In a benchmark study the key performance indicators, underlying values and processes of the industry are mapped out and requested from members. These participants are compared with the total industry or relevant reference groups. Benchmarking gives you valuable market information. A benchmark study provides clear insight into your industry and gives members immediate concrete tools to improve their performance.
Over 50% of companies do not have sufficient data to properly assess their own performance. They will see how they perform individually, but do not know how they are performing in the market. Also, more than 50% of the trade associations do not know how the industry performs. Maybe by messages from the market, not by regular examination of the market. A benchmark study helps both players, your association as well as your members, to critical market information to evaluate and improve performance. Executing a benchmark study by the trade association has the advantage that you have direct access to the (entire) industry, increasing the likelihood of good market insight. You can motivate your members to participate. You are at the very heart of improving performance and competitiveness of your members.
Comparability and ensuring confidentiality are important aspects of benchmarking. Also, independence of the performer is important. If your trade association is an independent agency, you can perform the study. Otherwise, it is to be recommended to work with an independent performer, such as Beat the Benchmark or Azimuth Benchmarking.
You don’t want to spend too much time in a benchmark study. And you want a thorough study in a modern way. Therefore, use the web application Compare 2 Compete benchmark tool. Compare 2 Compete benchmark tool stands for efficient performance, quality of market data, ease of use and relevant benchmark information for your members. The Compare 2 Compete benchmark tool contains all the functionality required for efficient and effective benchmarking. It is a standard web application which can be organized according to your requirements. You can already have a benchmark online within one day!
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