What Are Competitive Analysis & Competitive Benchmarking?

Imagine you're playing a game with your friends, and you want to know how good you are at it, so you watch them play and compare yourself to them. That's what competitive analysis and competitive benchmarking are like for companies.

Competitive analysis is when a company looks at its competitors, other businesses that do similar things, to see what they're doing well and where they might be falling behind. It’s like peeking through the fence to see how your friends are playing their game, so you can learn from them.

Competitive benchmarking takes it a step further. It's when a company not only looks at what others are doing but also compares specific parts of their performance, like how fast they finish a level or how many points they score. This helps the company see exactly where they stand and what they need to improve.

By using both competitive analysis and competitive benchmarking, companies can figure out how to get better at their game and win more often.