Selecting competitors

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Step 3.
Decide:

what type of benchmarking will you use - internal or external;

Which companies will you compare yours with - from your industry or from another one. Select 2-3 or 3-5 brands/companies that are worth focusing on.
Important: When choosing, it is worth considering the targe cyprus consumer email list t audience of benchmark companies, because competitors may offer solutions for users with different interests.

Let's say that clothing brands Befree and TVOE are aimed at teenagers and young people, the target audience of Hermes is wealthy clients, and Sela sells lifestyle clothing for the whole family.

Step 4. Collecting information
The more channels for collecting data from standards that are used, the more complete and reliable the information obtained will be.

There are many methods of data collection, including:

attending industry conferences and seminars in which a competitor participates;

study of open sources - websites, user reviews, media articles, interviews, publications on social networks;

introduction of mystery shopping;

conducting our own research and surveys, forming focus groups;