Tag: competitive benchmarking analysis

competitive benchmarking

Infiniti’s Competitive Benchmarking Analysis Helped an Automotive Company to Enhance their Service Offerings in the Canadian Market

Business Challenge 

Companies in the automotive industry are facing a period of rapid competition and capital spending in an effort to compete with major automakers in the industry. This coupled with the adoption of autonomous technology by top competitors has increased the pressure on automakers to innovate, understand competitors’ key strategies, and develop a competitive benchmarking strategy to achieve their business goals.

The client, a renowned automotive industry player was facing predicaments in profiling competitors’ and promoting their service offerings in the Canadian market. The client wanted to gain a fair perspective of how well they performed compared to other major companies in the automotive industry. Additionally, the client encountered a decline in its sales rate for their automotive products. They wanted to improve their market share by understanding the potential game-changing efforts and initiatives undertaken by their competitors. Also, with the help of competitive benchmarking analysis, the client wanted to improve their product and service quality, efficiency, and enhance customer experience.

Is your inability to adapt to key strategies employed by your competitors resulting in revenue losses for your company? Our competitive benchmarking solutions help firms outperform your competition with real-time insights. Request for a FREE brochure to learn more about our services.

Solutions Offered and Value Delivered 

To identify and profile the key competitors in the automotive market space, the experts at Infiniti Research carried out extensive qualitative and quantitative research by conducting interviews and discussions with top market players in the industry.

The competitive benchmarking solutions offered by Infiniti Research helped the client to profile direct competitors in the market space. This helped them to assess competitor’s offerings and focus on performance gaps. The client also witnessed a gradual improvement in their service offerings and curtailed issues related to their automotive products. Infiniti’s competitive benchmarking analysis also helped the client differentiate their business from other players in the automotive market. Moreover, recognizing a competitive advantage further helped them create a new marketing strategy and brand image by relying on the key differentiators.

Competitive benchmarking process also helped the client to:

  • Improve the quality of their service and product offerings
  • Increase productivity while reducing cost
  • Prioritize the areas of improvement compared with their competitors
  • Improve their performance standards to stay relevant in the automotive marketspace

Benchmarking competitors remain to be a major challenge faced by players in the automotive sector. Our competitive benchmarking process simplifies the entire process. Know at a glance how your brand stacks up against the competition. Request for a FREE proposal.

What is Competitive Benchmarking?

Competitive benchmarking analysis is the process of comparing an organization’s performance with that of its direct competitors in the industry. Apart from giving an organized overview of the company compared with their competitors, the competitive benchmarking analysis also reveals performance gaps, improvement opportunities, and highlights competitors’ strategies that need to be countered. In this competitive world, a competitive benchmarking analysis is a common practice to establish baselines, define best practices, identify improvement opportunities, and create a competitive environment within the organizations.

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competitive benchmarking

Identifying Performance Gaps and Areas for Improvement for an Automotive Manufacturer With the Aid of Competitive Benchmarking

Competitive Benchmarking Strategies for an Automaker 

About the Client 

For over 7 years, the client has been a leading automotive manufacturer serving customers throughout the Western United States. With a workforce of 470+, the company was looking to expand their access to new market segments.

The Business Challenge 

Companies in the US automotive industry are facing a period of rapid competition and capital spending in their effort to compete with other automakers from across the globe. Moreover, with autonomous technology entering the market, automotive manufacturers are facing safety issues, fierce competition, and a shift in their business models. This coupled with the adoption of autonomous technology by top competitors has increased the pressure on automakers to innovate, understand competitors’ key strategies, and develop a competitive benchmarking strategy to accomplish their business goals.

The business case: Infiniti Research was approached by a major automotive manufacturer who was looking to gain a fair perspective on how well they performed compared to other organizations in the automotive industry. In addition, the company encountered a decline in its sales rate for their automotive products and wanted to improve its market share by understanding the potential game-changing efforts and initiatives undertaken by its competitors.

Is your inability to adapt to current technological innovations employed by competitors resulting in budget losses for your company? If yes, Infiniti is here to help. Request a FREE brochure to know more about our services.

Top Challenges Faced by Automotive Manufacturer 

Problem Statement 1: Revenue loss

The client’s unstructured approach to competitive benchmarking and their failure to identify competitors key marketing strategies resulted in revenue losses for the company, leading to a sharp decline in their market position. With the help of Infiniti’s competitive benchmarking solution, the client wanted to continuously improve the quality of their products and services by scrupulously monitoring the initiatives undertaken by their competitors.

Problem Statement 2: Retaining profitability

Owing to commodity price shifts and dynamism in the market, the automotive manufacturer found it challenging to retain their profit margins. By leveraging competitive benchmarking practices, they wanted to develop a standardized set of processes and competitive benchmarking metrics.

Problem Statement 3: Increasing productivity

By analyzing the sales rate of competitors, the client realized that implementing the latest automotive technologies was the key to success. Hence, by leveraging a competitive benchmarking strategy, the client wanted to gain valuable data on the current technologies and processes followed in the business environment for increasing productivity, while reducing costs.

Problem Statement 4: Identifying performance gaps

With the aid of Infiniti’s competitive benchmarking analysis, the client wanted to drill down into performance gaps to identify areas for improvement.

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Solutions Delivered and Value Offered 

By analyzing the industry challenges and requirements of the client, the experts at Infiniti Research developed a plan for effective competitive benchmarking analysis. The competitive benchmarking process revolved around the following phases:

Phase 1

The initial phase of the competitive benchmarking process involved conducting extensive researches to gain an understanding of the key competitors of the client.

Phase 2

The second phase revolved around categorizing the key competitors based on competition – direct, indirect, and substitute competitors.

Direct competitors – Companies that offered the same portfolio of services and products to the same target region as the client

Indirect competitors – Companies that targeted different clientele within the same business space

Substitute competitors – Companies that offer different products and services to the same target customers as the client

Phase 3

The third phase after categorization of the key competitors involved analyzing common marketing patterns and competitors’ weaknesses to help the client differentiate themselves by offering products and services that fill gaps that their competitors have not addressed.

Phase 4

By leveraging market information and data obtained from competitors, a competitive benchmarking framework was devised, which included detailed company profiles and an analysis of current activities and future industry developments of all the top competitors.

Phase 5

The competitive benchmarking framework helped the client to analyze competitors in terms of market penetration, product and market development, and clearly illustrated their market positioning in the target markets.

With the help of a comprehensive competitive benchmarking process, the experts at Infiniti Research helped the client assess the market opportunities in the focus geographies. The further helped them reveal all hidden opportunities in the market. Infiniti’s competitive benchmarking analysis also helped the client differentiate their business from other players in the automotive market. Moreover, recognizing a competitive advantage further helped them create a new marketing strategy and brand image by relying on the key differentiators.

Competitive benchmarking process also helped the client to:

  • Improve the quality of their services and products.
  • Increase productivity while reducing cost
  • Prioritize the areas of improvement
  • Improve their performance standards to stay relevant in the market

Lack of competitive benchmarking strategies can result in huge loses in sales, leading to a sharp decline in your market position!

Well, look no further, Request for a FREE proposal today!

 

What is Competitive Benchmarking?

Competitive benchmarking is the process of analyzing a company’s performance with that of its competitors in the industry using a set collection of metrics.  Using a competitive benchmarking analysis, not only can firms get an organized overview of their company and how it performs on different levels, benchmarking can systematically reveal performance gaps and improvement opportunities and highlight competitor strategies that need to be countered. Competitive benchmarking is a common practice to establish baselines, define best practices, identify improvement opportunities and create a competitive environment within the organizations.

What are the steps in a competitive benchmarking process?

For companies looking to build a robust competitive benchmarking framework, here are certain steps that you must follow:

Set clear goals – Businesses need to make smart decisions of their business goals.

Identify the data source – Businesses must identify the sources for the data that they want to gather for competitive benchmarking. It is vital to keep the data consistent. While choosing external sources of data for the competitive benchmarking framework it must be ensured that the data is consistent.

Set regular intervals of measurement – The time intervals at which an organization must undertake competitive benchmarking solely depends on the activities and benchmarks that they are focusing on. It is up to the organization to determine what the most appropriate interval is for the benchmark and for the business.

Implement plans and monitor results – The final step in establishing a robust competitive benchmarking framework is to execute the set processes of measuring performance and identify the deviations.

Benchmarking competitors remain to be a major challenge faced by players in the automotive sector. Our competitive benchmarking solutions simplifies the entire process. CONTACT US to know more about our services.

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demand management

Five Critical Steps in Competitive Benchmarking

Competitive benchmarking is the continuous process of comparing a company’s performance with that of their counterparts or competitors in the industry using a set collection of metrics.  Using a competitive benchmarking analysis, not only can businesses get an organized overview of their company and how it performs on different levels, but they can also stay competitive. Benchmarking allows to easily spot when a competitor is doing well or beginning to struggle – both of which are prime times to evaluate the company’s own strategy and implement any changes wherever necessary. In today’s digital world, there is a myriad of data and methods available for competitive benchmarking analysis, however, what can be difficult is knowing where to start. If you are looking to build a robust competitive benchmarking framework for your business, here are five critical steps that you must follow:Contact US

Set clear objectives

Goals should be set based on what the company desires to achieve. Here, companies need to make smart decisions of their aim and goals. It is impossible to benchmark against something that is not measurable. So, it must be ensured that the goals can be measured and expressed in numerical terms. This would act as a clear and accurate measure while evaluating the performance.

Identify the data source

Businesses must identify the sources for the data that they want to gather for competitive benchmarking. It is vital to keep the data consistent. While choosing external sources of data for the competitive benchmarking framework it must be ensured that the data is consistent. Companies also use various competitive intelligence tools in order to better utilize data and measure their performance against that of the other players in the market.

Identify the common metrics

It would prove difficult for companies to undertake a competitive benchmarking analysis for a large number of parameters. So, it is vital to select some keys matrices that are compared against publicly available information. With the help of the data sources that have been identified, companies can easily decipher those matrices to use for benchmarking.Get More Info

Set regular intervals of measurement

The intervals at which the company must undertake competitive benchmarking largely depends on the activities and benchmarks that they are focusing on. It could vary from once a year to once a week depending on the parameters in question. It is up to the It’s up to the business to determine what the most appropriate interval is for the benchmark and for the business.

Implement plans and monitor results

The final step in establishing a robust competitive benchmarking framework is to execute the set processes of measuring performance and identify the deviations. This also involves continuously evaluating the benchmarked practices and reinstituting the benchmarking process when necessary. In order to sustain market leadership, however, the benchmarking process must be a continuous and permanent part of the organization’s culture.


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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.