© 2022 Matik, Inc.
Welcome to the latest post in our Content on Matik series. In this series, we will be taking a look at some of the innovative ways Matik customers have used data-driven storytelling to create compelling content, and build better relationships with their customers.
Meet the Competitor Benchmarking Presentation.
A Competitor Benchmarking Presentation is a data-driven way to show customers how they compare to other companies in their space, and encourage them to take specific actions in your product that could help them be more competitive. One thing all companies (and your customers) have in common is that they want to know how they stack up to their competitors and peers.
The key point of benchmarking is that it isn’t just a data dump. Instead, it places your customer’s usage data within a context that they care about and can easily understand - how they compare to their competitors - and shows them what they could be doing to see more results and be even more successful.
The value of comparing your customers to their competitors is threefold:
Ultimately, whatever metrics you choose to benchmark should be aligned towards your customer’s larger business objective. By showing customers a path to achieve their objective, you can also achieve an internal goal to increase usage, bring awareness to new features, or just create an overall stickier product.
There are many different ways you could compare your customers to their competitors.
Maybe you want to show your customers how the amount of time they’re spending in your product compares to your most successful users.
Or you can surface data about which features your customers are using most, and show them how other customers in their industry are benefiting from using additional features that your customer isn’t currently leveraging.
Whatever insights you choose to highlight, the accompanying visualization should communicate any next steps for your customer to take to make them more competitive.
Check out an example competitor comparison slide below that we use here at Matik:
In this example above, a Matik Account Manager would celebrate a customer’s success on KPI 1 and KPI 2, while using the benchmarking on KPI 3 to open up a productive conversation around how this customer could take specific actions within Matik to bring their usage number closer to the 90% we’re seeing from their competitors.
A Competitor Benchmarking Presentation is a data-driven way to show customers how they compare to other companies in their space, and the specific actions they can take to be more successful.