Benchmarking

Found at: http://www.yougov.de/article/articleprint/101/2/48/


Top level Methods Quantitative Market Research Benchmarking

LEARNING FROM THE BEST

In markets with high competitive pressure, a regular analysis and increase of the services' effectiveness and efficiency is of enormous significance. The central question is whether your company is capable of keeping up with the dynamic competition and of recognising new challenges at an early stage, as quick reactivity and high efficiency are becoming increasingly necessary and important to successfully persist in business.

Benchmarking is an established method for measuring the company's productivity with regard to processes, systems and forms of organisation. It facilitates the comparison of similar processes across various companies and sectors, the determination of potentials for optimisation and the identification of best practices for their realisation. Over the past few years, benchmarking has gained enormous significance regarding quality management and controlling, not only in the area of industrial production but also in the service sector.

YouGoveffectively supports companies in the service sector in benchmark-analyses and identifies why and in which cases your company can "learn from the best". Here, we can revert to the extensive data and experience of our basic studies, customer satisfaction studies, image studies and employee interviews. At the same time, we determine via special relevance analyses the areas in which it is worth being superior to the business competition.

BENEFITS

determining the present position in the competitive environment
extension of company-specific viewpoint (e.g. by survey of important competitors within the framework of customer interviews)
application of precise target values and indicators
detailed insights on the service, quality and acceptance level of products and services in comparison with the competition
established tool within the framework of continuous quality management


POSSIBLE OBJECTIVES

In principle, benchmarking analysis is not limited as far as content is concerned. Benchmarking has special strategic significance for objectives such as:

What is the company's position in the market and in comparison to its competitors?
How high are the levels of willingness to change and of actual changes to competitors amongst customers and vice versa?
Where can precise strengths and weaknesses (products, consulting, service, image) be found?
Why and in which areas are competitors? services rated better?
Internal benchmarking: Which differences and best practices can be determined within the company (comparison of sites, organisation areas, etc.)?
What is the company's development in terms of competition?
Are new dimensions of competition being identified at an early stage?


PROJECT EXAMPLE

The Internet-based insurance information pool "VIP", founded by YouGov in cooperation with the University of Leipzig School of Insurance and technical collaborators, represents a particularly differentiated benchmarking tool: Here, raw as well as prepared key data from German insurance companies' annual balances as well as market research results from the YouGovcustomer insurance monitor and additional sources are continuously collected, structured and made comparable. The range and different form of data facilitates a multi-dimensional view on the company as well as on the sector as a whole. Thus, comprehensive and validated benchmarks for different indicators are made available to the individual insurance companies. Cross-section and longitudinal analyses facilitate a consistent positioning in the insurance market, both from the financial and the customers' point of view.

PROCEDURE

In coordination with our client we develop a benchmarking concept customised to the particular competitive conditions. This includes the definition of objectives and indicators, internal analyses, competitive comparison and the derivation and implementation of distinctive measures.
We establish relevant benchmarking data for selected performance and process values: primary data collection, secondary analyses, benchmarking research, best practice databases, competitors' databases.
We develop survey tools for customers or employees to record their experiences and evaluations in relation to the company and relevant competitors.
We analyse the results both in terms of content and statistics, and compare them with relevant competitor data.
The results are summarised in a chart report, in benchmark databases or information systems, and presented to our client.
We debate possible optimisation measures and comprehensively consult our clients during the process of strategic planning and implementation.