Benchmarking Your Firm’s Performance Boosts Profitability, Value

benchmarkingGould + Partners pioneered the practice of benchmarking for the public relations industry in 1987. After more than 35 years of in-depth surveys and analysis, we’ve helped clients evolve their businesses to adapt to changing markets, implement new business practices, and apply benchmarking data to ultimately increase profitability and value to their firm.

Our clients in the PR, creative, and digital industries, all have a good grasp on running their own businesses. Where Gould’s benchmarking reports add value is in discovering how their business compares to their competitors. It’s a powerful tool that provides actionable data companies can use to increase overall operational effectiveness.

Here are some key benchmarking benefits:

Strategic goal setting: Conducting benchmarking at regular intervals provides insight into how competitors perform certain aspects of their businesses successfully. With solid data on that performance, you can set measurable goals and implement strategies to meet objectives that will improve your firm’s value. It’s a good way for firms to look at how other companies in their industry do business and then look in the mirror to make internal changes and shake things up.

Growth opportunities: Benchmarking is effective for spotting new trends and targeting business sectors that have the potential to generate business growth. Understanding where competitors are focusing their efforts to increase profitability and recognizing industry trends is how quality benchmarking and data analysis pays off. Results then steer plans to accelerate performance and position a firm to take advantage of opportunities.

Improve the services, products your firm provides: In the PR, Creative, and Digital marketplace, trends in technology and new client services move extremely quickly.

Monitor progress of business goals: Once the initial benchmarking report is finished and a new strategic plan is in place the process isn’t over. Benchmarking is a great tool to track company performance in specific areas to make sure any deficiencies are being remedied over time. If the gap isn’t closing a firm can pivot to a new strategy or dive deeper into discovering where the problem lies.

Create a culture of continuous improvement: Benchmarking offers performance metrics for your employees all the way from entry-level positions to senior management. It helps people get a better perspective on how their job performance stacks up against competitors and even inside your firm. Presenting this data in a positive way can incentivize employees to improve their performance to beat the industry averages.

Gould+Partners is ready to work with you to increase the profitability and value of your public relations or creative firm! Download the Gould+Partners’ comprehensive benchmarking report and contact us today to find out how your organization can implement the best practices identified to augment profitability and success.