![]() These measurements can be anything that suits your fancy. In short, benchmarking analysis tells you where your brand stands relative to another. Conversely, it also informs you if your brand is slipping away from the competition in a particular area. In much the same way, benchmarking analysis allows you to see how quickly you are moving towards a goal. As the knots passed through their hands, measurements could be taken to assess the ship’s speed. In the days of sailing ships, sailors would throw lines, or chip logs, from the stern of the vessel with knots tied at intervals. Establishing your metrics among consumer opinion opens a whole new world for the efficacy of your benchmarking analyses. ![]() Markets move like a swiftly running current, and social listening is your net to capture and understand consumer behavior. This, of course, does not take away from standard benchmarking measures but instead acts in a complementary fashion. That means that social listening provides numerical values we can track to establish how our brand is performing with consumers. However, we live in a new market where the voice of the customer is more actionable than ever. Your brand’s accountants assuredly measure your brand’s financial situation against the competition. Those metrics can be related to financial intel, marketing campaigns, product quality, production processes, etc.īenchmarking analysis is common across businesses to see where a brand stands relative to industry or competitors. Let’s check it out.īenchmarking analysis is how you compare your brand against another across a variety of measurable metrics. The competition will constantly be licking at your heels – a benchmarking analysis is how you survey the land and make adjustments. Last year, that number came in at 52%, which hints at increased adoption of benchmarking strategies – and their effectiveness.
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