Benchmarking analysis is an invaluable tool for consultants to help their clients improve performance. It is a process for comparing a brand against another brand across a variety of measurable metrics. 

Benchmarking involves comparing current data to historical data. Specifically, performance benchmarking focuses on product and service quality, features, price, speed, reliability, design, and customer satisfaction.  

The information obtained from benchmarking gives valuable knowledge for growth that can put your client ahead of their competition and rank them as a leader in their industry. Understanding the information and sharing it with your clients is a key advantage to achieving results.  Software such as The Profit Enhancer Analysis is valuable tool to support daily customer management. 

To understand how to use this knowledge, it is helpful to first understand why you should do benchmark analysis. 

4 Reasons Why Benchmark Analysis is Important

Identify gaps in performance.

Sometimes your client might want to focus on an area that has their attention without recognizing a gap has formed. Gaps are identified by comparing data to ideal metrics to maintain optimal growth. By helping them refocus on gaps that can improve their performance, you can significantly affect your results as a consultant.  

Boost the strength of a brand.

Your client’s brand is what brings customers and helps their customers’ decisions to buy. Features that factor into the strength of a brand include quality, proposition, customer service, innovation, etc. Understanding the right blend of features to create a strong brand is critical for strategic planning to find and attract the right clients. Benchmark analysis provides the standard to use in providing these features, so you can help your client know how well they are doing and what they can do to increase the strength of their brand. 

Increase competitive value.

Benchmark analysis can help your client know how successful their performance is in their market and whether they perform tasks better than their competitors do. For example, they might think they are doing good with their customer service. However, when they look at customer satisfaction scores, they might score significantly below competitors and have room to improve. In other words, it can help your client be more open to ways to outperform competition. 

Improve communication with your clients and their teams.  

Many companies report on performance benchmarks and fail to communicate the information. But when they do benchmark analysis and effectively communicate the results with their teams, this can significantly increase their ability to catch problems early and reduce costly decisions that can do irreparable harm to their growth. Additionally, effectively communicating benchmark analysis can help your clients and their teams become more open to innovative ideas and forms of improvement. 

Do you think you would benefit from being able to provide your clients with an easy and effective benchmark analysis? The Profit Enhancer Analysis is designed to capture data quickly during a session with your clients that is then immediately analyzed and interpreted for benchmarking purposes. Contact us about scheduling a demonstration.