Tools of marketing policy. Benchmarking.
In the conditions of almost filled market a head of company should use all possible management tools to successful growth, profitability and competitiveness and should have the perspective plan of development.
In this case any company has to use modern methods of strategic management, one of them is benchmarking.
The term benchmarking originates from the English word benchmark (a level, a mark) and it is widely used for designation of the competitive analysis by the accepted standards. Sometimes it is known as a technology of the competitive intelligence allowing to estimate the position in the market, to find the new ideas and ways of development, to adjust business activity of the company, to optimize a range and amount of the goods or services.
The benchmarking for banks and other financial structures consists:
- in comparison of key indicators of the bank or credit institution with indicators of competitors;
- in studying and applying of experience of the most successful financial companies.
If the competitor occupies the most part of the market, it clearly means something in his company works for it better. That’s why financial and credit institutions often use a competitive benchmarking, that is they compare their product with a product of the direct competitor, as well as business approach.
Studying of business activities of competitors is a difficult task. Even having the information about growth of profitability of the particular bank it is difficult to determine what ensured the success – advertising, location of the office, motivation of employees or something else.
It is difficult but possible if you delegate this job to marketing research analysts who search for detailed information about one or several competitors, including the analysis of strengths and weaknesses. On the basis of collected data experienced analysts will determine the sources of competitors’ progress or failures. If there aren’t enough open information sources (the published data, polls, questioning, etc.) for studying of competitors, market specialists use competitive intelligence. Thus, the competitors actively adopt new services and methods of their promotion from each other.
Our specialists have all necessary knowledge, experience and tools in order that your company not only will be fixed in the market, but also will expand the scope, increase profitability and reputation level.