Why it matters: With the knowledge of where your business is performing well, or falling behind, you can set goals and direction more clearly. Benchmarking shows you industry standards, and maps out how rivals are doing; so you can measure relative performance.
For a business to grow, it needs to push the boundaries. The benefit of using market research here is that it shows you where and how big those boundaries are. A survey from PWC found businesses that set benchmarks achieve 45% more productivity and grow, on average 69 times faster than those that do not.
There Are Various Types of Benchmarking
Which makes it possible to unpack and track the successes of those in your market and drill down into what success looks like for your business.
8 types of benchmarking
10. Inform market analysis – SWOT
Why it matters: A further benefit of doing market research is that it can show you any relative strengths, weaknesses, opportunities, and threats that exist Sales Marketing Directors, Managers Email Lists between competitors and in a market. Greater awareness of these facts helps drive the right actions and gives clarity on areas of focus for the business. Without it, your business is susceptible to preventable mistakes.
With Company and Market Research
You find out where opportunities and threats exist in your ecosystem. From environmental or technological factors to internal considerations; forewarned is forearmed. What’s more, a regular review of your SWOT, informed by market research. Allows you to capitalize on new opportunities faster than others and keeps you in the strongest position where gaining a competitive edge is concerned.
Helpful: Read our complete guide to doing an industry SWOT analysis.
Inform a content marketing strategy
Why it matters: These days, the importance of having CNB Directory an effective, relevant, and successful content marketing strategy cannot be overstated. According to a 2020 competitive intelligence survey, companies have, on average, 29 competitors.
