Benchmark reporting is a great way to measure the effectiveness of your marketing.
Now, this isn’t to suggest that your revenue numbers and KPIs aren’t good things to be measuring. But if this is all you’re tracking and analyzing, then you probably don’t have a clear idea of how well your marketing is working compared to your competitors and peers.
If you want to become the best marketer, you’re capable of becoming. It’s not enough to measure your company’s marketing performance against itself. You must also analyze how your marketing performance stacks up against your competitors with benchmark reporting.
Is Your Marketing Strategy Working?
Without competitive intelligence, you won’t know whether your marketing strategy is genuinely effective.
Even if your revenue has been growing year over year, the only insight this provides is that your internal marketing performance is improving. But what if your competitors were doing ten times the business with half the budget? You’d be curious to find out how that works, wouldn’t you?
Know where you stand relative to your peers. Determine how to capture a bigger slice of the market share. Improve the efficiency of your marketing strategy. Develop a more effective strategy around product or service launches. Figure out what threats and opportunities exist. Most importantly, you’ll be able to create a benchmark for your analytics.
This isn’t to say your marketing strategy isn’t working if you aren’t producing the same results your competitors are. But if they’re consistently outperforming you, then it shows that there is a way for you improve your marketing. You should begin benchmark reporting.
Uncover Relevant Data for Your Benchmark Reporting
Your competitors aren’t necessarily going to hand over their data even if you ask nicely for it. Fortunately, there isn’t a shortage of places to find relevant data.
For benchmark reporting, you can take advantage of tools like Alexa, SimilarWeb, SEMRush and many others. So, get a better sense of how sites in your niche are getting traffic. These tools can help you spot important trends in your market.
But what kind of stats should you be tracking? Here are a few that are worth monitoring: Website visits, bounce rate, site speed, geographic sources of traffic and website traffic by channel.
These stats can help you:
- Determine whether you need to make some improvement to loading times on your site.
- Figure out whether there are any growing markets you have yet to tap into.
- Understand which traffic channels you should be prioritizing as well as the ones which you haven’t been leveraging.
- Figure out what your competitors are doing to grow their email database. Increase their social media following and so on. You can also identify things they could be doing better to engage the market.
If you need more data, you can always look at the ads your competitors are running. Their social media channels, their press releases, their job postings and the like.
As for how often to do benchmark reporting, this is going to vary based on your industry. In a fast-moving and competitive industry, you’ll want to analyze data more frequently. In an industry where there are fewer changes, you likely won’t need to report more than once every quarter.
Your email database may be growing faster than it ever has. Maybe you’re reaching new social media milestones on a quarterly basis. But what does this mean?
None of it means anything if you can’t compare it against other relevant data. You can always compare this year’s data to last year’s data. But that won’t tell you how you’re doing in your market. The best thing you can do is compare your data to a few prominent competitor’s data.
Are you using benchmark reporting to determine the effectiveness of your marketing? What have you figured out about your target audience and competitors?
Let us know in the comments below.