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Functional benchmarking Finally, in functional benchmarking, which is the most common form of benchmarking, you will have the results of another company as a point of reference. It is not necessary to analyze a competitor, but it is very important that the company that is taken as a reference point has activities similar to yours. For example: if you have an online course on healthy eating, you can do functional benchmarking with a Producer who has an online course on dog training to understand actions such as: Marketing campaign; Person Research ; brand development; etc. How to benchmark? As you saw, there are 5 types of benchmarking and each one with its specificities. Despite that, when doing a bench, there are some fundamental steps, and it is about them that we will talk now: have a goal Before any bench, you need to be very clear about the objectives you want to achieve when applying that strategy. What are the areas of your business that need improvement? What have you seen people do that you still don't do? After defining the objective that led you to do a benchmarking, it will be much easier to choose which companies or entrepreneurs you are going to talk to, which is our next topic. Choose your point of reference It seems silly to talk about it, in the end, the great objective of benchmarking is precisely to understand the processes of a company to see what could be applied in your business. But believe me, this is a phase that many entrepreneurs end up forgetting. So, before going out there talking to everyone,

define who will be your points of reference to get in touch with them. Get in touch with those responsible for each sector of the chosen company Many people believe that this is the most difficult moment: to get the business email database contact of those responsible for each sector of the company that will be your point of reference for benchmarking. At that time , you need to put the shame aside. It is very important to do good networking to more easily get the contacts of the people with whom you want to talk. But be careful not to select too many landmarks. That can make it difficult to analyze your data. Determine the indicators of your analysis Do you remember the goals you had defined? They will be very important when choosing the indicators to analyze.

Make a table to compare quantitatively and qualitatively the results of all the companies you analyze. Thus, you will have an overview of everything they do and their results and then you can think about the actions for your business. collect the data There are some tools that you can use to collect the data, such as SimilarWeb and Klout or the social networks themselves. You also have the ability to use good old Excel, chat with the benchmarks and collect the data yourself. Regardless of how you will do it, it is very important to be able to quantify all the indicators that you previously selected to analyze. In the end, this is what will help you understand what are the strategies of each entrepreneur or company that is working well.

Compare the collected data Remember the table we told you to make with all the indicators you want to analyze? This is the time to compare the results of the companies selected for the bench with your own business. Perceive points in common between all the companies you are analyzing. That will help you identify the strategies that possibly work best. Make an action plan Finally, do not forget to prepare a plan specifying the actions that you must start to start implementing the analyzed strategies in your business. But don't just focus on what's missing. Also think about the strengths, that is, what you already do that works well, and try to improve your processes. To help you develop your action plan, we selected this post with suggestions for creating a marketing plan . Do not stop seeing them! AUTHOR Barbara Santos, Passionate writer of all textual genres, Portuguese teacher by training and violinist in her spare time. Other posts written by Barbara BANNER_time trial_266x130 (1) Learn how to overcome the fear of entrepreneurship and turn your experiences into a profession DOWNLOAD NOW CTA_blogpost_networks_266x130-03 Follow us on Instagram and access our exclusive content. FOLLOW ON INSTAGRAM What do you want to learn? SEARCH...