Research Topics:

Benchmark Studies

Content Type:

Glossary

Benchmark Definition

A control source against which you compare the area you're studying. For example, you may compare the results of a study in one state to the results of the nation as a whole. Sometimes called a baseline.

A benchmark is the standard or reference point against which performance or metrics are measured. It provides a basis for comparison and helps assess the effectiveness, efficiency and success of strategies, campaigns or initiatives. That is true for a single business or within an entire industry. Benchmarks can include performance indicators, market trends and industry standards. Simply put, a benchmark is the yardstick for measuring success and program. It indicates whether a company is measuring up to expectations and competition or is falling behind in one or more categories. For instance, benchmarks provide context for results, show whether businesses are allocating their resources properly and provide evidence for decision-making.

Who relies on a benchmark?

Companies, entrepreneurs, marketers, analysts and decision-makers in marketing research use benchmarks to gain insights into organization performance. That can be accomplished by comparing competitors, industry norms and best practices to its own. Information can help determine strategic decisions, areas for improvement and realistic goals.

Why should I care about a benchmark?

Data from benchmarks offers a clear understanding of where a business stands in its industry, as well as illustrating opportunities to grow and improve. Strengths and weaknesses can be identified by comparing performance to established benchmarks, provide a valuable perspective on progress and adapt strategies to align with industry standards and customer expectations.