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Also called benchmarking, this marketing technique aims to evaluate itself against the competition. Benchmark definition, example, method and translation: Find the essentials on this topic.

Summary

The term benchmark, which in English means benchmark, designates all the tools that allow you to evaluate the performance of a company with respect to its competitors. This marketing technique is very popular in the e-commerce world due to the transparency of online business practices.

What is a landmark?

The landmark or Comparative analysis is a marketing technique developed in the 80s which consists in conducting a comparative study between your company and the competition. Is interested in the commercial, marketing or management side of a business. A benchmark differs from competitive intelligence in its ad hoc nature.

What is the benchmark principle?

Concretely, the benchmark consists in observing the competition on a given topic, analyzing the results and comparing them with what is practiced in one’s own company. This allows forEvaluate your business against what exists on the market and get inspired by the most effective methods. The ultimate goal of benchmarking is to improve the performance of a company, product or service.

Reference example

An e-commerce site that sells tennis rackets performs a benchmark to evaluate its delivery service which has earned it a lot of criticism. It takes as a reference or point of reference its few direct competitors but also companies from other sectors. If one of the sites analyzed gets better opinions from customers, with a mode of transport that can be adapted to its type of goods, it can study the cost of this solution and choose to adopt it if it remains interesting.

From initiating the study to obtaining the results, there are several steps to achieving a benchmark.

• Choose the elements of the benchmark : Before starting a benchmark, you need to know what you are looking for. A self-analysis is therefore essential to set the limits of this comparative study. This reflection can be formalized in writing in a collaborative work tool within the company or in a specification.
• Select companies : it is advisable to choose companies recognized for what they seek to improve: know-how, productivitycommunication… In a niche market where few competitors excel, nothing prevents you from dealing with companies from different sectors of activity.
• Collect data : general conditions of sale, online reviews, social networks, press… many resources available online allow you to find information. Also, studying companies that aren’t direct competitors opens the door to more collaboration.
• Compare : once the information has been collected, it must be analyzed and compared with one’s own practices. The spreadsheet is a vital tool for doing this job.
• Set up an action plan : The results obtained must highlight competing practices that would be interesting to adapt to your company. These changes must be implemented in the form of an action plan to be communicated to all relevant departments.

What is the translation of benchmark?

From English, benchmark means brand, standard and reference. Here’s an example of a translation containing the word “benchmark”: “This company practices benchmarking to analyze the competition before product launch.” “This company practices benchmarking to analyze the competition before launching the product.”