If we learned nothing else from the last 2 months, it is that you can’t properly treat or react to something that you do not understand. From day one, the politicians, the healthcare officials and the media have all basically been flying blind. Everyone is in the same boat, in that we are dealing with a disease that we know little about. Safety first caused us to take the most aggressive and drastic measures. Disagreements abound when it comes to almost everything except for the fact that we need more data and more testing. Timing of data has proven to be just as important as the data itself. A test that takes a week or more to return a result is not nearly as effective as one that can produce a result in hours.
The statement above rings true in the association world as well. Almost daily we hear our members say, we need more data. Everybody wants data, but collecting it can be a tough job for associations. Conducting a survey today about the impacts of COVID 19 that takes 2 weeks to produce a report, does not help our members. They need information yesterday. That is why associations that were already benchmarking, or at least understand the value of benchmarking can pivot quickly to address member needs. For many of our clients, we were able to stand up COVID-19 specific question set in 24 hours that helped their members understand temporary trends and movements within the market place. When things are happening as fast as they did in the last few months, it is important for your members to understand how others are reacting and to feel confident about their own behaviors and actions.
No one understands this better than Casey Sclar, the Executive Director of American Public Gardens Association, whose member gardens welcome almost 120 Million visitors per year and have been benchmarking since 2015. Casey stated, “Pulling trusted data provided by our members from our benchmarking platform was paramount. We were able to easily translate the “green” it takes to make the “green” (earned revenue being lost while closed and ongoing expenses needed to maintain their living collections) to our members, stakeholders, and the general public. When you say that collectively our gardens are losing $3M per day in earned revenue (63% of their total revenue) and spending $42M per month in horticulture and facilities expenses alone, you know this is an estimate grounded in fact. People wake up at hearing these numbers, which could not have been possible without benchmarking.”
About Dynamic Benchmarking
Since our founding in 2010, Dynamic Benchmarking has been committed to helping businesses succeed by providing them with the most accurate, up-to-date and relevant performance metrics available. By combining the proven business concept of benchmarking studies, with the immediacy and reach of online crowdsourcing, we have built a powerful solution that delivers real-time, actionable data and comparisons. Through the KPI’s that are provided via our platform, both businesses and individuals can clearly determine areas of improvement as well as areas of success.
"FREE AND OPEN MARKETS ARE THE FOUNDATION OF A VIBRANT ECONOMY."
The opening statement of the Federal Trade Commission Guide to Antitrust Law — and the reason antitrust laws were established in the first place, is to ensure that no single entity holds all the power over a particular market, that our country continues to provide an environment where all businesses have a fair and equal chance at succeeding, and that consumers are offered a choice of innovative, fairly-priced, quality products and services. At Dynamic Benchmarking, we could not believe more in this primary pillar of our modern economy and seek to support it by helping associations share knowledge and best practices within and across industries. But when does the exchange of information cross the line from helpful to unfair advantage?
Key Performance Indicators, or KPIs, evaluate the success of an organization or of a particular activity in which it engages. All businesses share categories of KPIs - profitability, depreciation, operating costs - but need to measure them with an eye towards how their particular industry operates. No one would expect a restaurant and a hospital to use the same KPIs to measure the success of their operations, nor would a resort casino and a non-profit agency place value on the same kinds of data sets. This is why it’s so important to carefully lay the groundwork for your operational study to ensure it will meet the needs of your audience.