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Benchmarking Research
Benchmarking is the comparison of primary business issues of client companies to those of other competitive or non-competitive organizations. Types of issues investigated can include one or more of the following: departments, functional areas, methods, financials, productivity, customer retention, and marketing or sales strategies and tactics. These comparative entities may be either in or outside a client’s industry. The goal is to understand how key “metrics” in your firm measure up, or “benchmark” to these other target organizations. The ultimate outcome of these studies is to gain a solid understanding of the best practices, which other companies have effectively implemented.
JTF’s use of benchmarking relies upon much of the same expertise we utilize in our competitive intelligence projects. Often the most difficult aspect is persuading competing firms in the same industry or in diverse industries to even participate.
The key in these assignments is being very up-front regarding the nature of the project, its objectives and outputs, thereby gaining the trust and cooperation of the target firms, while demonstrating the mutual benefits which can be derived by participating in a given study. JTF has developed unique approaches to capturing target organizations’ attention and thus gaining their involvement.
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