Always stay ahead of your competition.
Whether you’re the current market leader, trying harder because you’re number 2 in your industry or a “fast follower” chasing the pack, you need to know what the competition is doing. Are they positioning themselves to attract a particular niche or trying to be everything to everyone in your industry?
The best way to case your competition and compare your performance to theirs is by conducting a benchmark. Identity all areas, processes, values and more that you want to examine within your own company. These items may include:
- Customer service, including processes and performance rates
- Positioning statements
- Social media content
- Products, including recent launches
- Services, including new services
- Acquisitions or mergers
Once you have this list, add in specific details related to your company–and be honest! Being objective will best help you optimize your performance. Next, select your competitors that you want to benchmark and fill out all this information for their company. When done, assess how effectively they’re achieving their objectives. What’s working for them–and can you adapt it to your own company? What is not working and why? Is there a way you can change the conversation to make your organization the most attractive brand on the market?
You’ll find all 5 steps we recommend when preparing for optimization in our latest parathink briefing: Organizational Optimization: How to re-energize, recharge, and reinvigorate your business. Click here to get your copy now.
Want to talk about optimizing your organization—or anything else that’s on your mind? Set up a 30-minute strategy session with us by clicking here. You can also give us a call at 312.828.0200 or email us at firstname.lastname@example.org.