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Growing Importance Of Competitive Benchmarking Of Mobile Gaming Companies
As the mobile gaming industry continues to mature, it is becoming increasingly competitive. Having a development and distribution channel for catering to gamers across the world at the lowest possible cost is touted to be a decisive factor for succeeding in the mobile gaming industry. Furthermore, another successful strategy for capturing further market share is by delivering games that the gamers want and prefer. But herein lies the most important question! How does one determine if the company’s games are preferred by the audience and whether they are catering to their audience at the lowest possible cost? This is where competitive benchmarking of mobile gaming companies comes in handy!
What exactly is competitive benchmarking?
Competitive benchmarking is a process wherein companies compare their business processes and metrics against that of their competitors to determine what ‘best-in-class’ performance is and how the performance has been achieved. Unlike the common perception, competitive benchmarking not a one-time event. Conducting benchmarking of competitors can help businesses get a thorough understanding of how they are performing at a particular point in time and how quickly the companies with whom they are competing are evolving to enhance profitability.
Why competitive benchmarking is becoming increasingly important?
Competitive benchmarking typically helps in measuring a company’s strategies and performance against competitors. This process not only rates but also compares with competitors time and again. With competitive benchmarking, organizations attain a consolidated overview of the company at various levels and also get clear insights into the strategies adopted by competitors, which in turn helps develop counter-strategies accordingly. Benchmarking is also essential for the evolution of the organization after the assessment of the business areas that need improvements. Arguably, the biggest advantage of competitive benchmarking is that it is completely a customized process wherein companies can decide which department or process they want to compare and assess. Organizations can choose their own metrics and parameters for comparison followed by choosing the competitors of their choice.
Also, competitive benchmarking helps gain an organized overview of your company and how it is performing on different metrics. Benchmarking also helps identifying when a competitor is doing well or beginning to struggle – both prime times to evaluate your own strategy. Competitive benchmarking can fit around your business and its departments, being as broad or as granular as you like. There’s no set approach. It all comes down to do your aims and what areas are important to you.
Essential elements for conducting competitive benchmarking
Identify Benchmarking Needs - Benchmarking can be time consuming and expensive if not strictly controlled. Owing to this, benchmarking cannot be restricted only to metrics and processes that affect the critical success factors of the business.
Develop Performance Metrics - This stage of the competitive benchmarking process identifies the metrics that relate to the agreed critical success factors and defines those metrics so that you are able to obtain apples to apples comparisons.
Data collection - Once the metrics and processes have been defined it is necessary to collect the data from within the organization as well as from competitors.
Assessing the Gap – Arguably the most important step in the competitive benchmarking process. Through assessment, companies can make direct comparisons with the performance of the competitors, and identify the gap between them and ‘best in class’ performance.
For increasing your company’s competitiveness, it is essential to understand how your workflow and business processes stand up against that of your competitors. Thus, benchmarking can be a very useful technique for identifying opportunities for improvement.
Written by a content marketer who keeps updated on industries for market research purposes and studying them.
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