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Benchmarking is a popular business practice where you compare your operations to “industry leaders” (an undefined term.). While it may improve efficiency, it can also hinder innovation and strategic effectiveness.
Here’s why:
#1. Copying Doesn’t Make You Special: Benchmarking encourages replicating someone else’s success, making you a copycat and a follower, not a leader.
You might improve, but you won’t stand out.
#2. The Herd Mentality is Boring: Benchmarking can push you towards conformity, blending in with the crowd.
Even if you’re “best in breed,” you’re still part of the pack.
#3. Conforming Stifles Creativity: Benchmarking discourages unique solutions. Instead of creating your own unique approach, you seek someone else’s pre-made answer.
This stifles creativity and independent thinking.
#4. Me-Too Strategies Don’t Win: Benchmarking competitors offers no strategic advantage. It keeps you on their heels, not setting your own course.
Copying lowers the bar for everyone.
#5. Innovation is Key: Benchmarking focuses on replicating past successes, not fostering future breakthroughs. True innovation requires taking risks and exploring new paths.
The Takeaway:
Being remarkable requires differentiation. Stop copying and start thinking differently.
Ask yourself:
- How can we be unique in the market?
- What sets us apart from the competition? What’s our ONLY Value Proposition?
- What unconventional, contrarian and disruptive ideas can we explore?
Challenge your team to break new ground.
Embrace the “crazy” ideas and don’t be afraid to disrupt the status quo.
Benchmarking might have a place, but true progress lies in forging your own path and being The ONLY One who does what you do.
Related: 3 Simple Hacks To Make Your Idea an Entrepreneurial Star