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Downtown Market Analysis and Benchmarking ! A workshop on using data to guide your work and to measure your accomplishments Presented to Connecticut Main Street Communities December 2, 2016, New Britain,
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How to fill out market benchmarking a step

01
Step 1: Identify the specific market you want to benchmark against. This could be your industry as a whole or a particular segment within it.
02
Step 2: Determine the key performance indicators (KPIs) you want to measure. These could include metrics such as market share, revenue growth, customer satisfaction, and profitability.
03
Step 3: Research and collect data on your competitors and the overall market. This may involve analyzing financial reports, conducting surveys, or using market research tools.
04
Step 4: Analyze the collected data to identify gaps and opportunities. Compare your performance against industry averages and top-performing competitors.
05
Step 5: Set specific goals and targets based on the benchmarking analysis. These goals should be realistic and aligned with your business objectives.
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Step 6: Develop action plans to address the identified gaps and exploit the identified opportunities. This may involve implementing new strategies, improving processes, or making organizational changes.
07
Step 7: Monitor and track your progress regularly. Continuously evaluate and adjust your strategies to stay competitive in the market.
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Step 8: Repeat the benchmarking process periodically to ensure ongoing improvement and to stay up-to-date with industry trends.

Who needs market benchmarking a step?

01
Market benchmarking is valuable for any business or organization that wants to stay competitive in their industry.
02
It can be particularly useful for:
03
- Startups and small businesses looking to understand their market position and identify growth opportunities.
04
- Established companies aiming to improve their performance and compare themselves against industry leaders.
05
- Investors and financial analysts seeking information on market trends and potential investments.
06
- Marketing and sales teams wanting to gain insights into customer preferences and competitor strategies.
07
- Decision-makers and executives who want to make data-driven decisions and set realistic targets for their organizations.
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Market benchmarking is the process of comparing your company's performance against industry standards.
Companies in certain industries may be required to file market benchmarking reports.
Market benchmarking reports can usually be filled out online through industry-specific platforms or through designated government agencies.
The purpose of market benchmarking is to help companies identify areas where they can improve their performance and stay competitive in the market.
Information such as financial data, operational metrics, and market share may need to be reported on a market benchmarking step.
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