Why New Brands Need Competitor Benchmarking

Every brand is unique, and its needs for survival are determined by things like:

• the economic climate

• geographical location, and 

• level of competition. 

 

Trial and error is a large portion of any brand working out what it needs to not only survive but thrive within its environment.

 

Trial and error, however effective, is a time-consuming — and sometimes expensive — part of a business’s growth. Fortunately, a lot of this process can be eliminated by simply observing your competitors.

 

This is where competitor benchmarking becomes your best friend. 

 

First, competitor benchmarking can point to your competitors’ mistakes in recent or distant history. Once you know what the common mistakes made in your industry are, you can work proactively to prevent your brand from suffering from the same pitfalls.

 

Second, you can use competitor benchmarking to determine:

• where your offerings overlap with that of your competitors

• what makes your brand truly unique, and 

• what direction leaders in your industry are developing towards. 

 

Having these insights helps you to stay ahead of the curve and implement the right strategies for success.

 

Interested in the benefits of social media monitoring? Read our blog, Why Brands Need To Know Who’s Mentioning Them Online.

 

*Image courtesy of Canva.