industry benchmarks

Industry benchmarks are standard reference points or performance measures established by analyzing data from successful companies within a specific industry. They serve as a way for businesses to compare their own performance—such as sales, efficiency, or customer satisfaction—against the best practices or average results in their sector. This comparison helps companies identify areas for improvement, set realistic goals, and stay competitive. Essentially, industry benchmarks act as a “performance yardstick,” guiding organizations to measure their progress and ensure they are aligning with or surpassing industry standards.