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Some alternative strategies to competitive benchmarking include self-assessment, peer reviews, and performance metrics. Self-assessment involves evaluating your own business processes and performance without comparing to others. Peer reviews involve getting feedback from colleagues or industry peers. Performance metrics involve tracking key performance indicators (KPIs) relevant to your business, such as sales growth, customer satisfaction, and operational efficiency.
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Benchmarking your business against others in the industry can help identify how successful your company is in comparison, where it excels, and where it falls behind. By setting up a list of critical success factors, you can create a series of standards to match up to your competition and recognize the disparities.
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