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The old maxim that what gets measured, gets done perhaps has one of its best applications in the area of key performance indicators.
Benchmark research usually takes place against an organisation’s peers, competitors or itself over time; or, of course, a combination of all three of these.
When a client decides to undertake a benchmarking research study, we always stress the importance of straightforward key performance indicators (KPIs) which are relatively easy to identify. Also, if the client feels that the benchmarking study will be repeated in the future, we urge the client to select those KPIs that will be relevant for the long term, and are not just of short term interest; of course, we can, and do, include the latter, but if the benchmark research is to provide value in the future we must measure KPIs which are of long term relevance.
At Latimer Appleby, we are able to call upon industry or sector wide benchmark and tracking studies. For example, for shopping centre clients we use a methodology for measuring shopper behaviour, which consists of a series of industry averages. This allows us to provide unique assessments of a shopping centre’s performance against measures such as the proportion of shoppers spending on a given trip, average shopper spends, total time spent shopping (for example, including shopping time spent in a nearby high street as well as in the centre itself). We also quantify the number of visits to that particular shopping centre, averages for party group size (the number of people shopping together as a group), advertising awareness and promotional recall. The shopping centre client is provided with a valuable market research tool, that is also frequently shared with all the retailers or tenants in the shopping centre, which supports the case for targeted change and innovation and acts a rallying call for action to further enhance the shopper’s experience.