Benchmarking surveys allow organizations to create a baseline for performance improvement. This benefits both the association and its members in multiple ways. Benchmarking provides your members with actionable intelligence. It provides your association with a deep knowledge of the industry you serve.
In order to improve performance, you need to gather input from a variety of sources. Although measuring an organization’s performance is important, making smart comparisons with other organizations provides valuable insight.
Benchmarking lets you know where an organization stands within its industry. The information collected provides leaders with the tools needed to make smart data-driven decisions. This puts them in the best possible position for growth and success.
Benchmarking informs leaders of the areas where the organization is excelling. It also helps locate areas that could benefit from improvement. By figuring out how an organization compares with its peers, you create the opportunity for advancement and improvement. While a difference in performance doesn’t necessarily mean that the organization is doing anything wrong, it opens the door for questions and inquiries.
Benchmarking can be used to improve the satisfaction, engagement, and retention of members. It can also help locate trends and changes in the industry.
Benchmarking surveys provide information about the wants and needs of your members. Gathering this type of information allows you to better assist your members.
Benchmarking provides a wealth of information about your members and their preferences. Having access to this information allows you to provide a better experience for your members and puts you in a better position for advocacy.
Compensation is often the biggest expense for associations. Comparing benefit and compensation information is especially beneficial for associations wishing to remain competitive. Knowing how your association compares with others in your sector can help you discover ways to improve performance.
In order for benchmarking to be successful, organizations need to participate in benchmarking studies. Participation benefits the entire association community.
Benchmark studies allow associations and their members to interpret financial ratios, measure an organization’s operating efficiencies, determine a blueprint for the most profitable organizations in a specific sector, and provide critical insight about how members perform in relation to their industry peers.
Vault Consulting offers specialized services designed to help associations and non-profits advance their missions with efficiency and assurance at an accelerated pace. Our professional consultants are well prepared to provide your association with the tools and expertise needed to excel. We use a team-centric approach to ensure our clients receive the best service.
Vault Consulting provides full service outsourced accounting and research programs. Our team provides all necessary support and counsel to help your association turn information into action.
Please contact us for more information about benchmarking studies.