Competitive benchmarking is a crucial component of every single B2B business — and getting it right can seriously impact a company’s bottom line. Not only are competitive benchmarks hugely important, they also need to be conducted with regularity: reports should be issued yearly in order to maintain competitive pricing and to retain happy clients. Despite this importance, however, traditional approaches to competitive benchmarking are seriously flawed due to two key problems: bias and access.
Traditionally, competitive benchmarks are performed either through a consulting firm, through a market research firm, or are conducted by an internal sales/marketing department by surveying customers and prospects. Each of these approaches has serious drawbacks, that essentially consist of bias and access.
The 360-Survey Approach: Data and Insights on Competitors for Comprehensive Competitive Benchmarking
To gain an understanding of your competitors’ products, services, pricing, and features, companies need to collect insights from three key stakeholders in a 360 manner:
- Customers of your competitors
- Distributors for your competitors
- Employees of your competitors
These three groups are necessary to gaining qualitative and quantitative data on, not only the current position of your competitors, but also their intents for future positioning. This allows your company to develop strategies for the competitor’s strategic roadmap.
360-degree survey providers survey large sample sizes from each of these groups, and gather quantitative (pricing, features, employee count, etc.) and qualitative (strategic roadmap, future features, etc.) insights from them. Unlike market reports, which often present generic data about a market not directly relevant from the exact questions your company has, 360-degree surveys asks the exact questions you have straight to the source: customers, employees, and distributors. Additionally, because 360-degree surveys do not rely on pre-existing networks, they can access a large enough sample size of unbiased respondents to ensure the accuracy of the data and its statistical relevance.
The most important part of competitive benchmarking is getting comprehensive, accurate data from the right sources. Traditional approaches to competitive benchmarking do neither — and this can have very serious ramifications for a company’s competitive position and strategic roadmap. The best way to get up-to-date, accurate data on your competitors is to leverage the power of expert survey providers like NewtonX.
To learn more about how NewtonX can help your company perform a comprehensive and precise competitive benchmarking report, contact firstname.lastname@example.org.