For example, local storefronts may want to look at the competitors in their region. You can perform a benchmark marketing analysis by comparing direct competitors. This may mean comparing how many keywords you're ranking for, your average click-through rate or dwell time on blog posts - just to name a few.Ģ.
#BENCHMARK DEFINITION MARKETING CODE#
This collection contains the main items you will need to start a benchmarking initiative including templates, tools, a glossary, APQC's Process Classification Framework and Benchmarking Code of Conduct, and articles that explain the steps required for successful benchmarking.If you're wondering where to start, consider KPIs that relate to growth, social media, SEO, brand awareness, customer sentiment and more. Get started today with APQC’s Benchmarking Basics Collection. Only outside a business are there results, opportunities, and threats.” In the words of Peter Drucker, “What a business needs most for its decisions-especially its strategic ones-are data about what goes on outside it. You’ll never gain that knowledge if you don’t look at the world beyond your own office, department, or company. Ultimately, benchmarking is about being humble enough to admit that others are better at something and being wise enough to learn how match-or even surpass-them at it. APQC members can use Benchmarks on Demand tool and find best practices in our Resource Library. You get maximum impact when you look at the world beyond your own desk, department, and company. Internal performance benchmarking is often a good place to start, but the biggest benefit comes from external benchmarking that examines both performance and practice. What you get: An objective understanding of your organization’s current state, which allows you to set baselines and goals for improvement. That’s why organizations engage with groups like APQC, which offers more than 3,300 measures you can use to compare performance to organizations worldwide and in nearly every industry. This approach can be highly valuable but often requires significant time and effort. You may also need a third party to facilitate data collection.
What you need: For custom benchmarking, you need one or more organizations to agree to participate. External benchmarking compares metrics and/or practices of one organization to one or many others.
Sustained internal benchmarking applies mainly to large organizations where certain areas of the business are more efficient than others.Ĥ. What you get: Internal benchmarking is a good starting point to understand the current standard of business performance. What you need: At least two areas within the organization that have shared metrics and/or practices. Internal benchmarking compares metrics (performance benchmarking) and/or practices (practice benchmarking) from different units, product lines, departments, programs, geographies, etc., within the organization. What you get: Insight into where and how performance gaps occur and best practices that the organization can apply to other areas.ģ. What you need: A standard approach to gather and compare qualitative information such as process mapping. Practice benchmarking involves gathering and comparing qualitative information about how an activity is conducted through people, processes, and technology. This form of benchmarking is usually the first step organizations take to identify performance gaps.Ģ. What you get: Data that informs decision making. What you need: Standard measures and/or KPIs and a means of extracting, collecting, and analyzing that data. Performance benchmarking is usually the first step organizations take to identify performance gaps. Performance benchmarking involves gathering and comparing quantitative data (i.e., measures or key performance indicators). There are four main types of benchmarking: internal, external, performance, and practice.ġ. Benchmarking is the process of measuring key business metrics and practices and comparing them-within business areas or against a competitor, industry peers, or other companies around the world-to understand how and where the organization needs to change in order to improve performance.
Benchmarking is the competitive edge that allows organizations to adapt, grow, and thrive through change.
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