EPISODE B1.003 Benchmarking Comparable Marketing Processes

Introduction
Here we are in the last week of July and the first month of the 3rd Quarter is ending - how much closer are you to success?

If you have been with us all month, you know we have been railing against the politicians and bureaucrats for acting arbitrarily in response to the pandemic; and any illusion they are making data-based decisions should have been dispelled by now. This is not about a specific political party or group, it is about the arbitrary use of power at the expense of the most important global community - you.

People like us, Living the Life, employ 57% of the planet's population and yet are treated as the source of its problems. Not here, we celebrate the contribution you make to a better society and our focus is to improve your chances of success. 

This week we continue the new programming structure. We use a Balanced Scorecard to format our weekday shows: Finance (Monday) = Operations (Tuesday) + Sales (Customers) + People (Employees) with Fridays dedicated to Owners. Look at the week this way - Monday through Thursday is working IN the Present, Friday is working ON the Future.

Also, we just built a new community, our version of a Chamber of Commerce. Join Up and gain access to our Hosts and access our library of best practices.

Have a great business week.
​
Listen>Apply>Engage
​
Show Objectives
Over the next 3 weeks in this track - Getting Operations Right during Pre-Startup, we will look for working processes that can be copied and implemented quickly. This is the same for bringing processes you used in other organizations as a starting point. The key here - get something that has worked in place and open the business. You will make it your own later.

Today's Show will cover the following topics:

1. Copy working processes as a starting point; 
2. 3 Types of Benchmarking;
3. 4 Steps for Benchmarking;
4. Resources: https://www.thehackettgroup.com/best-practices-intelligence-center/

What You Need to Know
3 Types of Benchmarking

1. Process Benchmarking: how leading companies build or operate a comparable process, used to build a "To Be" process.
2. Performance Metrics: what are the quality, quality, cost, and time metrics from leading companies used to evaluate performance of a process.
3. Strategic Benchmarking: how leading companies create and implement business strategies, used to build a "To Be" process.

What You Need to Do​

1. Intention: what process is being analyzed, how is the data sourced, what metrics are needed.
2. Industries: which industries - it is recommended that you look at your industry for companies that build competitive products & services, similar industries with competitive products & services, and similar business models outside your industry that build comparable products & services.
3. Partner: you could collect the information but for the time and resource constraint, look for an organization that will provide current information on processes. This should process maps and standard operating procedures (SOP).
4. Implement: make those processes active now, the goal is to have something in place before the doors open and the selling starts.

Shows

• Previous: EPISODE B1.002: BENCHMARKING COMPARABLE PRODUCT OR SERVICE PROCESSES
• Next: B1.004 Benchmarking Comparable Sales Processes