Recently I listened to a CEO address the entire company about their firm’s growth emphasizing the transformative power of sharing knowledge.
“Innovation isn’t just about solitary genius,” he said. “It’s about the synergy that comes from working together, sharing our struggles and best practices, and learning from each other’s experiences. That is what makes a world-class organization.”
His message resonated deeply with me, especially in today’s fast-paced business world.
In a time when resources and time are precious, the phrase “why reinvent the wheel?” has never been more relevant. It underscores the importance of leveraging existing knowledge and proven methods rather than starting from scratch.
This approach is especially vital in sectors like business, technology, and innovation, where best practice sharing and benchmarking can lead to remarkable advancements and efficiencies.
Looking Outside Your Sector
At our company, we champion the practice of sharing best practices through our quarterly Master Coach Forums, which allows clients to learn from each other’s experiences. The feedback we’ve received from these forums has been overwhelmingly positive, particularly regarding the insights gained from different industries.
…the phrase “why reinvent the wheel?” has never been more relevant.
In the past, many of our clients were hesitant to look outside their own sector for inspiration. However, as leaders we need to consider how customer perceptions of service are shaped by their interactions with various touchpoints, including the phone companies, retail stores, and on-demand services.
These experiences collectively redefine what customers consider “good service.” Initially, they may seek pleasant or “nice” experiences, but over time, their expectations evolve. Today, customers desire services that align with their lifestyle needs, prioritizing convenience, seamless interactions, and effortless access to expertise. They expect brands to not only meet but exceed their everyday demands.
In talking with industry leaders, I often think about how our expectations are shaped by the evolution of our experiences.
It reminds me of how, in the past, getting into a car meant manually cranking down the window, adjusting the seat with a lever, and moving the mirrors by hand. But today, with just the click of a button on the keychain, our cars recognize us and automatically adjust the seat, mirrors, music, and even activate seat warmers (essential in Chicago!).
This shift in convenience has raised my expectations across the board. When I interact with a contact center, I now expect the same level of personalized service. If technology can recognize me and tailor my car experience, I expect the customer service representative to know me too: my payment history, my preferences, and how I prefer to communicate.
Benchmarking across industries is crucial because it allows businesses to identify best practices and innovative solutions that may not be immediately apparent within their own sector.
By observing how leading companies in different industries approach similar challenges—whether in customer service, operational efficiency, or technology adoption—organizations can uncover new ideas and strategies to improve their own performance.
Cross-industry benchmarking fosters a broader perspective, helping businesses stay competitive, drive innovation, and adapt to changing market dynamics.
The Rise of Cross-Industry Benchmarking
The trend of moving from same-industry benchmarking to cross-industry benchmarking is something we’re seeing across all business sectors, not just in contact centers.
Here are several factors that are driving this shift.
- Innovation and Best Practices. CEOs often turn to business books to understand how top companies are succeeding. The best leaders take it further by organizing management visits to industry leaders like Google, Amazon, and Zappos. They can’t always knock on the doors of direct competitors to learn what works. Cross-industry benchmarking provides that invaluable insight.
- Competitive Advantage. By adopting best practices from other industries, companies can differentiate themselves in their own sector. This often leads to the implementation of unique strategies that give them a competitive edge.
- Technological Advancements. Rapid technological changes often bring new insights. For instance, a healthcare company might learn about cutting-edge artificial intelligence (AI) applications from the tech industry, which can be leveraged to improve customer service or operational efficiency.
- Globalization. As businesses go global, they encounter a wider array of practices and standards, which encourages looking beyond their own industry for ideas.
- Growing Customer Expectations. Consumers compare their experiences across industries. For years, institutions have looked to companies like Nordstrom, USAA, and Zappos for insights on customer service. Another perspective to consider is examining customer perceptions of their self-service offerings and on-demand service by comparing themselves to companies such as Amazon and AT&T.
Together, these factors are pushing businesses to look beyond their own industries to drive innovation and improvement. But what impact does this have on actual performance metrics?
Translating Benchmarks into Actionable Metrics
Sticking to your business goals is key, but benchmarking can really help take your performance to the next level.
I’ve seen how aligning KPIs with business objectives makes a huge difference. For instance, one company I worked with broke down their top-level goals and ensured that every department, from sales to the contact center, was working towards the same SMART (specific, measurable, achievable, relevant, time-bound) goals. It kept everyone focused and on track.
Benchmarking across industries is crucial because it allows businesses to identify best practices and innovative solutions…
Even when you’re looking outside your industry for new ideas, it’s still important to stick with industry-standard metrics. In the contact center world, this means tracking things like service level, handle time, abandon rate, and first call resolution (FCR), which are essential for benchmarking.
But tracking the data isn’t enough: you really need to dig into it. One of my clients started analyzing their data more regularly, spotting trends and seasonality that they hadn’t noticed before, which led to some major improvements. When they saw certain metrics lagging, they adjusted staffing levels and revamped training programs to address gaps.
Benchmarking insights should always lead to action. I’ve worked with teams that turned their findings into real changes: whether it was upgrading technology or optimizing processes, the key was to act on the insights.
And it’s essential to keep everyone in the loop. At a company I consulted for, they made a point to regularly update their agents, supervisors, and leadership on progress, making sure everyone was aligned and motivated to keep pushing for improvement. This approach really helped them stay engaged and focused on hitting their goals.
The Future of Benchmarking
Technology is really changing the game when it comes to customer service benchmarks, and I’ve seen firsthand how it’s making a big difference.
For example, using big data and analytics has helped companies I’ve worked with uncover patterns in customer interactions that they didn’t even realize were there, allowing them to make smarter decisions. One client, for instance, used this data to improve their response times by pinpointing exactly where delays were happening, which cut costs significantly.
I’ve also seen how AI and machine learning are speeding up customer service, from using chatbots to answer common questions to predicting issues before they happen. I remember working with a company that integrated AI into their customer service, which not only improved their response time but also saved them money by automating repetitive tasks.
And it’s not just about phone calls anymore. Companies are now measuring their service quality across all communication channels, from social media to email to live chat. One company I helped adopted metrics like NPS and CES, which gave them a better understanding of their customers’ overall experience, not just how quickly they answered the phones.
Cloud-based solutions have also been a huge asset, offering flexibility and scalability. I’ve seen contact centers move to the cloud, and it’s allowed them to adjust quickly as customer demands change.
Real-time monitoring through dashboards has also been a game-changer. I worked with a client who could instantly see where issues were popping up, allowing them to adjust staffing levels or processes on the spot.
Speaking of staffing, workforce management tools have helped ensure the right number of agents are available when demand peaks, which has really improved the customer experience (CX). It’s amazing how all these innovations are coming together to make customer service faster, more efficient, and better overall.
Where/How to Benchmark?
Benchmarking is essential for identifying best practices and setting realistic performance goals. Companies like CX Network and J.D. Power offer reliable benchmarking services that can provide valuable insights. However, there are many other sources available that can help you measure your performance against industry leaders.
The most effective benchmarking approach often involves networking with peers in your industry: whether within the contact center space or through professionals from your specific vertical. Industry conferences are another excellent way to engage with peers, share knowledge, and learn about best practices from leaders in your field.
How to Get Started?
To begin, review your strategic plan and current scorecard. Identify the areas that are most critical to your organization’s success, as well as those where you still have significant room for improvement in order to achieve best-in-class performance.
Once you’ve pinpointed these areas, conduct research to identify best-in-class companies, both overall and specifically within your industry. This will provide benchmarks for your target metrics. Additionally, attend conferences that focus on the areas you’re aiming to improve, whether they’re specific to your industry or open to broader trends.
Benchmarking insights should always lead to action.
Lastly, leverage LinkedIn by searching for groups that specialize in these areas. These groups can offer a wealth of knowledge and often provide opportunities to connect directly with experts who are experienced in achieving the best-in-class standards you’re striving for.
Conclusion
Benchmarking is more than just a numbers game. It is a powerful tool that enables businesses to adopt best practices, innovate, and stay ahead of the competition.
Whether you’re already an expert or just starting out, embracing cross-industry benchmarking can help you drive meaningful improvements. By using the right tools, engaging stakeholders, and staying updated on industry trends, you can move your company to the next level and ensure sustained success.
