You can find a list of research vendors on this page. Power and ROI Consultancy Services were the first two companies to be certified. Their certification criteria are not yet public. Some vendorsīain has started an NPS benchmark research certification program.
You could choose to make this into 'open' research, meaning you allow additional companies to join the effort and share the cost. Since many companies choose to publish misleading NPS and other metrics, you and your competitors may actually be motivated to cooperate on a common benchmark methodology, and share the cost of hiring a company to do it for you. A vendor who can supply the data in a way that can be directly analyzed using Tableau (or similar software) and text analytics would be ideal. Verbatim answers that help you to understand what your competitors do better or worse than you are critical. And by results, I mean both the numbers and the reasons for the numbers. Over the years I learned that if you have to do a lot of work just to understand your own results, you lose the ability or motivation to dig deeply into your competitors’ results. Ideally, they should be able to identify surprises in the research results for you.
Ability to do basic data processing and presentation decks without your intervention. Industry experience helps vendors to correctly identify positions and people who are decision-makers, influencers, and simply end users of your products or services. A company that has already done this type of research, ideally in your industry. The company with whom you contract has to be able to eliminate such panel members, without your intervention. There were also cases of NPS scores which were opposite to the sentiment expressed in the verbatim comments. One even wrote ‘I am just doing this for the points’. At one point in my work at HP, I noticed that some answers to verbatim questions were pure garbage. You need to be able to interact directly with the company that recruits panel members. I feel you should prefer companies that recruit their own panels of respondents, rather than those who source them from third-party panel companies. The single most important factor is the quality of the contact lists for your competitors and for your own company. For example, if you work for a large company selling to US consumers, the ACSI, Temkin Group, and others may already have what you need. All of this supposes that you cannot easily find benchmark studies that already cover your industry. Here the three factors I feel are most important, based on years of using various companies for such research. You need something totally neutral and unbiased. Even if you had such a list, phoning or emailing them from your own address will necessarily bias the results. While you may have employees who used to work for your competitors, it is generally illegal for you to ask them for the competitors’ customer lists. It seems really unlikely that you could get an accurate contact list for your competitors’ customers. I don’t see how you could do it on your own, so using a third party seems inevitable. This is where the concept of double-blind benchmark research comes in. #Benchmark research how to#
The challenge lies in how to obtain numbers and other data for your competitors that are measured in the same way as the numbers for your own company. In the case of customer experience research, understanding your NPS, CSAT, or ACSI metrics and trends compared to those of your competitors would be a good example. What is benchmark research?Īccording to the Merriam-Webster dictionary, a benchmark is ‘something that serves as a standard by which others may be measured or judged’. I welcome your additions and corrections. I am trying to form my thoughts about what criteria are reasonable when deciding on a benchmark research provider.
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