1. what is benchmarking enterprise analysis

Benchmarking firm analysis is a strategic market research method designed to assess the strengths, weaknesses, opportunities and threats of benchmarking firms, as well as their products, services, positioning, channels, interactions and pricing strategies.

The purpose of benchmarking enterprise analysis is to understand the competitive environment, discover its own competitive advantages and disadvantages, look for the possibility of differentiation and innovation, and formulate effective competitive strategies and action plans.

The importance of benchmarking enterprise analysis is that it can help enterprises:

Understand the needs, trends and changes of the market;

Identify the strategic intentions, core competencies and potential threats of benchmarking companies;

Discover the strengths and weaknesses of benchmarking companies, as well as their own opportunities and challenges;

Develop targeted and differentiated products, services and marketing strategies;

increase competitiveness and market share;

Predict the future trends and countermeasures of benchmarking enterprises;

Promote innovation and continuous improvement.

2. the process and steps of benchmarking enterprise analysis.

The process and steps of benchmarking enterprise analysis can be divided into the following eight stages:

1. Identify benchmarking enterprises

A benchmarking enterprise is an enterprise that provides the same or similar products or services in the same market or market segment, meets the same or similar customer needs, and has the same or similar competitive objectives.

There are many ways to identify benchmarking companies, such:

View classified websites, I .e. other websites listed on professional industry or product classification websites;

View customer feedback, that is, other websites obtained from the target customer's comments, evaluations, questions and answers, etc;

View industry reports, I .e. other websites taken from industry reports published by authoritative industry bodies or the media.

After determining the benchmarking enterprises, they need to be classified. According to different dimensions, benchmarking enterprises can be divided into the following types:

Direct benchmarking enterprises, I .e. benchmarking enterprises that provide products or services that are identical or very similar to their own, such as Coca-Cola and Pepsi;

Indirect benchmarking enterprises, that is, benchmarking enterprises that provide products or services that are alternative or complementary to themselves, such as coffee and tea;

Potential benchmarking enterprises, I .e. benchmarking enterprises that have the ability or willingness to enter their own market or market segment, such as Amazon and Wal-Mart;

Heterogeneous benchmarking companies, that is, benchmarking companies that provide completely different from themselves but meet the needs of the same type of customers, such as cinemas and amusement parks.

2. Collect background information

Collecting background information is to understand the basic situation of benchmarking enterprises, including their history, size, finance, organization, culture and so on. There are several ways to gather background information, such:

Check the official website, that is, get their introduction, vision, mission, values, development process, organizational structure, partners and other information from the official website of benchmarking enterprises;

View social media, that is, obtain information about benchmarking companies' dynamics, activities, interactions, word-of-mouth, etc. from their social media accounts;

View news reports, that is, from a variety of media channels to obtain benchmarking enterprise news reports, announcements, statements, interviews and other information;

Check the company database, that is, obtain the registration information, shareholder information, financial information, investment information, merger and acquisition information and other information of the benchmark enterprise from the professional company database website;

View industry associations, that is, from industry associations or organizations to obtain benchmarking enterprise membership information, qualification information, honor information, activity information and other information.

After collecting background information, it is necessary to sort out and analyze it, and extract the development process, strategic direction, core competitiveness, corporate culture and other key points of benchmarking enterprises.

3. Research products and services

Research products and services is to understand the characteristics, functions, advantages, disadvantages, prices, evaluation and other aspects of the products or services of benchmarking enterprises. There are many ways to research products and services, such:

View the product introduction, that is, obtain the introduction, description, demonstration, case and other information of their products or services from the official website of the benchmark enterprise or other platforms;

Check the price strategy, that is, obtain the price, discount, package, membership and other information of their products or services from the official website of the benchmark enterprise or other platforms;

View user evaluation, that is, obtain the user evaluation, rating, comment, feedback and other information of their products or services from the official website of the benchmarking enterprise or other platforms;

Try to buy, that is, try to buy or use the products or services of the benchmark enterprise as a user, and experience their purchase process, delivery method, after-sales service and other information;

SWOT analysis, I .e., based on the strengths (Strengths), weaknesses (Weaknesses), opportunities (Opportunities) and threats (Threats) of the benchmarking firm's products or services, to identify their competitive strengths and weaknesses

4. Analyze positioning and objectives

The analysis of positioning and objectives is to understand the market positioning and target customers of benchmarking enterprises, as well as their brand image, value proposition, differentiation strategy and so on. There are several ways to analyze positioning and targeting, such:

Check the brand logo, that is, obtain their brand name, logo, slogan, color, font and other information from the official website of the benchmark enterprise or other platforms;

View the value proposition, that is, get their value proposition from the official website of the benchmark enterprise or other platforms, that is, the unique value or solution they promise to provide to the customer;

View the target customers, that is, obtain the characteristics, needs, preferences, behaviors and other information of their target customers from the official website of the benchmarking enterprise or other platforms;

Check the differentiation strategy, that is, get their differentiation strategy from the official website of the benchmark enterprise or other platforms, that is, how they distinguish from other benchmark enterprises in terms of products, services, brands, channels, etc;

Positioning map, that is, according to the positioning and objectives of benchmarking enterprises in a two-dimensional coordinate system to draw their position, in order to compare and analyze their similarities and differences.

After analyzing the positioning and objectives, it is necessary to organize and analyze them, from which to extract the market positioning, target customers, brand image, value proposition, differentiation strategy and other key points of the benchmarking enterprise.

5. Research distribution channels

Investigating distribution channels is to understand the type, quantity, coverage, efficiency, cost and other aspects of the distribution channels of benchmarking enterprises. There are many ways to investigate distribution channels, such:

Check the type of channel, that is, the type of distribution channel obtained from the official website of the benchmark enterprise or other platforms, such as direct sales, agency, distribution, alliance, e-commerce, social networking, etc;

Check the number of channels, that is, the number of distribution channels obtained from the official website of the benchmark enterprise or other platforms, such as how many stores, agents, distributors, partners, etc;

Check the channel coverage, that is, obtain the coverage of their distribution channels from the official website of the benchmark enterprise or other platforms, such as how many regions, countries, markets, etc. are covered;

Check the channel efficiency, that is, get the efficiency of their distribution channels from the official website of the benchmark enterprise or other platforms, such as the sales volume, profit, conversion rate, satisfaction, etc. of each channel;

View channel costs, I .e. the cost of obtaining their distribution channels from the official website of the benchmarking company or other platforms, such as the operating costs, maintenance costs, and promotion costs of each channel.

After investigating the distribution channels, it is necessary to organize and analyze them, from which to extract the advantages, disadvantages, opportunities and threats of the distribution channels of the benchmark enterprises.

6. In-depth interaction strategy

In-depth interaction strategy is to understand the content, form, frequency, effect and other aspects of the interaction strategy of the benchmarking enterprise. Interaction strategy refers to the way and means by which benchmarking enterprises communicate, interact and establish relationships with target customers, such as advertising, public relations, social networking, content, activities, etc. There are several ways to drill down into an interaction strategy, such:

Check the advertising strategy, that is, get their advertising strategy from the official website of the benchmark enterprise or other platforms, such as which media they put the advertisement on, the content, form, style and goal of the advertisement, etc;

View public relations strategies, that is, obtain their public relations strategies from the official websites of benchmark companies or other platforms, such as how they cooperate, communicate, and influence with the media, governments, and social groups;

View social strategies, that is, obtain their social strategies from the official websites of benchmark enterprises or other platforms, such as which social media accounts they establish, and the content, form, style and objectives of social media;

Check the content strategy, that is, obtain their content strategy from the official website of the benchmark enterprise or other platforms, such as how they produce, publish and spread valuable content, the content, form, style and goal of the content, etc;

Check the activity strategy, that is, obtain their activity strategy from the official website of the benchmarking enterprise or other platforms, such as how they organize, participate in and promote various online or offline activities, and the content, form, style and objectives of the activities.

After going deep into the interaction strategy, it needs to be sorted out and analyzed to extract the strengths, weaknesses, opportunities, and threats of the benchmarking enterprise's interaction strategy.

7. Try to buy

Trying to buy is to try to buy or use the products or services of benchmarking enterprises as target customers to experience their purchase process, delivery methods, after-sales service and so on. There are several ways to buy, such:

Check the purchase process, that is, get their purchase process from the official website of the benchmark enterprise or other platforms, such as how many steps there are in their purchase process, what information needs to be provided for each step, what tips or guidance are available, etc;

Check the delivery method, that is, obtain their delivery methods from the official website of the benchmark enterprise or other platforms, such as what their delivery methods are, such as express delivery, self-delivery, e-mail, etc., delivery time, cost, quality, etc;

Check the after-sales service, that is, get their after-sales service from the official website of the benchmarking enterprise or other platforms, such as what their after-sales service is, such as return and exchange, maintenance, consultation, complaint, etc., the process, conditions and efficiency of after-sales service.

After trying to buy, it needs to be sorted out and analyzed to extract the advantages, disadvantages, opportunities and threats of the benchmark enterprise's buying experience.

8. Do a SWOT analysis

A SWOT analysis is conducted to summarize and evaluate the strengths (Strengths), weaknesses (Weaknesses), opportunities (Opportunities) and threats (Threats) of the benchmarking firm based on the information collected and analyzed previously in order to develop appropriate competitive strategies and action plans. There are several ways to conduct a SWOT analysis, such:

Making a SWOT matrix, that is, listing the strengths, weaknesses, opportunities and threats of benchmarking enterprises in a four-grid matrix, so that their strengths, weaknesses and opportunities and threats can be seen at a glance;

Make a TOWS matrix, that is, in a four-grid matrix, list the coping strategies for the strengths, weaknesses, opportunities and threats of the benchmark enterprise, such as taking advantage of the advantage to seize the opportunity (SO strategy), overcoming the disadvantage to seize the opportunity (WO strategy), taking advantage of the advantage to avoid the threat (ST strategy), overcoming the disadvantage to avoid the threat (WT strategy), etc;

Make VRIO analysis, that is, according to the benchmarking enterprise's resources or capabilities have value (Value), scarcity (Rarity), non-replicable (Inimitability) and organizational (Organization) four dimensions of analysis to determine whether their resources or capabilities have a lasting competitive advantage.

After conducting a SWOT analysis, it needs to be collated and analyzed to extract the strengths, weaknesses, opportunities and threats of the benchmarking company, as well as the coping strategies and action plans for them.

3The Value of Benchmarking Enterprise Analysis

The value of benchmarking enterprise analysis is that it can help Shangpu Consulting:

Understand the competitive environment, identify your competitive strengths and weaknesses, look for possibilities for differentiation and innovation, and develop effective competitive strategies and action plans;

Understand customer needs, find customer pain points and needs, provide products and services that are more in line with customer expectations, and improve customer satisfaction and loyalty;

Understand market opportunities, discover market needs, trends and changes, seize market opportunities and potential, and expand market share and influence;

Understand competitive threats, discover the strategic intentions, core competitiveness and potential threats of benchmarking enterprises, predict the future trends and countermeasures of benchmarking enterprises, and avoid competitive risks and crises;

Promote innovation and improvement, discover the advantages and disadvantages of benchmarking enterprises, learn the advantages and experience of benchmarking enterprises, improve their own shortcomings and problems, and improve their own competitiveness and level.