Sometimes it’s not easy to know how well you’re doing. If half your customers have signed up for your new product, is that good or bad? How could your profits be improved? Benchmarking the results of peers can be one way to tell.
Encouragetech conducts several different kinds of benchmarks. Sometimes, we collect financial information from individual entities like dealers or franchisees; we collate the information so a single entity can tell how they’re doing vs. the group, but no one’s individual information is compromised. Peer financial analysis can also highlight results that can be better understood with interviews. If Entity B is growing 10% faster than its nearest peer, interviewing can help determine whether that growth is coming from a bigger sales force, better productivity, or fewer competitive losses. The resulting” best practices” can be promulgated to the others in the benchmark group.
Just like a rising tide lifts all boats, a group of regional or local companies who want to collaborate more broadly may find that benchmarking raises their overall competitiveness and the value of their collective brand. Benchmarking can also be a valuable support to an annual operations plan. Contact us to brainstorm how your organization and its peers might benefit from a benchmark!