Ever wondered if benchmarking is right for your business? A research paper published by renowned marketing academic and consultant Dr Richard Speed may help you decide.
Dr Speed analyses the benefits and common criticisms of benchmarking in a whitepaper titled “How Benchmarking Guides Business Growth”, commissioned by Beaton in late 2023. This comprehensive study delves into whether and how benchmarking can enhance business performance and competitive positioning.
Dr Speed defines benchmarking as “the process by which company compares its own practices and standards with others in the same and different industries to identify performance gaps in search of efficiencies and competitive advantage”.
The report illustrates how benchmarking allows firms to identify and close performance gaps, while also amplifying areas in which they are superior.
This practice of comparing practices and performance metrics to industry bests and best practices from other companies has been a cornerstone of business strategy for decades. However, Dr Speed notes the practice of benchmarking customer feedback for professional services firms – in the way Beaton Benchmarks does – is relatively unique.
“The client and competitor insights of Beaton Benchmarks enable firms to direct their search for competitive advantage and improve their brand position and client service in ways that matter to their clients,” the paper notes.
Customer benchmarking allows differences between competitors in the eyes of customers to be established. Where these differences align with customer preferences and behavioural intentions, they represent a competitive advantage.
Beaton Benchmarks is an annual benchmarking study that surveys tens of thousands of clients of professional services firms, asking them to rate firms across Australia and New Zealand on a range of performance indicators. Beaton has conducted this study annually for more than two decades, and its insights determine winners of the annual Client Choice Awards.
Learn more or register your firm to participate in Beaton Benchmarks for free here.
Actionable client feedback and tailored benchmarking
Registration for Beaton Benchmarks is now open for a limited time. Participate for free in the largest, most comprehensive client sentiment industry benchmarking study in professional services.
