Benchmarking for Export
Benchmarking is a useful tool that you can use to assess the readiness of your business to
export. Benchmarking is simply the process of comparing your products against competitors in your target market. If you want to export, this process will help you:
gain an objective picture of your business' strengths and weaknesses
highlight changes which could make your product introduction more successful
spot opportunities for growth
It does not matter if you have a small one person company or a larger operation, you should benchmark your target market is you want to pursue an active export strategy.
What should I benchmark?
Benchmarking can help you assess any part of your business. However, you should concentrate on those areas where improvement would bring tangible and measurable benefits. Some of the most typical areas include:
retail and wholesale pricing
sales and turnover of your competitor's
profitability
pricing
sales strategy
packaging
distribution strategy
product range
points of sale – who carries their product?
Understanding the above will help you better understand your readiness to compete in your target market. From the above information you can then develop strategies for more successful export drive.
Benchmarking is only one part of the the development of your export plan.
Note: Benchmarking is the most useful when it becomes a continuous process rather than a one-of exercise.