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As a person we need to measure our growth graph and we can check that by measuring our performance from the benchmarks we have set for ourselves. Right? In the same way, companies dealing with technology need to check their performance from their past performance and competitive benchmarks.
Industrial espionage is illegal, in contrast to competitive intelligence, which is a legal commercial technique. The strategy concentrates on the outside business environment. Getting information, turning it into intelligence, and applying that intelligence to decide all involve a process.
Competitive Benchmarking refers to the practice of comparing business processes, innovations, products/services and performance against the best-performing companies by gathering relevant information from diverse published and unpublished resources. It plays an important role to understand the strategies and approaches of competing businesses.
The main purpose of competitive benchmarking is that helps you understand what you need to work on and how you may benefit from the data. These benchmarks help you prepare and clearly state your aims and objectives.
To establish benchmarks, one of the best ways is to illustrate your understanding and grasp of your industry and make further improvements.
• You must measure your brand against the competition if you want to know how well it is performing.
• A competitive benchmark is a statistic that looks at what you are doing and what your rivals are doing.
Wissen Research’s competitive benchmarking program helps you to get a deeper understanding of your industry that allows you to make better decisions. In order to help clients, make future decisions, Wissen Research searches for and analyses market trends. We evaluate your strengths and weaknesses and allocate resources for greater efficiency, accelerating the product launch process, anticipating competitor moves, and assisting in the formulation of sound business judgments.