Benchmarking: Affirmation or Catalyst?
Why do we produce reports or participate in benchmarking?
To affirm or question the wisdom of our actions?
To identify strengths and weaknesses?
To demonstrate the relative success of our approach?
To rank ourselves amongst our peers?
And then what?
Does the report go into a folder and get filed away, or does it become part of a set of strategic resources you and your organization utilize on an ongoing basis to adjust and improve your program?
The Revenue Opportunity and Action Report (ROAR) is a set of key metrics based on your station’s raw data. I like to call it a ‘battlefield document.’
ROAR was designed to be agnostic in its approach to telling the data story. That’s the beauty and the horror of it all: ROAR provides you and your team an honest assessment of membership activities so that you can shift or maintain strategy in real time.
Green dots? Nice job!
Yellow dots? There’s room for improvement!
Red dots? Check your coding or re-evaluate your activities.
The thing I love about ROAR is that it is descriptive AND prescriptive. Need to do better? CDP has suggestions about how to improve each metric based on best practices from stations that are best in class.
When was the last time you looked at your benchmarking reports, and can you point to any changes in strategy that were informed by benchmarking and KPIs?
At CDP, we’d love to know how ROAR metrics affect your data-driven decision-making throughout the year. Sharing is one of CDP’s core values. When you made adjustments based on best practices, how has your program performed? What can we learn from your experience? How can we help?