In marketing dictionary, benchmark is defined as the standard by which all items of similar nature can be compared or assessed. These standards can be used in comparison with other items belonging to the same industry, between competitors, and with other businesses.
There are different marketing benchmarks that can be emulated by other businesses. The importance of the benchmarks is that for businesses, especially the start-ups, to have clear ideas and views on how to handle the marketing aspect of the business and the entire business organization by emulating or comparing the practices of successful companies. Through benchmarking and the existence of marketing benchmarks, start-ups and small businesses can still have the opportunity to grow and succeed.
Because of the prevalent presence of media in the modern world, benchmarking may not be as difficult as it seemed before. This may save a business the cost to hire espionage to illegally tap or scan the operations of other businesses. Though the existence of confidentiality in different forms of one entity cannot be eliminated, a lot of businesses have gained from the marketing practices of successful enterprises through benchmarking.
What are the various forms of marketing benchmarks?
As defined, marketing benchmarks are standards used for comparison in marketing. Hence, the status of successful companies can be considered as marketing benchmarks. The reputation of a commercial entity when it comes to customer service is also a marketing benchmark.
The creative aspect of advertisement is a form of marketing benchmark. What makes it a benchmark is that it provides the chance for other marketers and businesses to adopt the creative strategy.
The manner of representing a client in which other people have the idea is another form of marketing benchmark. Some businesses have the freedom to follow the practices of successful marketers and entities when the practices are proven to provide benefits. The success of direct marketing and affiliate marketing and of direct marketers and affiliate marketers can be benchmarked and emulated. Meanwhile, a particular marketing campaign, which draws a large throng of customers and has been lucrative on its own, can be seen as a benchmark as well.
Media has great influences with the different marketing benchmarks that it has. Through media, businesses that are still on the starting age or recovery stage can follow the marketing practices of successful enterprises. Through benchmarking, big companies can compare their practices and processes with other companies and can make assessment and evaluation of a certain benchmark.
Marketing surveys that are published publicly can be considered as benchmarks. Surveys are conducted to gain information for whatever purposes deemed worthy. They also provide the chance for other businesses to know different details of information about certain things of their concerns.
Marketing benchmarks can be seen published on the Internet. The performance of a hot marketing practice can be benchmarked on news and publications. A new product with a unique, cutting-edge technology can be considered a benchmark of old products and for the development and emergence of other new products.
A particular achievement in the marketing field, it can become a benchmark for others to look up to, appreciate, and adhere. The existence of marketing benchmarks provides a win-win mark for marketing enterprises and other commercial entities.