Benchmarking surveys are used by businesses in an effort to constantly seek the best practices and methodologies they can use to become the best in their industries. There are several types of benchmarking surveys businesses use to accomplish this important task. Learn more about them and how they can benefit your business below.
1) Functional Benchmarking
Businesses seeking to improve one single aspect or function of the business will focus its full attention on improving that one function. This means all information used in the benchmarking survey is designed to explore areas of improvement for this specific function.
2) Diagnostic Benchmarking
Diagnostic benchmarking serves as a sort of "health check" for the organization. Questions in the survey tool are meant to explore the organizations performance and seek out areas where improvement is needed. Businesses that aren't sure if there are problems, or where the problems exist, find these types of benchmarking surveys especially beneficial.
3) Product Benchmarking
This process is used when creating new products or when upgrading existing products in order to find the strengths and weaknesses of the existing or proposed product. Knowing what consumers want while in the planning and building stage can help organizations deliver products that are more likely to appeal to consumers.
4) Process Benchmarking
This is one of the more complex and time consuming benchmarks to perform, but can be conducted much more easily by using online survey software to compare the core practices between competitors or other organizations your organization wishes to emulate.
Specifically it identifies best practices of all organizations involved and seeks to help organizations develop strategies in all areas where improvements or advances can be made. These surveys must include survey questions concerning two or more institutions to provide the intended value.
5) Internal/Operational Benchmarking
Operational benchmarking compares the way things are run behind closed doors at your company to other similar operations. It helps business owners identify the strengths and weaknesses in their operations so they can make improvements.
Why is this necessary?
It's not just about creating superior products, but also about attracting superior talent to work for your organization, making your workplace a more efficient operation, and building employee loyalty at the same time you're improving customer loyalty.
6) Financial Benchmarking
Most businesses fail to see the advantage of benchmarking for financial reasons, but using survey software to compare your financial outlook to those of other businesses in your industry can be a highly useful tool for measuring how your business stacks up within your industry.
The potential gain from this particular benchmarking effort is the identification of methods your business or organization could adopt in order to operate more efficiently by improving quality and conserving time and money.
The more effectively your organization learns to use benchmarking as a tool, the better the results you receive from your efforts will become. The most important thing, though is to have an idea of what you're looking for and to pose questions throughout the survey that seek that answer. The more streamlined you make the survey, with the exception of the diagnostic survey, questions, the more likely they will be to provide the answers you're hoping to find.