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Since
2001, Intelligent Spas has helped set the industry standard for providing high quality spa benchmarks and now shares its knowledge in a free
educational guide aimed to fast track global spa benchmarking. With over 35 country surveys currently underway, Intelligent Spas is
expanding its 100% independent research model to other key spa markets across the globe. The free guide entitled "Using Spa
Industry Benchmarks For Success" outlines the benefits of industry benchmarking not only for spas, but also for other businesses
competing in the spa industry who aim to address the product and service needs of
spas.
"Spa benchmarking is the process spas use to maximise their business potential by measuring aspects of their spa and comparing these
against the industry average" explained Julie Garrow, Managing Director of Intelligent Spas.
"Benchmarking allows business owners and
managers to make informed decisions."
There are two main types of benchmarking - internal benchmarking monitors the performance of a
business over time, for example, comparing this year's revenue to last year's revenue. In comparison, external or industry benchmarking
enables businesses to compare their performance against a collection of other businesses (industry
averages) to identify their level of competitiveness in a marketplace.
Intelligent Spas categorises spa benchmarks in two key ways - profile versus performance benchmarks:
Spa Profile Benchmarks enable the qualities and characteristics of the spa business to be measured. They are generally not considered
confidential or competitively sensitive, rather publicly released and promoted by the spa, such as the spa type, size, number of treatment
rooms and spa treatments provided. Spa Profile Benchmarks provide an overview of the spa market which is fundamental to all other
analysis.
Spa Performance Benchmarks or key performance indicators (KPI's) enable a spa to measure and monitor its business and financial
performance.
Performance benchmarks are typically considered confidential and competitively sensitive such as average spa revenue, revenue by
treatment type, proportion of spa visitors by female/male and salary package by spa manager versus spa therapists.
Common Errors in Spa Industry Research
The guide summarises current research practices and highlights some of the common errors in spa industry research, for example,
publishing results based on poor and unreliable response rates, estimating rather than confirming spa market populations, applying
standard hotel industry benchmarks instead of customising benchmarks specifically for the spa industry and using anonymous survey
methodology.
The free guide covers confidentiality issues, the best model for calculating
reliable spa industry benchmarks, how to calculate response rates to best interpret industry research, who uses spa benchmarks and why,
plus the four key steps in the benchmarking process.
Intelligent Spas'
research is currently available in eight key markets across the Asia pacific region and is underway in
over 35 countries including Thailand, China, Vietnam, Maldives, United Arab Emirates, South Africa and beyond.
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