Competitive benchmarking

What is this method about?

An analytic activity that reveals how a product/service compares to its competitors in a specifically-defined set of categories. The activity involves developing a initial benchmarking plan, then measuring benchmarks at ongoing intervals.

Why use it

This activity helps to identify a product/service’s specific strengths and weaknesses relative to its competition—providing stakeholders with a clearer view of competitive advantages that can be leveraged and areas that require improvement.

When should I use it?

Whenever there is a need to assess a product/service’s position in the marketplace. Although it should be used on a regular basis to continually reassess that position, benchmarking can be particularly useful when a company or organization is undergoing significant changes, when there has been a significant rise or drop in market share, or when releasing new products/services.

What you get

Stakeholders will gain a detailed understanding of how the product/service measures up against identified competitors according to specific metrics. Results of the activity will be used to guide future customer experience and product/service design and development strategies.

At a glance

• Time: Short
• Effort: Medium
• Cost: Low

Materials

• Markers/felt tips
• Sticky notes
• Pen/Pencil
• Whiteboard and/or white butchers roll

Who is involved

• CX Manager
• Marketing Manager
• Product Manager
• Market Researcher (optional)
• Partner (external research company)