Otherwise, your competitors will do it instead.įurthermore, since your business is likely not a member of the Fortune 500 list, benchmarking won't take as much time, energy, earn money. If you want to grab for yourself a significant piece of this lucrative pie, you need to use every tool at your disposal to turn your business into an industry powerhouse. In Knowledge Commerce, competition will always exist.Īfter all, we're talking about a $243 billion industry. Conducting benchmarking can tell you what you're doing wrong with your online business and help you discover ways to improve upon past efforts. Think of benchmarking as a report card, a guidebook, and a competition comparison all in one. Why Is Benchmarking Important for Your Knowledge Commerce Business? Those are the basics of benchmarking, but we’re going to get into even more detail so you understand why benchmarking matters, how you can use it strategically, and what other businesses like yours have accomplished through benchmarking. That’s just one possibility - benchmarking will help you figure out other potential solutions. Maybe you need to add email marketing to your repertoire.
#Benchmark research how to#
Since you’ve discovered that your digital marketing strategy hasn’t yielded the results you expected, you now need to figure out how to tweak your process to make it more effective. For instance, when it comes to digital marketing, maybe you focus on blogging, social media, and organic SEO. Once you’ve identified your first focal point for benchmarking, figure out how your current process works. Maybe it’s customer service, pricing, advertising, digital marketing, or something else entirely. The important thing, though, is to find ways in which your business could improve. If you need to bring on a third party to help, do so. Sometimes it’s tough to view your business objectively. With benchmarking, you want to start with your primary weaknesses.ĭo you struggle with lead generation? Have you struggled to retain customers? Do you get complaints about your online course content? If you don’t, they can easily steal your customers and your profits.
We’ll talk about competitive analysis later, but keep in mind that you need to maintain one eye on your competitors at all times. While your online business might be more profitable than it was six months ago, is it profitable enough to stand up to your competitors? The problem is that you sometimes need outside data to measure success. That sounds simple enough, right? You’re just trying to create the best business possible. What Is Benchmarking?īenchmarking is the process of determining the best processes, strategies, and techniques for achieving your business goals. That’s what we’re going to help you achieve today. It sounds simple enough, but you need a clear, actionable strategy if you want benchmarking to yield positive results. If you want to maximize your revenue and brand awareness, you need benchmarking to figure out what’s working, what’s not working, and what your competitors are doing. Whatever the case, it’s time to change things up. Perhaps you’ve already reached your target audience.
Sales have been fairly steady over the last 12 months, but you’re not growing at the pace you expected. You’ve created four online courses, two e-books, and a host of other digital products on productivity. You know how to motivate people to get things done and achieve their goals. Let’s say that you’re a personal development expert who specializes in productivity. What is benchmarking? We’re going to get to that a little later, but for now, we want to paint a quick picture. In fact, you should use benchmarking, especially if you’re in the Knowledge Commerce market.
However, that doesn’t mean you can’t use benchmarking for your small online business. Benchmarking is a complicated process that many large companies use to perfect their best practices and to outpace the competition.
0 kommentar(er)
