Business Strategies:- Competitive Benchmarking

Benchmarking2

Benchmarking implies an optimum comparison of one’s business processes and performance metrics to industry bests or best practices from other companies. Quality, time and cost are the defining factors that help examine if all the processes are in sync or not. If yes then well and good but a lack of it is surely not good for the overall wellbeing of the business that one is dealing in.

For this management generally identifies the best firms in their industry, or in another industry where similar processes exist, and a comparison of the results is carried out. This paves the way for learning that how well the targets perform as well as getting a thorough understanding of business processes that provide an insight as to why these firms are successful. And this is what WeMark India does; Mystery audit.

The purpose of companies via WeMark mystery shopping is to gain a level of insight that allows them to evolve marketing strategy based on competitor insight. Nothing could help evaluate the business better than a good comparison with the competitor work structure. But this merely implies to evolve in a way that puts you above the competitors and not to be merely dictated by what you learn about competitors.

WeMark india Benchmarking, in the case of Mystery shopping, is best done as part of a larger framework for strategic planning .Once all factors which affect the commercial performance of a company are identified, metrics can be defined for the key performance indicators of the industry or marketplace – these measures or “benchmarks” are then used to develop new initiatives for the marketing team to enhance its overall competitive position.

To sum up; simply knowing how you compare, finding quick wins and defining your medium to long term strategy empowers you with more control.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s