This paper explores the concept of benchmarking in institutional research, a comparative analysis methodology designed to help colleges and universities increase their educational quality and delivery systems. The primary purpose of benchmarking is to compare an institution to its competitors in order to improve the product (in this case education) it produces. Among the steps in benchmarking are (1) identifying what is to be benchmarked and the comparative companies to include in the measurement, (2) determining data collection methods and collecting the data, (3) determining current and projected future performance levels, (4) communicating benchmark findings and gaining acceptance, (5) developing and implementing action plans, and (6) recalibrating measurements. It is stressed that for benchmarking to be effective, there must exist a free sharing of information. Several examples of benchmarking are highlighted, along with discussions concerning its application on an international scale. The paper argues that institutions of higher education must indulge in strategies such as benchmarking in order to further develop instructional paradigms that serve to enrich their contribution. (Contains 12 references.) (GLR)