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With companies innovating products/services and winning customers, evaluating whether your brand compares favorably or unfavorably can help you assess your business strategy.
Using some KPIs, you can benchmark your performance internally and externally to understand the gaps in your performance. Here, we will guide you through survey results benchmarking, a simple way to use survey results to compare and benchmark your performance.
The process of benchmarking is setting up a standard that you use to compare how the actions are faring. The baseline helps you measure the performances, improve and set goals.
You can use benchmarking in various scenarios, two of which we will discuss are internal and external benchmarking. However, benchmarking data allows you to understand the industry standard and compare whether or not you are ahead of the competition.
The best way to benchmark your performance is by using surveys and analyzing key metrics. But before we talk about how to use benchmarking surveys, let’s look at the two types of benchmarking.
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Here, we will discuss internal and external benchmarking. In each of these scenarios, you can use surveys to gather insightful data to compare the company’s performance and the industry average.
It refers to the baseline you set using the survey result that gives you insight into the company’s internal performance. You can conduct internal survey results benchmarking to identify the cause for the biggest successes and also the failures and gaps.
Setting internal benchmarks helps you focus and measure the best-performing strategies of your own company. It allows you to focus on improving the company’s inner workings, reflecting on the external performance.
External benchmarks help you gain perspective on how you perform within your industry and against your competitors. It can help you evaluate your company against the competitors’ strategies, products, or services.
Using the knowledge, you can understand how you match up to other brands & where the gaps are. It can help you uncover why your customers may choose a competitor and where you can improve.
So, let’s look at the metrics you can benchmark using surveys.
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Whether it is internal or external benchmarking, you can gauge how favorably or unfavorably you compare by gauging these four metrics.
Instead of assuming business growth & performance, you can use survey results benchmarking to develop a reliable strategy to improve brand performance.
Here are a few benefits of using benchmarking.
The experience you deliver to your customers shouldn’t only meet but also exceed their expectations. Use CX and CSAT surveys wisely to identify the weaker areas. Benchmark survey results to take insight-driven actions.
Should you improve product quality? Do the employees need more training? Should you invest more on social media presence? Identify the pain points to replace them with great customer experience.
Gauge employee performance from the perspective of employees and customers. Benchmark survey results to understand the barriers to employee performance and engagement. Identify and remove the obstacles that impact brand performance and customer experience.
Employee survey allows employees to gauge their performance. This creates a sense of ownership and helps boost employee engagement. Moreover, customer feedback on employee performance enables you to identify opportunities to improve employee efficiency.
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Survey results benchmarking in market research can tell you where you stand in the competition. You can see how many customers will advocate for you and identify the reason. See if the customers will do the same for your competitors.
Gather actionable insights to understand where you are leading in the competitor and double down on those actions.
To benchmark the performance of your company, you need fresh data. It’s better to start by collecting data, but if you have fresh data you should use the result as the initial data point.
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Using benchmarks, you can evaluate where you stand in the industry and how you compare to customers’ expectations. It can help you identify the strengths so you can leverage them. The important goal of benchmarking survey results is to push your business forward.
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