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Benchmarking is the measurement of your business process and performance compared against competitors and industry standards.
Common factors measured include: quality, time, and costs.
You would use benchmarking to analyze success and gain deeper insights on how you compare with your competition.
Why is Benchmarking Important?
Creating benchmarks allow you to map out strategic solutions to outperform competition within your industry. When you prepare your marketing campaigns, you can use competitive analysis to leverage your campaign with better offers, rates, and deals.
Benchmarking gives you a blueprint for employees and team members to evaluate performance and make actionable decisions that improve your business objectives. You can identify areas of weakness and make appropriate decisions to improve business efficiency and profitability.
For example, you can establish where your website stands in online search engines then perform advanced methodologies to improve your local SEO.
When you focus on the best practices in your industry, benchmarking gives you an upper hand against the competition.