{"id":47408,"date":"2023-06-01T07:13:59","date_gmt":"2023-06-01T14:13:59","guid":{"rendered":"https:\/\/birdeye.com\/blog\/?p=47408"},"modified":"2024-02-02T14:14:28","modified_gmt":"2024-02-02T22:14:28","slug":"benchmarking-strategy","status":"publish","type":"post","link":"https:\/\/birdeye.com\/blog\/benchmarking-strategy\/","title":{"rendered":"6 easy steps for creating a winning benchmarking strategy"},"content":{"rendered":"\n<p>Benchmarking drives greatness. Consider the four-minute mile. Experts thought it impossible that anyone could run a mile so fast, that is until Roger Bannister did so in 1954. Since then, roughly 1500 people have achieved \u201cthe impossible,\u201d and it\u2019s pretty much the benchmark for becoming a world-class runner.<\/p>\n\n\n\n<p>In the same way, a benchmarking strategy can propel your company to achieve your loftiest goals. In this article, we\u2019ll break down different types of benchmarking and leave you with six easy steps to create your own benchmarking strategy.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2>Table of contents<\/h2><ul><li><a href=\"#h-what-is-benchmarking\" data-level=\"2\">What is benchmarking?<\/a><\/li><li><a href=\"#h-why-is-a-benchmarking-strategy-important\" data-level=\"2\">Why is a benchmarking strategy important?<\/a><\/li><li><a href=\"#h-types-of-benchmarking-strategies\" data-level=\"2\">Types of benchmarking strategies<\/a><\/li><li><a href=\"#h-6-steps-for-creating-a-benchmarking-strategy\" data-level=\"2\">6 steps for creating a benchmarking strategy<\/a><\/li><li><a href=\"#h-faqs-about-benchmarking-strategy\" data-level=\"2\">FAQs about benchmarking strategy<\/a><\/li><li><a href=\"#h-improve-your-performance-with-birdeye-s-benchmarking-software\" data-level=\"2\">Improve your performance with Birdeye\u2019s benchmarking software<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-benchmarking\">What is benchmarking?<\/h2>\n\n\n\n<p>Benchmarking is comparing any aspect of your company \u2014 processes, product quality, delivery times, to name a few \u2014 with a reference point. The best benchmarking process uses a reference point that is a bit of a stretch goal that, when achieved, will make your company better. In this way, strategic benchmarking is all about continuously improving your business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-is-a-benchmarking-strategy-important\">Why is a benchmarking strategy important?<\/h2>\n\n\n\n<p>A benchmarking strategy is the main ingredient for your strategic management formula. Rather than just making goals that seem like a good idea, you\u2019re looking to see what others have done. Then, you rework their methods for your own success.<\/p>\n\n\n\n<p>With strategic benchmarking, you can discover ways to improve customer satisfaction, <a href=\"https:\/\/birdeye.com\/blog\/competitor-analysis-5-steps-of-doing-it-correctly\/\">gain a competitive advantage<\/a>, or bring about superior performance in any business function. That\u2019s why people have always used benchmarking.<\/p>\n\n\n\n<p>For example, the transcontinental railroad came about when the U.S. government used internal benchmarking to compare the fast, rail-based postal delivery in the East to the slower delivery on horseback in the West. Today\u2019s fast-food restaurants benchmark their process against the industry standard developed by the McDonald brothers. And remember \u201cNew Coke?\u201d That came about when Coca-Cola benchmarked its product quality with Pepsi\u2019s.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-types-of-benchmarking-strategies\">Types of benchmarking strategies<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"576\" height=\"300\" src=\"https:\/\/birdeye.com\/blog\/wp-content\/uploads\/Internal-Types-3.png\" alt=\"A list of the different types of benchmarking strategies.\" class=\"wp-image-47412\" srcset=\"https:\/\/birdeye.com\/blog\/wp-content\/uploads\/Internal-Types-3.png 576w, https:\/\/birdeye.com\/blog\/wp-content\/uploads\/Internal-Types-3-300x156.png 300w, https:\/\/birdeye.com\/blog\/wp-content\/uploads\/Internal-Types-3-375x195.png 375w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure>\n\n\n\n<p>There are several different types of benchmarking strategies. But they all have one core thing or element in common \u2014 they pit your organization\u2019s metrics against a standard with the aim of improving your success.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Internal benchmarking&nbsp;<\/h3>\n\n\n\n<p>Internal benchmarking uses a reference point within your own organization as a standard for other locations, departments, or teams. If a group within your company has developed a winning strategy for doing things, you can use internal benchmarking to make the improvement company-wide, much like how the postal service made changes to mail delivery in the West.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>&#8220;With Birdeye, we are able to measure and benchmark performance against our multiple properties in one easy-to-use dashboard.\u201d<\/strong><\/p>\n<cite>Chris Neumann, Orgin Investments<\/cite><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">Competitive benchmarking&nbsp;<\/h3>\n\n\n\n<p>You can use competitive benchmarking to mine ideas from your competitors to improve something within your own company. But competitive benchmarking isn\u2019t about copying your competitors. Rather it\u2019s about comparing their performance to your own. Then using what you\u2019ve learned to improve the way you do things while still offering something unique to your customer base.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Functional benchmarking<\/h3>\n\n\n\n<p>You can use functional benchmarking to take a look beyond your industry to enhance a specific function of your business, such as<a href=\"https:\/\/birdeye.com\/blog\/marketing-strategy-examples\/\"> marketing<\/a> or accounting. The company you choose to examine in your benchmarking process can offer products strikingly different from yours. Functional benchmarking often uses recognized standards. For example, accounting standards have been developed that apply across industries that, when used, guarantee quality and consistency.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Generic benchmarking<\/h3>\n\n\n\n<p>Many times, companies from different industries share a common process. Examples would be an employee application process or an employee wellness program. You can use generic benchmarking to make improvements to the processes you have in common with other companies. Generic benchmarking is useful if the company you\u2019re analyzing shares some characteristic of your own, such as being in the same city.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">External benchmarking&nbsp;<\/h3>\n\n\n\n<p>You can use external benchmarking to discover a lot about where your company ranks within your industry. So-called industry standards exist for a wide range of businesses. Financial services, transportation, and healthcare are all examples of industries that have adopted a defined set of industry standards.<\/p>\n\n\n\n<p>External benchmarking doesn\u2019t have to be just about formal industry standards. Whatever type of business or niche you occupy, you can find information about the average performance metrics of other companies similar to yours. You can use those metrics to determine areas in which you can improve.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">International benchmarking<\/h3>\n\n\n\n<p>Globalization means you\u2019re competing with companies on the other side of the world. Oftentimes, these companies manufacture products less expensively. You can use international benchmarking to find out why. You won\u2019t always be able to replicate their methods of cheap production (or you may not want to.) But you can always use the information you get from your benchmarking process to develop a blueprint for strategic planning.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Process benchmarking&nbsp;<\/h3>\n\n\n\n<p>Sometimes, there\u2019s a process within your company that you need to work on. Perhaps your operation isn\u2019t as efficient, or your deliveries are just too slow. You can look to companies outside of your industry for ways to deliver superior performance. Process benchmarking is a way to compare your methods to another company using similar metrics, even if that company\u2019s product isn\u2019t anything like yours.<\/p>\n\n\n\n<p>Back in the 80s,<a href=\"https:\/\/www.coursehero.com\/file\/p1fk457\/For-example-Motorola-used-process-benchmarking-to-improve-their-services-to\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"> Motorola received<\/a> plenty of customer complaints related to delivery issues. To correct the problem, Motorola looked to two companies that looked nothing like the electronics manufacturer \u2014 Domino&#8217;s Pizza and Federal Express. Both of these reference companies were known for their fast delivery process. As a result of its creative process benchmarking, Motorola succeeded in improving delivery time and increasing customer satisfaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-6-steps-for-creating-a-benchmarking-strategy\">6 steps for creating a benchmarking strategy<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"576\" height=\"300\" src=\"https:\/\/birdeye.com\/blog\/wp-content\/uploads\/Internal-Steps-1.png\" alt=\"A list of 6 steps for creating a benchmarking strategy.\" class=\"wp-image-47413\" srcset=\"https:\/\/birdeye.com\/blog\/wp-content\/uploads\/Internal-Steps-1.png 576w, https:\/\/birdeye.com\/blog\/wp-content\/uploads\/Internal-Steps-1-300x156.png 300w, https:\/\/birdeye.com\/blog\/wp-content\/uploads\/Internal-Steps-1-375x195.png 375w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure>\n\n\n\n<p>Benchmarking strategies can take on many different shapes. But they all inherently share the same basic steps. Get the most from your benchmarking process by following the steps below.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Identify the area to be benchmarked&nbsp;<\/h3>\n\n\n\n<p>Trying to benchmark every nook and cranny of your business is as effective as throwing spaghetti at the wall. Instead, start your benchmarking process by identifying what area, exactly, you want to improve upon. Perhaps, like Motorola, <a href=\"https:\/\/birdeye.com\/blog\/customer-feedback-forms\/\">customer feedback<\/a> has uncovered a glaring problem. Or maybe you\u2019ve slipped in market share and want to know what the company surpassing is doing right. Find the specific area and determine the KPIs that will provide the insight you\u2019re looking for.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Collect data&nbsp;<\/h3>\n\n\n\n<p>Next, you need to collect data. It sounds simple enough. However, it\u2019s still a bit tricky to uncover the information you need, especially if you\u2019re engaging in competitor research. You could reference your previous <a href=\"https:\/\/birdeye.com\/blog\/competitor-analysis\/\">competitive analysis<\/a>. Or you can comb the internet for publicly available information, such as financial records or marketing campaigns. Benchmarking software can assist you by collecting data almost instantly from thousands of sites.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Analyze the data&nbsp;<\/h3>\n\n\n\n<p>Now, at this stage of benchmarking,&nbsp; it\u2019s time to make sense of all that data. If you\u2019re only tracking a few KPIs, like maybe sales figures for performance benchmarking, a simple spreadsheet may do the job. If you want deep understanding, on the other hand, benchmarking software can create visuals that are easy to understand and update in real-time. Either way, it\u2019s important that you glean as many insights as you can from the data you collect.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Develop action plans<\/h3>\n\n\n\n<p>This is where the benchmarking rubber meets the road. After all, there\u2019s only one reason to undertake the benchmarking process, and that\u2019s to improve your business. Once you\u2019ve analyzed your data, you\u2019re ready to do just that by developing an action plan. Remember, benchmarking isn\u2019t about copying the other guy\u2019s tricks. It\u2019s about taking their best ideas and adapting them for your own success.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Implement and monitor progress<\/h3>\n\n\n\n<p>Develop an objective measure of your action plan\u2019s success. Then, make sure each stakeholder understands their role in that success. Also, define a time frame for implementing your action plan and establish check-ins to monitor your team\u2019s progress.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Adjust and refine<\/h3>\n\n\n\n<p>Top companies never stop gauging where they stand. In the same way, you always need to map out where you are compared to your industry, your competitors, or even yourself last year. Move on to the next benchmarking process once you reach one set of goals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-about-benchmarking-strategy\">FAQs about benchmarking strategy<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1684945107996\"><strong class=\"schema-faq-question\">What are the 4 types of benchmarking?<\/strong> <p class=\"schema-faq-answer\">All the strategic benchmarking you do in business boils down to four major types, internal, external, practice, and performance benchmarking.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1684945123997\"><strong class=\"schema-faq-question\">How do you create a benchmarking strategy?<\/strong> <p class=\"schema-faq-answer\">To create a benchmarking strategy, decide where you want to improve and collect the data. Crunch the numbers and make a game plan. Track your progress. If needed, change it up. Wash, rinse, repeat.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1684945146116\"><strong class=\"schema-faq-question\">What is benchmarking, and why is it important in strategy?<\/strong> <p class=\"schema-faq-answer\">Benchmarking is comparing your organization to a standard with an eye for improvement. That standard can come from almost anywhere \u2014 as long as it results in your company being better.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1684945164340\"><strong class=\"schema-faq-question\">What is an example of benchmarking?<\/strong> <p class=\"schema-faq-answer\">An example of benchmarking would be comparing customer service metrics such as response time and customer satisfaction scores with those of competitors.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-improve-your-performance-with-birdeye-s-benchmarking-software\">Improve your performance with Birdeye\u2019s benchmarking software<\/h2>\n\n\n\n<p>Benchmarking is a powerful tool that can help you identify areas of improvement and develop data-driven strategies to capitalize on them. With <a href=\"https:\/\/birdeye.com\/competitive-benchmarking\/\">Birdeye\u2019s benchmarking software<\/a>, you can easily compare sentiment for your offering against industry leaders, so you know exactly how you measure up. Click the banner below to learn more about Birdeye and start taking advantage of this valuable resource today.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/birdeye.com\/free-demo\/\"><img decoding=\"async\" src=\"https:\/\/birdeye.com\/blog\/wp-content\/uploads\/NEW-Watch-Demo-Regular.png\" alt=\"Watch demo\" class=\"wp-image-46282\"\/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Benchmarking drives greatness. Consider the four-minute mile. Experts thought it impossible that anyone could run a mile so fast, that is until Roger Bannister did so in 1954. Since then, roughly 1500 people have achieved \u201cthe impossible,\u201d and it\u2019s pretty much the benchmark for becoming a world-class runner. In the same way, a benchmarking strategy [&hellip;]<\/p>\n","protected":false},"author":92,"featured_media":47411,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8535],"tags":[],"class_list":["post-47408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-competitor-analysis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.5 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>6 steps to creating a benchmarking strategy | Birdeye<\/title>\n<meta name=\"description\" content=\"A benchmarking strategy improves your competitive advantage. 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