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NRHSA using new online tool to collect industry data
Published:
March 2, 2015 Dynamic Benchmarking, a provider of customized online benchmarking and reporting solutions, has launched a new online platform for the National Retail Hobby Stores Association (NRHSA) to collect and compare key operational data points of its members and report vital information with peer-to-peer data point comparisons.
"It's no secret that the retail industry is one of the most competitive in which to operate," says Janet Svazas, NHRSA executive director. "The business intelligence gathered from this benchmarking study will provide valuable guidance to our members as they evaluate opportunities in their industry and formulate budgets, business plans, and marketing strategies."
The initial survey in October 2014 was to gather information on key performance indicators of participating members. Dynamic Benchmarking partnered with NRHSA to develop questions and build the survey into a useful tool for retail hobby store owners and operators.
"To be able to compare oneself with a similar store is vital," says Svazas. "What works for a small store in the Midwest may not work for one in downtown Los Angeles. What works for a shop specializing in radio-controlled may not be suitable for one whose focus is model trains."
Participants in the study, the first of its kind, now can access customizable reports that deliver peer-to-peer comparisons on sales data, inventory, staffing, and more.
Founded by a team of women entrepreneurs, New Hampshire-based Dynamic Benchmarking does real-time benchmarking and data analysis via custom software in a custom-configured format. Dynamic Benchmarking’s web-based technology and industry expertise provide peer-to-peer data comparison for small business, associations, large enterprises, and other organizations to analyze financial and operational performance. For more information, visit www.dynamicbenchmarking.com.
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