Benchmarking is acknowledged as being a core component of the marketing performance improvement, and its main purpose is that of assessing an organization’s strategy, products, and processes, and comparing them with those of the world’s best-in-class organizations. Benchmarking can bring several benefits to the organization, including cultural change, improved performance, better trained employees, as well as more efficient and effective marketing activities.
Considering the fast emerging markets of nowadays, companies are constantly focusing on how to produce higher qualitative products, with less costs, and in a shorter period of time. Hence, organizations have started to focus increasingly more on product development processes.
Benchmarking, or learning from best practices, can boost a company’s performance by enabling a learning experience that relies on underlining the best in-class practices and their integration into your own organizational processes. Moreover, benchmarking allows companies to focus on strengths and weaknesses in comparison to those of their main competitors and, as such, it supports them in strengthening their position on the market. Nowadays, benchmarking is one of the most frequently used strategies for improving business performance.
A prerequisite for a successul benchmarking study is to have a Total Quality Management system in place within the organization. Modern quality management entails customer satisfaction, it prefers prevention against inspection and it recognizes the managerial team’s responsibility for quality.
Sometimes it can be difficult to predict marketing performance and there are cases when expensive campaigns might not bring the desired results. Hence, marketing research and benchmarking represent important aspects that can help organizations not only measure their performance, but also find ways to predict and improve it.