The Technical Stuff
The list of survey options is endless but for convenience we classify them into four groups:
Simple Benchmarks
Compare and rank your clients or members using straight forward questions with simple answers. They optionally can use simple internal calculations including add, subtract, multiply and divide, and can capture a broad range of quantitative data. An example of a simple survey is a Fees Survey or Pricing Survey. See Survey Examples
Advanced Benchmarks
These surveys are a step above the simple benchmarks and can calculate more complicated results from basic data that is entered. For example, an Industry Growth Survey is used to track expansion over many years and has formulas for Internal Rates of Return or Compounding Growth Rates embedded within the template to calculate results and future long-term projections. There is an enormous range of formulas available. Advanced benchmarks are common when calculating KPI, financial analysis, industry growth and index calculations to name a few. An example of an advanced survey is a Profit & Loss Survey or Industry Growth Survey. See Survey Examples
Repeating Line Benchmarks
A repeating line benchmark occurs when a single question may potentially have multiple answers. For example, Wages and Salaries Survey may involve multiple employees with similar job roles but variable pay rates. A simple question such as “what is the standard hourly rate?”, can be a minefield in some industries where a range of possibilities may exist. Repeating line benchmarks are specifically designed to cater for these situations. An example of a repeating line survey is a Wages & Salary Survey or a Gender Pay Survey. See Survey Examples
Recurrent Content Benchmarks
It is vital that businesses track their performance regularly. Our recurrent content benchmarking allows monitoring on a regular basis by designing a single survey that can be replicated and linked on a daily, weekly, monthly or annual basis. These recurrent options are frequently used by business consultants to track KPI’s for their clients. Measuring performance over time is an essential part of monitoring strategy success. Recurrent content surveys are usually repetitions of purpose designed simple surveys or advanced surveys.
