benchmark against competitors
/ˈbɛntʃmɑːrk əˈɡɛnst kəmˈpɛtɪtərz/
Meaning
To evaluate, measure, or compare your company's performance, products, services, or processes against those of rival companies in the same industry. This is done to identify areas of improvement and establish industry-standard best practices.
Examples
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To improve our customer service, we need to benchmark against competitors in the retail sector.
To improve our customer service, we need to benchmark against competitors in the retail sector.
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The consultants advised us to benchmark our pricing strategy against competitors.
The consultants advised us to benchmark our pricing strategy against competitors.
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By benchmarking against competitors, we realized our product development cycle was too slow.
By benchmarking against competitors, we realized our product development cycle was too slow.
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The annual report highlights how we benchmark against competitors in terms of sustainability.
The annual report highlights how we benchmark against competitors in terms of sustainability.
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We regularly benchmark our employee benefits against competitors to attract top talent.
We regularly benchmark our employee benefits against competitors to attract top talent.
Common Mistakes
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✗ We need to benchmark with our competitors to see where we stand.
✓ We need to benchmark against competitors to see where we stand.
The standard preposition used with 'benchmark' in this comparative context is 'against', not 'with'.
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✗ The company benchmarked their sales to the market leaders.
✓ The company benchmarked their sales against the market leaders.
Use 'against' to show comparison and evaluation relative to a rival or a set standard.
Related Expressions
Practice
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It is essential to ___ if we want to maintain our market share.
💡 evaluate our performance compared to rivals
Show answer
benchmark against competitors
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Our HR department will ___ to ensure our salary packages remain attractive.
💡 compare our standards with other companies
Show answer
benchmark against competitors