Ideally, Organizations Should Benchmark Themselves Using All 3 types of market research

Introduction

Market research is a process used by organizations and is a way to determine the viability of a new product or service through direct customer research. 

This technique allows organizations or businesses to determine their target market, collect and document feedback, and then make informed decisions.

Benchmarking is a method of comparing your organization to others in your industry or the larger market and is a type of competitive analysis that could be used to evaluate your performance in a given market segment in comparison to your direct competition, allowing you to define growth goals and identify industry trends.

Type of Market Research Benchmark #1: You

When you first start to consider benchmarks, the best benchmark is undoubtedly, yourself.  These initial benchmarks will become a key statistic when you are comparing future metrics against your first baseline study. Where have we made progress? What areas of our service have started to deteriorate? These are important questions to ask yourself and each new wave of data sets a new benchmark.


It is important that you constantly measure yourself against your past performance.    This will keep you and your organization focused on improvement and progress rather than settling and becoming complacent.  We always ask for more when it comes to our  market research and we believe you should as well.

Type of Market Research Benchmark #2: Your Competitors

Your competitors are key to everything you are doing in your organization, and it’s important to identify four or five significant competitors or similar organizations that compete against you or provide similar user experiences. It’s crucial to determine exactly how happy both customers and non-customers appear to be with your competitors as part of this benchmarking process.

This will give you an unique view as to how satisfied your customers are with your organization in comparison to your main competitors.   

This benchmark is really one of the most important.

Type of Market Research Benchmark #3: Industry Standards

To determine the appropriate industry for benchmarking data, you must review each client’s specific needs.  There are many industries to choose from including manufacturing, software and internet services, financial sectors, e-commerce, or even healthcare.

We’ll work with you to determine the best benchmark for industry comparisons. Over 120,000 organizations contributed benchmarking data to our NPS benchmark comparison. This kind of benchmark might help you understand how your score compares to national averages.

It can be time consuming and frustrating sometimes to find participants who are genuine and legitimate members of your target audience. You can use a reputable survey company, such as Grapedata, to guarantee that participants are genuine, ensuring the accuracy of your research. Grapedata can assist you in obtaining accurate information to help you make sound business decisions.

Grapedata’s surveys and data collecting provides a quick and easy way to conduct targeted market research, giving you the information you need to deliver the best product and service to the right people.