Benchmarking against relevant peers is crucial for understanding your company's performance within your industry. MoreThanDigital Insights Premium offers an advanced feature that allows premium users to tailor their benchmarking experience by setting up custom peers. This guide will walk you through the process of defining your own benchmarking criteria to ensure the insights you receive are as relevant and actionable as possible.
Understanding Custom Peers
Custom peers allow you to select specific industries, sub-industries, countries, and company sizes for a more personalized benchmarking analysis. This customization ensures that you're comparing your company's performance against the most relevant entities, giving you accurate insights into where you stand in your specific market segment.
Benefits of Custom Peers
Relevance: Tailor your benchmarking to compare your company against true industry peers.
Precision: Focus your analysis on companies in similar regions and of similar sizes to obtain more accurate competitive insights.
Strategic Insights: Gain deeper understanding of your competitive position, helping you to identify areas of strength and opportunities for improvement.
Setting Up Custom Peers
This feature is exclusively available to premium users due to the intensive data processing required to generate these customized reports. Here’s how to set up custom peers:
Step 1: Access Benchmarking Settings
Navigate to the benchmarking section within MoreThanDigital Insights Premium. Look for an option or tab labeled "Custom Peers" or similar to begin the setup process.
Step 2: Select Industries and Sub-Industries
Multiple Choice Selection: Choose from a list of industries and sub-industries that closely align with your company's operations. You can select multiple options to ensure a comprehensive benchmarking scope.
Step 3: Choose Relevant Countries
Geographic Relevance: Select the countries or regions where you want your peers to be based. This allows you to focus on competitors within specific markets that are most relevant to your business.
Step 4: Define Company Sizes
Size Matters: Choose the size range of companies you wish to include in your benchmarking analysis. This ensures you're comparing your performance against companies with similar scale and challenges.
Finalizing Your Custom Peers
Once you've made your selections, confirm and save your settings. MoreThanDigital Insights will then use these criteria to generate custom benchmarking reports, drawing from millions of data points to provide you with tailored insights.
"Base" Version Benchmarking
For users of the base version of Insights, the platform automatically selects peers based on the most relevant industry, region/country, and company size. While this provides valuable insights, upgrading to the Premium version unlocks the ability to customize these parameters for a more targeted analysis.