People and companies join associations to learn from and network with industry associates. Connecting with and comparing one’s performance to that of one’s peers is one of the most effective ways to identify areas of strength, uncover opportunities for improvement, and chart a path for future success. Offering a web-based benchmarking platform meets these key member objectives in an innovative way and allows users to measure performance simply and conveniently. Online benchmarking will help your members achieve their goals by:
1. Shortening the cycle.
In the pre-Internet age, association members would wait months to see the results of a study. Today, everybody wants and expects immediate gratification. With online benchmarking, members can enter their data and immediately see how their responses compare to others.
2. Delivering real time data access.
Traditional surveys allow for the collection of data just once a year, but online benchmarking allows members to input new information as their business changes. This keeps the entire database relevant and efficient. An online benchmarking platform provides comparison of data as it stands today, not 12 months ago.
3. Providing a glimpse into what others are doing.
Everyone wants to know what goes on behind others’ closed doors, and any business would love an inside look at the operations, finances and policies of others in its industry. Online benchmarking allows members to share this proprietary data securely, presenting the information in aggregate for the benefit of all.
4. Providing a shared language for discussing performance.
Online benchmarking not only gives individuals and organizations a way to know how they are doing compared to their peers, it also helps people compare “apples to apples” with specific, industry-tailored terminology and accepted key performance indicators.
5. Fostering a culture of collaboration.
With a centralized set of key performance indicators and a sense of security regarding personal company data, online benchmarking members can feel comfortable and confident in seeking the advice and feedback of other participants.
6. Offering complete interactivity with the data.
With an online platform, members can drill down into the database to create multiple, custom peer groups for comparison. Each unique business situation can be tackled with relevant charts and graphs. Business is not static, and an online benchmarking platform allows members flexibility as their challenges evolve. Offering complete interactivity with the data.
7. Making vast amounts of data easy to access and store.
Storing multiple years of key performance data in an easy to access, centralized database is simple with online benchmarking. Rather than storing and paging through stacks of historical reports, members can simply log on to the benchmarking platform to access past personal data and to review industry trends. Sometimes just knowing where to go for answers is a life saver!
8. Providing personalized reports.
Traditional surveys deliver static results that pertain to the whole audience. Researchers choose which graphs to print and how to segment the data. This leaves data contributors with the challenge of remembering how they answered the question and where they fall in the analysis. In an online system, members can generate as many charts as they want, for a more complete understanding of their performance. Each graph displays the user’s data point so they are never left wondering how the data applies to them.
9. Making year over year analysis simple and more powerful.
Many businesses measure their growth by comparing their individual performance over time, but self-comparison doesn’t always give a complete picture. Benchmarking performance change over time relative to peers yields a very interesting way to measure growth. Sometimes, holding “steady” is a good thing when the results show that others are “losing ground”. It’s all about relativity.
10. Creating true and lasting membership value.
Providing an online benchmarking platform is one of the most innovative ways to provide a service that your members can’t get anywhere else. Only an association has the power to reach so many and the ability to tap in to the wisdom of the crowd. Online benchmarking allows associations to leverage this power on a continuous basis to benefit their members.
