Benchmarking is a means by which a business analyzes its performance in relation to the closest competition. First introduced as far back as 1979, this practice has now become commonplace throughout the professional community. Not only can benchmarking provide second-to-none levels of insight and clarity, but it is often employed to shape future strategies in order to remain one step ahead of the game.

There are nonetheless some professional tips and tricks to embrace to make the most out of this type of analysis. It is wise to take a closer look at some crucial takeaway points so that the right decisions can be made at the appropriate times.

 1. Identify the Primary Competitors

 Industry intelligence will arise as a result of highlighting the relevant competition. Once these companies have been identified, pertinent factors such as pricing points and ongoing marketing campaigns can be analyzed. Furthermore, narrowing down the competition will provide more concise results and help to avoid spurious data that might otherwise lead to the wrong conclusions.

2.Highlight the Metrics to be Measured

 What variables will be considered during the benchmark process? Although these may differ in accordance with the business in question, here are some common examples:

 – CRM (customer relationship management) techniques

– Website optimization and layout

– Online marketing channels used

– The price of products and/or services (known as a competition price survey)

– Social media presence

– Client satisfaction rates

 Clarifying these and similar themes will help provide actionable results which can then be incorporated into an ongoing marketing campaign.

3. Note the Major Disparities

The efficacy of any competitive intelligence campaign will depend upon what differences are noted and how these impact the organization as a whole.

For example, an ongoing price watch may indicate that the cost of a product needs to be adjusted in order to keep abreast of a local firm. Perhaps a close competitor enjoys a much higher social media following. This scenario indicates that more focus needs to be placed upon developing a stronger presence within these circles. The main takeaway point here is that understanding the strengths and weaknesses of the competition is the first step towards leveraging the appropriate solutions.

4. Implement the Appropriate Changes

 Assuming that the above steps have been completed, it will then be necessary to enact the changes themselves. Note that some modifications (such as offering a specific discount) may yield results quicker than others (such as developing a solid presence throughout social media portals).

It is normally best to delegate these actions to a dedicated in-house sales and/or marketing team. This will likewise provide the insight required to better appreciate if further adjustments may be needed.

5. Proactively Monitor the Results

 One final strategy that is often overlooked involves monitoring the impacts of a benchmark analysis. This is crucial, as some strategies may work better than others. Simply stated, it is always better to ask “how are we doing?” as opposed to “how did we do?”. The good news is that cutting-edge competitive intelligence tools such as those offered by Retail Shake will help to take the guesswork out of the equation.

 Businesses can now employ bespoke centralized software platforms in order to monitor the results of an ongoing campaign while keeping track of important metrics. It is likewise possible to share this information with other stakeholders; dramatically reducing the time required to appreciate the results of ongoing efforts.

Benchmarking should represent a crucial facet of any well-rounded approach to industry intelligence. Following the recommendations highlighted above will ensure that the right decisions are made at the appropriate times.

Today we are interested in our CSM so that you can get to know her and better understand her role within Retail Shake.

Can you tell us more about yourself ?  

My name is Laure, I’m 23 years old and I joined Retail Shake a year and a half ago. During my last year of master in New Technologies of Information and Communication and International Business Management, I was recruited for a 6 months internship as a Business Developer and I was launched on the home sectors (decoration, furniture, bedding, household appliances …).At the end of this internship, we decided to extend the adventure with a permanent contract, in the same position. The advantage of working in a start-up is that our missions are much more varied: prospecting, negotiations, sales, project management, after-sales… but after a while, it becomes important to separate these missions so that the Business Developers can continue to take care of new clients and carry out their missions. Moreover, it is important that one person can centralize all customer feedback to satisfy the greatest number of customers ! 

6 months after the beginning of my permanent contract, Irwan and Morgan (sales director at this time) proposed that I become a Customer Success Manager, thinking that my profile corresponded well to the needs, and I accepted with pleasure, motivated by the proposed missions and by the confidence that is granted to me. I have been in this position since February, supported by Fréderick, a coach who helps me to discover the specificities of this job. 

What does CSM mean?

The Customer Success Manager is the “control tower” for listening to and satisfying customers! He is at the heart of the customer relationship and allows them to have a “privileged” interlocutor to be heard. He is the voice of the customer within the company, representing their requests and needs and must also be able to anticipate them. The implementation and monitoring of KPIs on satisfaction is also one of his missions. By being key in customer satisfaction, he is also key in building customer loyalty. 

Why did you create this post within Retail Shake? 

Even though CSM is a rather new job, it is central to a company’s strategy. Customer satisfaction and relational excellence being part of the Retail Shake culture, it is quite natural that this position was created! 

What are your tasks? 

My missions are very diversified, the most important is the management of the customer portfolio, the resolution of problems (or should I say: inform the tech team of the problems, because without them, I would not be able to satisfy the customers, I only sublimate their work finally 🙂 ), participation in projects, but there is also the follow-up of KPI, sharing time with the other teams, evaluation of customer satisfaction through questionnaires or meetings dedicated to this subject, participation in the writing of customer newsletters, in the Retail Shake Academy, QA (Quality Assurance) 

What do you like about this job? 

I love what I do mainly because I am very empathetic, so I love human contact and it is an integral part of my daily life, whether with our customers or with my colleagues. I love to share my enthusiasm and my good mood! On the other hand, I am driven by success, when customers call us to tell us they are happy, I am even happier than they are, haha! I love to “break my head” for hours in front of an excel file to find out why there is a problem and help my colleagues to solve them. Anyway, 6 months ago I didn’t know this job, and I think I finally found a job I like and for which I’m happy to get up every morning!