Benchmark
What is a benchmark and how does it help you improve your strategy?
A benchmark is a reference point or standard against which you can compare your performance, processes, or results. In business, it means comparing your metrics with those of competitors or industry leaders to identify areas for improvement and set realistic goals.
How to use 'Benchmark' professionally?
Instead of saying 'Let's see what others do', say: 'We need to benchmark the best practices in the sector'. Or: 'Our numbers are above the industry benchmark'.
Real examples
In a strategy meeting
“I benchmarked 5 competitors and discovered our customer response time is 40% slower.”
Presenting metrics
“We exceed the industry conversion benchmark, which is 2.5%. We have 3.8%.”
Planning goals
“Let's use this benchmark as our Q1 goal: reach 95% customer satisfaction.”
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