{"id":18597,"date":"2019-02-07T23:50:11","date_gmt":"2019-02-07T23:50:11","guid":{"rendered":"https:\/\/www.rivaliq.com\/?p=18597"},"modified":"2019-11-19T22:16:15","modified_gmt":"2019-11-19T22:16:15","slug":"benchmarking-step-by-step-guide","status":"publish","type":"post","link":"https:\/\/www.rivaliq.com\/blog\/benchmarking-step-by-step-guide\/","title":{"rendered":"Fall in Love With Benchmarking"},"content":{"rendered":"\r\n

\u201cDon\u2019t worry about what I\u2019m doing. Worry about why you\u2019re worried about what I\u2019m doing.\u201d<\/em><\/p>\r\n\r\n\r\n\r\n

If that sounds familiar, it\u2019s because the Internet is full of quotes encouraging people to stay in their own lane. While this message may be helpful to individuals struggling with productivity and focusing on the task at hand, it just isn\u2019t applicable in a business setting. In order to stay relevant and create the strongest content, it\u2019s imperative to keep tabs on your competitors\u2019 performance relative to your own.<\/p>\r\n\r\n\r\n\r\n

In business, this comparison game is known as competitive benchmarking<\/a>. Tracking a set of defined metrics helps evaluate the performance of your brand against others over time. Speed up your analysis and achieve stronger results by refining your benchmarking practice.<\/p>\r\n\r\n\r\n\r\n

Of course, we\u2019re a little biased towards our own product (\ud83d\ude07), but in this post we\u2019ll lay out the process for benchmarking competitively in any workflow.<\/p>\r\n\r\n\r\n\r\n

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\"The<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n

The Case for Benchmarking<\/h2>\r\n\r\n\r\n\r\n

Despite an increasing reliance on social media, only 24.7% of marketers say they can actually prove the impact of social activity quantitatively<\/a>. 39.3% are unable to show its impact at all.<\/p>\r\n\r\n\r\n\r\n

I like to think of benchmarking as a track meet. While your top priority is to focus on your individual performance and fly across the finish line, it\u2019s also a good idea to be aware of the athletes by your side. Noting if they are surging ahead, keeping pace with you, or falling behind will give you a clear picture of where you rank among the group during the race.<\/p>\r\n\r\n\r\n\r\n

It\u2019s even more helpful if you take a closer look before and after the meet, analyzing the other team\u2019s approach to training, gear, coaching methods, and any other aspect that impacts their athletic prowess. By identifying the X factors at play before, during, and after the race, you can benchmark your own strategy against your competitor\u2019s, both when they\u2019re on the top of their game and when they\u2019re struggling.<\/p>\r\n\r\n\r\n\r\n

\"Racers<\/figure>\r\n\r\n\r\n\r\n

Step 1: Define the Competition<\/h2>\r\n\r\n\r\n\r\n

The first key to successful benchmarking is to define who you want to watch and why. Encourage your colleagues to join you for a brainstorming session. When compiling the options, I suggest making the following lists:<\/p>\r\n\r\n\r\n\r\n