To generate radical ideas, approaches and strategies, benchmarking withing your industry is not particularly valuable. You must look outside your industry and business. Only with outside-industry benchmarks can you overcome paradigm blindness and create game-changing ideas.
I’ve written before that traditional benchmarking is stupid because, frankly, it leads to me-too ideas. Not only that, but it also shifts you into a never ending fixed mindset. A more strategic way to benchmark, is to look outside your industry for ideas. This logic of innovation is “lift and shift.” That is, search for great ideas in unrelated fields, lift them out of the context in which they took shape, and shift them into your company.
This topic isn’t new, but just like ethnography, it is still a rarity in the business world.
The main obstacle to outside-industry benchmark is implementation because business practices are quite different from one industry to another.The key is how to transform those practices to fit your industry.…