Industry Benchmarking Programs: A Key to Smarter, More Informed Decisions for Your Members

By Tessa O’Sullivan, Benchmarking Manager 

In today’s fast-paced and competitive environment, associations need to stay ahead of the curve by leveraging data-driven insights to understand their industry and support their members. This is where industry benchmarking comes in – it offers a wealth of information to help associations and their members make more educated choices, ultimately driving the growth and success of their industry. 

As the Industry Benchmarking Manager for TMG, I’ve had the opportunity to work with our clients to develop successful benchmarking programs and useful reports that support members in making informed business decisions. These reports provide valuable insights into best practices, trends, and performance metrics across industries, helping association members identify areas for improvement while optimizing their operations. 

Benefits of an Industry Benchmarking Program 

So, what are some of the benefits of an industry benchmarking program? Here are a few advantages of investing in the development and distribution of benchmarking reports.  

1. Identify areas for improvement: No one is perfect! Benchmarking reports provide members with an industry snapshot and their place in it. They can use the reports to identify areas where they succeed and areas for improvement. By identifying these areas, your members can make well-informed decisions about their operations.  
2. Inform strategic decision-making: Benchmarking reports offer valuable insights into industry trends, best practices, and emerging issues. By staying up to date on the latest developments within your industry, your members can make smarter decisions about their business’s strategy and direction.
3. Exclusivity: No one knows your industry better than you. With an exclusive, industry-specific benchmarking program, you can tailor your data to better serve your members and obtain data that cannot be collected anywhere else. 

How to Leverage Industry Benchmarking Reports 

How can your members get the most out of industry benchmarking reports? Here are a few tips that TMG recommends: 

1. Start with a clear understanding of your goals: Before developing a benchmarking program, TMG will help define what you want to achieve. What are your goals and objectives? What metrics do you want to track?
2. Gather input from members: We listen! At TMG, we will provide definitions, sample metrics, and descriptions that will resonate with your members. To us, it’s not just numbers; it’s answers to the questions you need. 
3. Timely Reporting: Reporting has its own timeliness requirements, and we understand that. We can perform reports annually, monthly, or anywhere in between.  
4. Use benchmarking reports as a tool for member engagement and retention: Benchmarking reports are a great way to add value to your association’s membership offerings. Members who find value in the greater industry knowledge that benchmarking offers are more likely to remain members. A benchmarking program can also serve as a recruitment tool for gaining new members.  

By developing an industry benchmarking program, organizations can grow their membership, add additional benefits, and provide unique insights. Interested in leveraging benchmarking reports to help drive your industry forward? Contact me directly at tessa@markens.com to learn more.