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! 

The latest international events – pandemic, war, inflation and economic slowdown – make all economic slowdown – make all price forecasts obsolete. It is very difficult to predict the price of products in the medium term. Curves are breaking, tables are charts are breaking down, past models are no longer usable. Faced with this (r)evolution of paradigms and this price waltz, the daily competitive intelligence allows you to find your bearings and stay on track. In this article, we will see how the current situation is exceptional and how the best tool on the market can help you.

For brands, a pricing headache.

It is becoming hazardous to predict the prices of materials in the DIY sector, decorative items, food It is becoming hazardous to predict the prices of materials in the DIY, decorative and food sectors, as the impact is so multi-layered. The rise in gas prices, for example, has a direct influence on the price of tomatoes grown in greenhouses tomatoes. The price of wheat and maize is also rising, dragging down the entire food sector. food sector. The price of oil is also rising, and this is in addition to a revolution in logistics revolution following the Covid waves, implying a rise in transport costs at all levels… And these are just a few examples. All these data all of this data is turning business models upside down. Cash flow is the first to be affected. The pricing strategy and the marketing mix are under pressure.

For retailers, limited room for the process

At the end of the chain, retailers are faced with customers who are increasingly price conscious. The increase in prices has only increased a phenomenon that has been widely observed in recent years. Thanks to their smartphones, consumers are informed about the price of each item in real time. The current financial stress has further hardened this trend, leading to increasingly aggressive commercial practices practices in its wake.

An uncertain future.

Who can predict the next change of pace? Not even the OECD, which stated in its March
2022 report: "the economic impact of the conflict is highly uncertain and will depend on the
duration of the war and the responses of states". It is therefore now real time observation of
the markets that should be prioritised in defining its tariff policy. pricing policy. Competitive
intelligence provides benchmarks, but it is still necessary to have access to reliable, complete
and synthetic information. reliable, complete and synthetic information.

The importance of keeping up with the market.

While it is important to keep the balance between price point and profitability, it is no less important to be fully aware of the pricing trends in the sector in order to stay to stay in the race. Competitive intelligence is at the heart of the strategies. However, in the face of constantly changing raw material prices, prices are running amok.

We have observed a significant increase in daily price changes. All sectors are impacted by this impacted by this market turmoil. Pricing strategies are now being challenged every day.

Retail Shake, real-time price monitoring.

Retail Shake offers a solution that scrapes competitive data on a daily basis, including price data from hundreds of retailers and thousands of brands. Without any special equipment, on your current desktop computer, you can benefit from the Retail Shake solution tomorrow.
The data is cleaned by our experts on a daily basis to ensure optimal reliability. Our team is at your disposal for a personalised follow-up, the activation of targeted functionalities and the resolution of problems as soon as possible. as soon as possible.

How to refine your pricing strategy, concretely.

In the Retail Shake tool (online or via the app), you are taken to a tab called your brand.
This page immediately displays the top price, which allows you to check your performance.
You can export them to Excel or CSV if required. With one click, you can also see the price differences between brands and even a list of brands where your products are sold. even a list of the stores where your products are the most distributed by price. All this pricing information is also available for your competitors ; products.
Retail Shake displays the competitors who sell the same product as you and the corresponding and the corresponding prices. Price differences between you and your competitors are shown. You can see your price positioning very quickly. For nearby shops where the product is available, you have the mention shop.
You can thus detect where your performance and that of the brands in the sector are in real time to refine your pricing strategy.