Benchmarking-Finish Strong!

"We must always change, renew, rejuvenate ourselves, otherwise we harden."

Wolfgang von Goethe

It is Oct 02, 2024, and officially 90 days from 2025! The heat is on

to finish strong. Today, we are focusing on benchmarking. 

Benchmarking, in its simplest form, is comparing your brand to a comparable successful brand with the hope of improving your products, services, costs and overall performance. The comparison is a critical analysis that encompasses several criterias which we’ll discuss in detail later.

But first, I want to share the pitfalls to avoid, so that your benchmarking is effective. The first thing to critically consider is fresh data. If you are comparing your brand to a brand that was successful 20 years ago, that might not work. Why? Because tastes change, people age and die out.  Societal standards change as does supply and demand. I say this, but there is a caveat..