Benchmarking allows you to see how well you are faring against your competitors, allowing you to pinpoint what you do well and where improvements need to be made.
Now that marketing plans are set for the year ahead, Key performance indicators should be identified also. Measuring your success is more than looking at how much traffic is coming to your site and what your conversion rate is. You can’t really get a true idea of how you are performing unless you compare yourself to your competitors. In order to do so, you need to know exactly what you should be comparing and how to structure your review and recommendations. Smart Insights have some impressive Digital Marketing Benchmarking Templates available through their website for free (image below).
However, if it feels too detailed, you can just open an excel sheet, start by adding your company as the title of the first column, next to it a column for each of the top three competitors of yours so you can state where you and they are, and title the last column as KPI, so you can state where you would like to be in the next three months. Then you can add a row of any of the below criteria that is relevant to your business:
- price range
- online presence/visibility
- online customer journey
- social media presence and engagement
- newsletter communication
You’re able to benchmark the different ‘best practice’ activities for each of these, allowing you to complete a comprehensive digital marketing audit and compare your performance to your competitors’.
Once you have the results of your benchmarking, you’ll have a better idea of where you need to focus and what you need to work in order to see your digital marketing results improve.