be measured. Furthermore, focusing on key business-driving metrics like revenue, order volume, and cost of goods sold makes researching competitors and measuring success more effective.

Focus on operational improvements

Once an organization gains a clear understanding of where they want to be, focus should be shifted to team operations rather than emphasizing only on metrics. Statics can only be studied to make improvements, however, factors such as people, processes, technology, and strategies can be improved to enhance the overall performance of the business before it is too late.

Choose the right peer group

Key factors including location, size, industry, product category, and business model should be taken into consideration based on the company’s goals. For instance, if the prime objective of an organization is to understand how your performance compares to companies similar to theirs, they must limit the peer group to the same industry. However, if the intent is to gain perspective on different business processes and push the team to think outside the box, studying companies in different industries could prove to be a great option.

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Building Better Competitive Pricing Infrastructure

Effective pricing strategies ensure that businesses are maintaining a good profit margin while keeping up with the market competition. When it comes to building the right marketing strategies, pricing is one of the most important components as the price of the product is one of the first things that a customer notices about a product and plays a vital role in the purchase decision of customers. There are several pricing strategies available for businesses today. Some of the common pricing strategies include –

Cost-plus strategy: A prefixed profit margin is added over the total cost of the product

Demand pricing: The price is set by establishing the optimal relationship between volume and price

Markup pricing: A percentage is added (as profit) over the wholesale price of the product

Competitor pricing: Prices are fixed based on competitor prices

Competitive pricing strategy has caught the fancy of most players across industries. This article provides comprehensive insights into what a competitive pricing strategy and its role in competitive pricing analysis.

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What is competitive pricing strategy?

Competitive pricing refers to a pricing strategy in which prices of a product are fixed in accordance with that of the competitor prices for similar products. In this type of pricing strategy, the purchasing behavior is an important criteria considered to fix prices. Some of the other factors taken into consideration include price sensitivity, costs, and competition. In competitive pricing, the business has three options to price their products in relation to the competitors- price the product higher, lower, or at par with that of the counterparts in the market. However, this is one of the most strategic decisions to be undertaken by key decision makers of the company as any fault in the pricing strategy could lead the company to lose out customers to the competitors.

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Creating a competitive pricing strategy from scratch is no easy feat. Our competitive intelligence solutions for business help companies are tailor-made to suit individual business requirements. Request a proposal to know more!

competitive pricingCompetitive pricing strategy in pricing analysis

Competitive pricing is all about choosing strategic price points to leverage the best advantage out of a product/service when compared to their counterparts in the market. In the modern marketplace, a successful pricing strategy requires large amounts of historical and competitive data which takes into consideration myriads of market information. Experts at Infiniti Research have observed that a good majority of buyers compare offers by several stores/brands to ensure that they get the best bargain. Retailers that can collect and analyze market data, map their position against that of the competitors, and offer optimal prices. This would not only grab more customer attention but also gives brands a first mover advantage. Furthermore, competitive pricing strategies attract more customers by using competitor product and pricing data to increase sales and thereby boost revenues.

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Market Entry Strategies

3 Questions You Must Answer Before Undertaking Competitor Analysis

Competition is a part and parcel of business. But the challenge here for companies is to identify the right strategies to go for the gold. Forward-thinking organizations must always keep a close watch on their peers in the market. Ignoring competition will result in problems that will be manifested through declining market share, lower sales, reduction in the number of customers, and to top it all cash-flow problems. These complications will consequently become elements of destruction for the business. Competitor analysis is the solution to prevent companies from being bowled-over by such mishaps. In this blog, our industry experts discuss three questions that companies must find answers in order to reap the benefits of competitor analysis:

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#1: What is competitor analysis?

Competitor analysis is a strategic assessment of the strengths and weaknesses of the current and potential competitors in the industry. Mere knowledge about the company’s competitors in insufficient in competitor analysis. Rather, businesses must undertake a systematic analysis of their competitors by gathering a wide array of information so that it is easier to make well-informed strategic decisions.

#2: What does competitor analysis do?

The first and foremost criteria that companies must fulfill before undertaking competitor analysis is to understand its purpose and the solution it provides. Competitor analysis primarily aims at Identifying the company’s competitors and evaluating their strategies to determine the strengths and weaknesses relative to those of youContact USr own. It is a strong step toward building a competent and dynamic marketing plan. Competitor analysis not only helps understand the competition, but it also helps enterprises evaluate what makes their company unique in a saturated business climate.

#3: How to conduct competitor analysis?

Competitor analysis is a great approach to undertake a comprehensive SWOT analysis of your company as well as the other players in the market. For this, it is essential to identify all the companies in the industry that could qualify as a potential competitor for your products and services. This can include both direct and indirect competitors to the business. Once the list is compiled, the next step is to group each of these competitors based on their degree of competition with your business. Some of the relevant questions to ask here include:

  • What is the scope of the competitor’s market share? 
  • What are their previous and current marketing strategies?
  • What are the potential threats that these competitors pose to your business?

 

Not sure how to find answers to these questions? Get in touch with us to know more.

Infiniti Advantage:

The need for competitive intelligence will continue to evolve given the ever-increasing competition across  industries. Infiniti Research is a leading provider of actionable competitive intelligence solutions that help global organizations compete and triumph in their respective industries. With over 15 years of expertise in helping clients from across the globe, our competitive intelligence team follows highly tailored and proven methodologies to analyze the market competition. We also provide succinct solutions for business decisions in areas including market opportunity assessment, emerging market planning, benchmarking, value-channel analysis, and customer segmentation.

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4 Compelling Reasons Why Competitive Analysis is Important

What is competitive analysis?

Competitive analysis, also termed as competitive research, refers to a strategic research process that specializes in the collection and analysis of information about a company’s competitors in the market. Competitive analysis framework is an essential tactic to identify what the competitors are up to and the potential threats that they can pose to the company’s well-being.

Top players in the market have already realized the potential of competitive analysis in marketing and selling their products. Today, using new software and technology, marketers, and business owners have the ability to know more about their competition than ever before. Regularly keeping track of the rivals in the market helps organizations stay ahead of the curve. Here are four reasons why competitive analysis in marketing is highly essential:Request Proposal

Encourages differentiation

Competitive analysis framework helps companies identify where there stand in the market and what the competitors are doing. This would prompt companies to take the extra step to offer something more. Competitive analysis in marketing and sales helps identify the areas of improvements with that of the competitors’ brands. Changes can be made accordingly and communicated to the customers by highlighting the key benefits of choosing your products or services when compared to others in the market.

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Probiotic Drinks Manufacturer Tackles Competitors Strategies with The Help of Competitive Intelligence Solution

Infiniti PR Infographic Case Studies 2LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest competitive intelligence solution for a probiotic drinks manufacturer. The global beverage industry incorporates varying types of drinks, including soft drinks, functional beverages, bottled water, milk and dairy, sports drinks, alcoholic beverages, energy drinks, and juices. The general population’s concerns regarding obesity and health awareness are expected to cause functional beverage and bottled water product segment to grow. Consequently, the demand for carbonated drinks is expected to plummet.

 “Competitive intelligence solutions help clients to gain a 360-degree market, customer, and competitor view of the time of the analysis, and the technology to make further assessments. The client could use the insights to take advantage of cross-selling opportunities, generate new sales value, and develop churn prevention strategies,” says an expert at Infiniti Research.

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The digital revolution is changing the lives of individuals so drastically including the world of food and beverage. Smartphones have enabled customers to connect and do business ‘on-the-go,’ and now individuals demand beverage products that match their changing lifestyles.

Additional benefits of the competitive intelligence solution

  • Gain a 360-degree market overview including competitor and technology
  • Help generate new sales opportunity, cross-sell opportunity, and prevent churn
  • To know more,  request a free proposal

 

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Retail Market Player Leverages Competitive Intelligence Solution to Stay Ahead of the Competition

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LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest competitive intelligence solution for a retail market client. Today the economy is shifting towards a more consumer-driven model. The retail market comprises of establishments which are engaged in selling merchandise for personal and household consumption. Factors such as the changing preferences of the customers are compelling retailers to find new ways to delight their customers and strengthen loyalty.

“Competitive intelligence helps retail market companies to identify and profile the key competitors and generate meaningful insights to make informed decisions. Also, competitive intelligence solutions help businesses enhance their competitiveness and establish a stronger foothold in the market. “says an expert at Infiniti Research.

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The solution offered helped the retail market client understand the strengths and weaknesses of the competitors and identify the unique selling propositions. The solution also helped the client identify the gaps in terms of their capabilities and performance and rank their business against the most successful competitors.

Additional Benefits of The Competitive Intelligence Solution

  • Successfully launch and market new products and services
  • Gained detailed insights into the competitors’ value proposition, customers, finances, and infrastructure.
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Performing Competitor Analysis – As Easy as 1,2,3!

No brand today exists in isolation. They have to compete against hundreds of companies selling similar products or services. In a world where consumers have an endless amount of choices, how will your brand stand atop all available alternatives? It has to be unique and different from what’s already available in the market. But how can anyone design a product or service so unique when they don’t know what others are doing? Which is why competitor analysis is one of the most important business exercises before starting a business or launching a product. In an immensely competitive market, such as FMCG, automobile, and consumer electronics, each brand introduces a new product to the market every now and then. Brands have to be on their toes to respond to such actions. So, for brands Request Free Proposallooking to gain an edge over the competition, how to do a competitive analysis?

5 Steps for Competitor Analysis

#1 – Define your market and customers

In order to develop a robust competitor analysis framework, it is essential to understand what market is the company serving. The question should not only answer markets in terms of geography, but include other factors such as the customer segment, the needs and wants the product is fulfilling, and price point. Numerous models are available to assess and define market and customers, but it should answer these fundamental questions:

  • What needs or want is the product satisfying?
  • Who will likely use the product?
  • What does an average customer look like?
  • How much will they spend on it?
  • Which organizations are currently satisfying current needs and wants?

5 Steps for Competitor Analysis#2 – Identify current and future competitors

Based on the questions answered before, companies should compile a list of competitors who are competing on the same functional area. Additionally, it is also important to figure out who will be competing in the same area next year, or say five years down the line. For instance, if you are selling a deodorant, then you should list out all the players selling deodorants in the market, including branded and unbranded ones. It is equally important to list out indirect competitors as well, for instance, people who do not use deodorant may instead opt for perfumes, or even make do with fragrance soaps. Since using perfumes will eat up the market for deodorant, such factors should be considered when performing a competitor analysis.

#3 – Analyze competition and find out market share

Merely listing out competitors is not enough to conduct a thorough competitor analysis. One must understand what their competitors are doing and how big they are. A straightforward way to find out such information is to conduct market research. However, not all companies may have such vast resources, so instead, they can use available news articles, industry journals, company’s website, marketing collateral, analyst reports, and company reports. Additionally, looking at reviews on various rating site on the competitor can give a rough idea of how well the competitors are doing. It is also a must to find out their presence in local and regional markets. How big a pie of the market they hold and their share of wallet in each territory.

#4 – Perform SWOT analysis

Moving on to the next step, brands should pinpoint the strengths and weaknesses of the competitors. It gives them a fair idea of where they cannot compete, and what competitor weakness they can overcome to win market share. It is best to organize all information in a tabular form listing the following:

  • Company name
  • Description
  • Product and price
  • Target market
  • Strengths
  • Weaknesses
  • Opportunities
  • Threats
  • Market share
  • Sales volume
  • Market strategy

#5 – Analyze data and plan strategies

Once you get your hands on all these data and information, it is essential to understand what story the data is telling. For instance, most competitors in the broadband market may have a similar weakness, that of installation fee. It is possible to ply on their shortcomings and plan strategies which gets rid of such installation fee and just imposes regular monthly payments. This way, the company can easily gain an edge over the competition and start acquiring new customers. Analyzing competitor data gives a fair idea of where your organization currently stands and on what grounds they can compete against new or established players.

For more information on how to do a competitive analysis, market intelligence, and competitive intelligence:

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Automotive Components Manufacturer Determines Product Positioning with the Help of Competitive Intelligence

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LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest competitive intelligence analysis for automotive components manufacturer. Low-interest rates and declining fuel prices are currently the key drivers for the growth of the automotive industry. With the growing concern for improving the ROI, top manufacturers are focusing on reinventing their business models to connect with the customers and drive loyalty.

“With the implementation of stringent government regulations to curtail emissions, customers in the automotive industry are moving towards the use of greener, fuel efficient, and sustainable vehicles, “says an expert at Infiniti Research.

 

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The solution offered helped the automotive industry client to understand the bottlenecks for market entry. The client was also able to identify lucrative markets and gain unique market insights to increase the market share. With the help of the analytics solution the automotive industry company also gained substantial information about the competitors and the latest technologies to stay relevant in the market and gain substantial information about the competitors and the relevant technologies

Additional Benefits of The Competitive Intelligence Solution

  • Helped to anticipate the market disruptions and interpret events
  • Analyzed the strengths and weaknesses of the competitors to help make better business decisions
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Apparel Industry Manufacturer Achieves Greater Shareholder Value Through Competitive Intelligence Solution

 

Infiniti PR Infographic Case Studies 2 (4)

LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest competitive intelligence analysis for a leading apparel manufacturer. Apparel industry is one of the most prosperous sectors.

owing to the emergence of new trends and production of fashionable clothes. The apparel industry plays a vital role in developing a nation’s economy in terms of revenue generation and employment creation.

“The increase in the net disposable income, the shift of customers’ taste toward branded apparels, changes in consumer behavior, and favorable demographic factors have fueled the growth of the global apparel industry, “says an expert at Infiniti Research.

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The solution offered helped the apparel industry client analyze the strengths and weaknesses of their competitors, they were also able to improve their product offerings and cost structures as per market standards. The client also gained actionable insights into the promotion, distribution, and product service strategies. The apparel industry manufacturer also gained more information about the technologies implemented by their competitors.

Additional Benefits of The Customer Intelligence Solution

  • Gained real-time information about the new financial strategies, technologies implemented, and the suppliers of the raw materials
  • Developed better strategy for positioning and customizing their product offerings
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Industry Risk Assessment Assists a Renowned Smart Grid Manufacturer to Curtail their Operational Costs

Globally, the increasing complexity associated with conventional electrical supply and the rising need for electricity among the customers are forcing organizations to shift toward a digital environment. On the other hand, the rising need for innovations in the energy space is also allowing companies to shift toward automation and newer technologies to respond digitally to the changing electric demand. In this new era of reliability and availability, delivering promising solutions to the customers is necessitating the need for an industry risk assessment solution. In the smart grid manufacturing space, implementing a robust risk assessment solution helps businesses in the smart grid manufacturing space minimize risks, better comply with the workplace safety, and effectively create and maintain a healthier work environment.IR_Brochure

To curtail potential risks and optimize productivity, renowned manufacturers in the smart grid space are approaching companies like Infiniti. With years of expertise in offering a plethora of services, Infiniti’s industry risk assessment experts help companies identify potential risk factors and new players who would pose a threat to their growth prospects.

The Business Challenge

A renowned smart grid manufacturer with a considerable number of manufacturing units spread across the globe was facing certain predicaments increasing the safety of the employees and curtailing operational costs. While safety at work is a major concern, the smart grid manufacturer wanted to leverage innovations to improve the safety of the employees in the smart grid industry. Also, with the help of a risk assessment solution, the client wanted to decrease employee turnover and improve employee satisfaction. The client further wanted to analyze the competitive risks and uncertainties and devise effective strategies to prevent negate risks.

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Our Approach

To deal with risks and identify relevant business opportunities, the industry risk assessment experts at Infiniti carried out an extensive research by compiling qualitative and quantitative data. To understand the current market scenario, the industry risk assessment experts at Infiniti also compiled information from a wide array of proprietary sources such as paid industry databases, company presentations, and industry forums in the smart grid manufacturing space.

Industry Risk Assessment Solution Benefits:

  • Systematically identified risk and devised effective ways to mitigate them
  • Evaluated the findings and made corrections during the assessment
  • Gained better transparency into the workflow and made informed business decisions
  • Effectively reduced the employee attrition levels and improved their overall safety
  • Reduced training costs while improving the effectiveness of sales force

Benefits of Our Integrated Approach

With the help of this industry risk assessment solution, the smart grid manufacturer was able to mitigate risks, improve operational efficiency, and enhance business performance. The industry risk assessment solution also helped the client assess and identify the risks that the competitors are facing and identify the potential opportunities in the smart grid manufacturing space.

A must-read case study for strategy experts and decision makers looking to develop an understanding of the smart grid space.

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