Your business is doing well but could you being doing better? What are your competitors doing? Where are they winning and where could you take advantage?
So, what is benchmarking?
Benchmarking is the method of comparing your own business performance against other groups.
With Handle you can select who to benchmark your business against. Choose from other businesses in the same industry as you, in other words your competitors, businesses in the same region or all Handle users.
You can switch between these different benchmarks and we will update all of your reports and scores to show you how you compare to your chosen benchmark.
In the new website report you will be able to toggle between all three of these options from within the report. This ability to toggle your benchmarks will be rolled out to the other reports in the next few months.
How can benchmarking help you?Knowing how well your business performance compares to others is a great way to tell if you’re leading the way, keeping pace or if you need to make improvements. Every individual metric in each of your reports is compared against your benchmark, allowing you to pinpoint the exact areas that you’re succeeding and those that you need to improve. For example here is a snapshot of our very own website report. As you can see our website speed score, although not low, is lower than the average of businesses within the same industry as us. This tells us that we need to work on improving the speed of our website to keep up with our competitors. But, we are exceeding the average score in our industry for mobile friendliness score, showing that our website is better optimised for mobile and tablet than our competitors. Of course the benchmarks don’t stand still. As businesses improve their digital profile, you need to track that and keep on top of the overall performance of others as well as your own business.
How do you set your benchmark?
To set your benchmark go to ‘My Account’ and then click the ‘My Reports’ tab at the bottom of this page is where you will find your benchmarking options.
How are the benchmarks calculated?
The industry benchmark is derived from your industry SIC code from Companies House. We gathered this information when you signed up to Handle and you can see the industry that your business is classified in by going to ‘My Account’ then click the ‘My Details’ tab, you’ll find this information in the business information box.
For non-limited businesses who don’t have a SIC code unfortunately we can’t provide benchmarking by industry. If you are a non-limited business owner and want to share your industry information with us then drop us an email at [email protected].
The regional benchmark is calculated by using postcodes near to your trading address. We use the trading address as stated at companies house or if you’re a non-limited business then the trading address you provided when you signed up to Handle. The trading address we have for your business can be found in ‘My Account’, then click the ‘My Details’ tab and you’ll find this information on the contact details box.
If you have any questions about benchmarking or your account information, then let us know at [email protected].
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