To survive and thrive in a competitive business environment, companies are being hammered to continuously adapt and deliver more, faster, better, and less expensively. Today’s emphasis on more and faster growth via better customer experiences is the focus for many organizations. Companies use the strategic planning process to identify what the business should become and how to best achieve their vision. Part of this process entails appraising and then improving the company’s capabilities and processes. This process is the only way to achieve lasting excellence.

Mind Your Gaps

How does your competition know where to aim and how far? They use assessments and benchmarks. Benchmarking and assessments enable your company to collect quantitative and qualitative information needed to identify gaps and pinpoint ways to improve performance. Assessments and benchmarking can be done for nearly every business process, including Marketing. Unfortunately, many companies do not benchmark their Marketing.

This is a missed opportunity. Benchmarking provides you with the opportunity to compare your performance to your peers and use that information to improve Marketing’s value.

When times are tough, Marketing becomes even more important. Why? It supports revenue generation. Sadly, too many companies pull back on their marketing efforts during down cycles essentially putting their revenue generation efforts in idle mode.

The Profit Impact of Market Strategy research has shown that companies that invest in Marketing during a down cycle recover from the cycle faster with increased gains over companies that turn off their Marketing as a way to reduce costs. There is an old saying that “one cannot save their way to revenue.”

Regardless of the economic climate, we believe that a company should make sure their Marketing is firing on all cylinders and operating as effectively and efficiently as possible.

Ready to Close Performance Gaps?

Use audits, assessments and benchmarking to identify performance gaps that derail excellence.

Lasting excellence depends on closing critical performance gaps identified through benchmarking and audits.

The idea behind assessments and benchmarking for marketing excellence is that by implementing the best practice for a particular process, your company can close a performance gap in order to achieve superior results and enhance its own competitive advantage. Benchmarking and assessments of your Marketing Performance Management (MPM) capabilities can produce tangible, quantifiable performance targets that you can consistently measure over recurring time cycles in order to ascertain performance changes and the impact of these changes on your Marketing organization. Frequent and regular assessments and benchmarking enables you to measure changes in your own performance relative to best-in-class companies. By using an external reference you can gain insight into these best practices.

The value of undertaking assessments and benchmarking is that the data you collect reveals what can be achieved beyond where you are and provide you with insight into how to achieve improved performance levels.

Learn how to conduct assessments and establish benchmarks for your Marketing Excellence initiative. We can help when you’re ready to start.

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