Benchmarks are reference points for you to compare your business performance against businesses that are similar to your own in size and industry. Business benchmarks can cover a variety of different functions, like sales, marketing, finance, and more. Benchmarking helps contextualize your business’ unique performance within your industry.

Businesses use benchmarks as a reference point to compare their performance against businesses that are similar in size and industry. Benchmarks help businesses determine if they are succeeding in their markets, and can give insights into high-performing areas of the business or areas that need improvement.

Benchmarks for business can span a variety of functions like marketing, sales, finance, ecommerce, and more. Databox Benchmark Groups offer a wide variety of focus areas for businesses of different sizes and industries. Databox allows any business to join any group that aligns with their specs (size, industry, metrics). Once you join, your data will be uploaded anonymously to the group.  Explore Databox’s public benchmark groups here and start benchmarking your sales performance today.

Benchmarking is important because it gives industry context to your business numbers, including:

• Identify areas where your business is strongest. See where you outperform competitors and invest in areas where you can win.
• Inform business strategy with benchmarks. Use benchmarking to gain an understanding of where you fit into your competitive landscape and direct data-driven strategy conversations.
• Catch areas of concern before it’s too late. If you’re falling behind the competition in key aspects of your business, benchmarks can help you identify these trends early.

Benchmarks help businesses by helping them identify important market or industry trends. Benchmarking also helps businesses identify areas of strength and weakness within their business so they can make more informed strategy decisions.