Competition in the B2B market has intensified markedly in recent years, driven by digitalization and the growing demand for innovative solutions that respond effectively to business problems. In this context, knowing what the competition is doing and how it is positioning itself in the face of new trends is a necessity that transcends mere curiosity. This is where competitive benchmarking comes into play, a technique that allows us to literally “spy” on the tactics and strategies of those who share our niche and then use those learnings to the benefit of our organization. But the truth is that, if done correctly, we are not talking about shady or unethical practices, but rather a methodical and legitimate analysis focused on continuous improvement.
The good news is that competitive benchmarking is not an improvised or overly complicated process, but rather a methodology that has been gaining sophistication, and about which numerous studies and guides have been written. David Aaker, in his reflections on brand management, has underscored the relevance of examining the competitive environment to identify market gaps and opportunities for differentiation. Similarly, Michael Porter, with his approaches to competitive forces, contributes to marking the route to gaining advantage. This confirms the relevance for B2B companies to take a systematic and continuous approach to understanding the dynamics of their industry, adjusting their business and marketing strategy in light of the findings obtained.
In the next sections, we will explore how to carry out effective competitive benchmarking, which are the most useful tools for this, and how to make practical use of the information gathered, always with a close, rigorous and committed approach to clarity.
Competitive benchmarking: learn from your competitors.
Broadly speaking, competitive benchmarking can be defined as the systematic comparison of products, services, processes, or marketing strategies of different companies to learn from best practices and thus refine the way we manage our own business. Unlike other types of benchmarking, such as internal benchmarking (which contrasts different areas of the same company) or functional benchmarking (which compares companies in different sectors that share a process), competitive benchmarking focuses directly on those organizations that compete with us for the same customers.
The relevance of this exercise lies in the fact that, in today’s fast-paced world, innovation and new trends appear almost without warning, generating disruptions that can catch many companies with obsolete business models off guard. Competitive benchmarking allows us, on an ongoing basis, to take the pulse of the market and anticipate these changes. For example, if we detect that a competitor has begun to focus on customized solutions with success, we could evaluate the possibility of adapting our offer so as not to lose ground. Without such an analysis, we run the risk of remaining stagnant while watching others take the lion’s share of the pie.
Furthermore, it should be noted that benchmarking is not simply “black box” espionage it is not a matter of mindlessly replicating what the other company does, but of thoroughly understanding its motivations, its strategy and the results it is achieving, and then adapting what applies to our context. Michael Porter stresses the need to find a differentiator, a unique element that shapes our value proposition. Competitive benchmarking, therefore, must be interpreted as a starting point for learning and inspiration, not as an end or an invitation to plagiarism.
The competitive benchmarking cycle
For competitive benchmarking to bear fruit, it is advisable to structure the process in different phases that ensure an orderly and repeatable analysis over time. A typical sequence might start with identifying who our direct and indirect competitors are. This is not always as obvious as it seems: sometimes, companies that we do not consider as rivals could be gaining market share thanks to a different approach. Next, we define the aspects we want to compare (from pricing strategy and marketing plans to the quality of after-sales service or the level of customer satisfaction).
Then, we move on to data collection. Here, ethics and legality are vital: it is possible to do a lot with public information (websites, social networks, reports, industry events), market analysis, and customer opinions without resorting to dubious maneuvers. Next, this data is analyzed and interpreted, drawing conclusions that allow us to learn about performance gaps, opportunities for improvement, or gaps in which to innovate. Finally comes the improvement implementation and monitoring phase, where action plans are established to capitalize on what has been learned, responsibilities are assigned, and performance indicators (KPIs) are set to evaluate the impact of the initiatives.
The important component here is continuity. A competitive benchmarking performed on a one-off basis may be useful for a specific problem, but to really nurture the corporate strategy, it is advisable to integrate it as part of the organizational culture, repeating it with a certain frequency. In this way, we ensure that we are not left with a static photograph and that learning is incorporated as a habit that keeps the company’s competitiveness alive.
Advantages and risks of benchmarking
The advantages of undertaking competitive benchmarking are numerous. On the one hand, it results in a deeper understanding of the industry and the trends that will mark the near future. This allows us to correct the trajectory if, for example, we detect that we are lagging in technological development or the customization of our customer service. It also drives creativity, as observing existing solutions can inspire adaptations or improvements that are integrated into our business model. From an operational point of view, competitive benchmarking can help us identify internal inefficiencies, as well as validate hypotheses about target audience expectations.
However, we must be aware of the risks associated with a vision that is overly focused on what the competition is doing. The main one is to fall into the tendency to imitate without criteria, losing the essence of the brand and real innovation. Also, an obsession with what others are doing can generate a reactive culture instead of a proactive one, limiting the ability to propose truly disruptive breakthroughs. Finally, there is the possibility of losing focus by devoting too much time and resources to benchmarking activities, when in fact the priority should be on developing one’s strategy and meeting the needs of our current customers.
Tools for competitive benchmarking
Data collection in digital environments
The first step to competitive benchmarking is data collection. Fortunately, we live in an era where most corporate and market information is available or partially accessible on the Internet. You can start with the basics, reviewing competitors’ websites, examining their structure, their value proposition, their product or service portfolio, and the way they describe their strengths. It is also useful to subscribe to their newsletters or blogs and follow them on social networks to see what they communicate, how often, and what type of audience they target.
At the same time, it is advisable to explore business directories, bidding portals and databases specialized in the industry. In many cases, companies publish press releases or participate in events where they share performance statistics and success stories, information that can be valuable to understand their degree of market penetration. In addition, there are forums or professional groups (on LinkedIn, for example) where employees and managers discuss trends, share perspectives, and sometimes give a glimpse of their companies’ competitive positions. Ethically, we can take note of this data and build a more complete portrait.
In the field of digital observation, SEO tools provide us with a mine of information. Tools such as SEMrush, Ahrefs, and SimilarWeb allow us to estimate the organic traffic of a site, the keywords for which it is positioned, the domains that link to it, and, in some cases, its audience profile. With this, we can compare what positioning our competitors have in Google, how much they invest in paid search campaigns, what type of content brings them greater visibility, etc. This is important to identify under-exploited niches or to understand the degree of domain authority of each company in the digital environment.
Observation of social networks and review platforms
Social networks have become an essential showcase, even for B2B companies. Although not all companies have the same activity on platforms such as LinkedIn or X, reviewing the profiles of competitors can give us clues about their culture, their tone of communication, the engagement they generate, and even their recent achievements. We can also detect with what type of content they get more interaction, the regularity of their publications, and, of course, the way they respond to comments or complaints. This is very revealing about their customer service style and their closeness with the public.
Another relevant source of data for competitive benchmarking is software or service review and rating platforms, such as G2, Capterra, or Trustpilot. On these sites, users share their experience with the product, evaluating aspects such as ease of use, customer service, value for money, and more. By analyzing both positive and negative reviews of competitors, we can understand where they fail and where they excel. If, for example, we notice that most complaints focus on slow implementation or poor after-sales support, we would have the opportunity to position our offering by emphasizing speed and quality support.
Similarly, paying attention to the activity that the leaders of the competition have on professional networks is a good practice. Seeing which events they attend, which forums they participate in, or whether they publish opinion articles allows us to check the nature of their thought leadership. In the long term, this motivates us to also strengthen our presence and ensure that we have recognized industry experts and spokespeople, a relevant factor for reputation and networking in the business environment.
Quantitative analysis tools
In addition to qualitative research, competitive benchmarking is often complemented with analytical tools that allow the findings to be synthesized into comparable numbers. For example, dashboards can be developed that include variables such as estimated market share, level of advertising investment, commercial productivity or benchmark prices of services. These types of indicators can come from industry reports published by consulting firms such as Gartner, IDC or Deloitte, which usually show annual overviews of the trends and performance of the main players.
It is also feasible to collect data from financial and economic bases if competitors are publicly traded or publish their results. These figures shed light on the company’s financial health, profitability, and investment capacity. Although in B2B marketing, we often focus more on the value proposition and customer relationship, we cannot ignore the impact that finances have on the viability of a business model. Keeping track of these indicators helps to estimate whether a competitor is growing, stagnant, or declining, which influences how we decide to deal with it.
It should be noted that any competitive benchmarking process must, above all, respect the limits of confidentiality and ethics. Collecting data published or available under subscription (e.g., to market reports) is completely acceptable; on the other hand, accessing privileged or confidential information in an unauthorized manner would not only be illegal but would severely damage the image of the company performing it. With the abundance of open resources and licenses, there is plenty of material for rich and informed benchmarking.
How to analyze and apply benchmarking data
Once we have collected sufficient information on competitors, comes the analysis and interpretation phase. At this point, we must be aware that some data may be ambiguous or contradictory, so a critical eye and a multidisciplinary dialogue are required. For example, if we notice that a competitor maintains a high level of customer satisfaction, but its financial performance is unstable, what factors explain this situation? Could it be that they are investing aggressively in research and development at the cost of sacrificing margins to gain market share?
It is very useful to organize the information in matrices or comparative tables that allow us to visualize where each competitor is positioned in key aspects: price, product quality, level of support, breadth of portfolio, etc. We can also apply analysis methods such as SWOT (Strengths, Weaknesses, Opportunities, Weaknesses, and Threats) specific to each competitor, incorporating Michael Porter’s vision of competitive advantage. This helps to put into perspective which market segmentations each player could dominate and to what extent our company can differentiate itself or learn from their successes.
On the other hand, it is essential to contrast the data we obtain with our reality. That the competitor leads in social networks does not necessarily imply that this strategy is replicable or recommendable for us, perhaps because of the type of audience we are targeting or the corporate culture we have. Careful interpretation avoids falling into the enthusiasm of copying successful tactics in a different context. Competitive benchmarking is an input, not a mandate.
Extracting lessons learned and formulating action plans.
After debugging and critical analysis, the next step is to formulate concrete action plans to apply the lessons learned. Many companies merely obtain insights without putting them into practice, missing the opportunity to enhance their strategy. To prevent this from happening, it is advisable to establish a protocol that defines the responsibilities, schedule, and objectives for each initiative derived from competitive benchmarking. For example, if we conclude that one of our competitors is successfully differentiating itself in the user experience, we can launch a project to improve the usability of our products or strengthen the training of our customer service teams.
It is also key to estimate the resources needed (people, budget, and time) to close the identified gaps. At this point, top management leadership plays a crucial role: when managers value benchmarking and allocate resources to act accordingly, improvements are more likely to become concrete and not remain abstract plans. David Aaker suggests that top management should be the first to internalize the importance of differentiation and the obsession for continuous improvement, transferring that vision to the rest of the organization.
Some actions might be relatively simple, such as adjusting the description of services or introducing a new communication channel with customers. Others, however, might require structural changes and in-depth reviews of our value chain, which represents a more far-reaching task. In any case, honesty and openness to change are essential: if we have detected that our value proposition is not in line with the standard being imposed by other players, the worst thing we can do is deny the reality; recognizing shortcomings in time can save our position in the market.
Continuous monitoring and feedback
Last but not least, we must implement continuous monitoring and feedback mechanisms to help us evaluate the impact of the initiatives derived from competitive benchmarking. There is little point in updating our business strategy or our product if we are unable to measure the results and, if necessary, adjust course again. In the B2B environment, this implies defining specific indicators, such as increased lead acquisition, improved conversion rates, customer retention, or expansion into new geographies. These KPIs must be aligned with the objectives that motivated the benchmarking in the first place.
To ensure monitoring, it is advisable to hold regular meetings where progress made and difficulties encountered are shared. The marketing and sales teams can collaborate to determine whether market perception has changed following the implementation of improvements, whether the competition has reacted to our innovations, or whether new players have appeared with disruptive proposals. Competitive benchmarking should be seen, in this sense, as a continuous learning cycle rather than an isolated event. The more we normalize this process, the more flexible and adaptable we will be to the ups and downs of the industry.
In practice, this translates into continuing to review sources of information (websites, social networks, market reports, financial databases, etc.) and keeping the culture of comparison and improvement alive. As Michael Porter points out, competitive advantage is not built overnight but through multiple adjustments that fit into a coherent overall strategy. With a fluid benchmarking vision, we will have better opportunities to anticipate competitors’ maneuvers and, most importantly, to provide solutions that are increasingly tailored to our customers’ needs.
***
The relevance of examining the competitive environment to identify market gaps and opportunities for differentiation.
***
Conclusions
Along these lines, we have contemplated the relevance and implications of competitive benchmarking as a fundamental instrument for any B2B company seeking to maintain relevance and advantage in its market. Far from being a practice merely oriented to “spy on the competition”, benchmarking stands as a reflective and structured methodology, focused on continuous improvement and the creation of more robust value propositions. In a business scenario where innovation and agility can determine a company’s survival, this approach provides clarity on what competitors are doing, how they are doing it, and what results they are achieving.
On a more operational level, we saw that to implement this process, it is essential to first define the scope and objectives, gather quality information ethically and legally, interpret it critically, convert the findings into concrete action plans, and finally establish a culture of permanent follow-up and feedback. Thus, competitive benchmarking is not reduced to a one-time event, but becomes a routine that feeds the cycle of continuous improvement and adaptation that characterizes outstanding B2B companies.
In conclusion, competitive benchmarking represents a sure path to progress, provided it is carried out with professionalism and an overall vision. It invites us to look sideways at our competitors, yes, but to reinvent ourselves and find the gaps in the market that are waiting to be filled with better and more original solutions. In this way, we take on the challenge of satisfying our customers in ways they had not imagined, and with that combination of internal knowledge and external learning, we become leading players in our industry.
