Benchmarking: Making the value of your data greater than the sum of its parts.
In essence, there are only two basic requirements for benchmarking:
- Peer or benchmark organisations willing to share data
- Data that has been collected and analysed using consistent methods and consistent definitions
How can benchmarking help an organisation?
- Sets an organisation’s performance in context by comparison against other venues
- Helps to inform realistic target setting
- Provides context for trends – by comparing across a benchmarking group it is possible to identify the existence of sector-wide trends and, in doing so, ascribe trends to internal or external factors
MHM undertakes quarterly and annual benchmarking for eighteen museums and galleries in London, including the National Gallery, National Portrait Gallery, Tate Britain, Tate Modern and the Victoria & Albert Museum.
We have developed an annual and quarterly benchmarking tool that allows venues to compare and contrast their performance. This unique tool creates a weighted ‘norm’ for any combination of contributor venues so clients can be confident that they are comparing their performance to a reliable, relevant and consistent benchmark.
With major museums and galleries from Australia to New Zealand to Sweden and the USA joining the Visitor 360º family, we are now able to benchmark internationally.