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Peter Caputa IV
on December 21, 2021 (last modified on October 17, 2022) • 3 minute read
Accurate, statistically-significant Benchmarks are not cheap to get access to.
In fact, research firms charge tens of thousands of dollars for access to benchmark and research reports– something only bigger companies can afford.
At Databox, we think that’s unfair.
We believe every business should be able to answer questions like:
Business benchmarks are a really valuable management tool to help you set your strategy and business goals. And have confidence that you’re on the right track.
But, not if you have to pay an arm and a leg for them.
That’s why we’re launching Benchmarks.
The cost to you? Nothing. (For the first 10,000 who opt-in.)
Our mission is to help companies compare their performance and strategy to companies like them.
To start, we’ll do this by showing you how your performance compares to others. Here’s what it might look like for the metric Churn rate…
As you can see in the image, you’ll be able to see:
We expect you’ll eventually be able to benchmark your performance using the 1,000s of metrics available in our Metrics Library. This means that you’ll have one spot where you can see how all of your teams stack up. Marketing, sales, customer service, product development, finance, and more.
You’ll also be able to choose criteria so that the Benchmark is calculated using only companies like yours; you’ll be able to narrow the benchmark sample using criteria that describe your company (or the company you aspire to be). For example, you’ll be able to select criteria like the number of employees, industry, and age of company– to name a few– to narrow down to a comparison group of like companies.
We also plan to enable you to display benchmarks right on your Databox dashboards, so that you can show your performance compared to others when you’re presenting or reporting your results.
If you want to see how your company compares to others like yours, you can opt-in for free.
If you’re already a Databox user, just log in to your account and opt-in. If you’re not yet a Databox user, just sign up for a free account.
We’re asking companies to opt-in now as we build out our Benchmark feature. Once we launch, companies that have opted-in will be able to anonymously compare their performance against other companies like theirs. No other company will be able to see your performance and you won’t be able to see the performance of other companies either.
This is what the opt-in form looks like…
We’re asking for information about your business on this form so that we can let you compare yourself to companies similar to yours.
Benchmarks is in active development.
As with all software development, especially ones that require rigorous statistical analysis and data science, it’s hard for us to tell you an exact date.
By opting-in, you’ll be the first to know when it’s live.(Most likely in Q1 2023– but don’t tell our development team we told you 🙂 )
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