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Benchmarking is relatively new to the sales world. It has something in common with two other disciplines -- sales analytics and sales research. Below, we explain the differences.
Sales analytics is when companies collect and analyze sales data. They run reports, compare current to past performance, stack rank sales reps, and attempt to build forecasts.
Sales research is the ongoing search by organizations for information that can aid them in achieving sales excellence. This can include sales benchmarking, but more often than not it has involved conducting sales surveys. Surveys represent a compilation of individual opinions. They can be useful, but are also problematic because:
- Survey predictions based on opinions are less than reliable, even if these are opinions captured year-over-year
- Communication
is so instantaneous and information so prolific that attitudes change
quickly, which can rapidly invalidate survey findings
- Surveys rely on volunteer
participation, which excludes a statistically significant portion of a target
population
- Opinions of those who choose not to
participate in surveys are often different from those who do
- More accurate survey techniques (e.g. phone) are usually dropped in favor of cheaper ones (Internet-based)
With sales benchmarking it is now possible to leverage high quality, commercially proven sales benchmarking assets to make decisions based on empirical data.
To understand where to start in the sales benchmarking curriculum, click here to contact Sales Benchmark Index.
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