The New Year is here! You’ve made it through the hectic holiday season and it’s now time to start planning for success in 2016. But how can you start striving for success if you don’t know definitively what success should look like for your business in comparison to your competitors?
Laying the Groundwork for Success
The first step in effectively growing your business is to benchmark how your current sales and operational efficiencies stack up against similar companies. While establishing your 2016 business goals, wouldn’t it be valuable to know how many orders your competitors processed last year? Or how many different channels they’re selling through, and what eCommerce solutions they’re utilizing?
To establish a competitive benchmark for your business, you must:
- Determine Key Metrics
- Identify Competitors
- Research and Assess Competitors
- Develop an Actionable Plan
Benchmarking Made Easy
While benchmarking is easy for larger retailers who have vast resources and public companies as competitors, there are very few tools for small and mid-sized (SMB) retailers to accurately assess their company’s performance against similar, privately held competitive companies. Aside from costly industry analyst reports or anecdotal trade stories, the data generally available to SMB retailers will not provide enough specific information for effective planning.
If you want to see how your company truly stacks up against SMB retail competitors, our free Retail Amplifier tool will provide you with a detailed custom report comparing your business details with that of other SMB retail companies. Now you can quickly see how similar businesses are performing and identify areas where your business can make improvements in 2016.