Benchmarking is the process of comparing one's marketing performance to industry standards or competitor metrics. It involves identifying the key performance indicators (KPIs) for a particular marketing channel or activity and comparing them to the performance of other companies or industry benchmarks. This can help marketers identify areas where they are falling behind and where they can improve their performance.
Here are some of the benefits of Benchmarking:
- Identification of strengths and weaknesses: It can help marketers identify their strengths and weaknesses relative to industry standards or competitors.
- Improved performance: It can help marketers set goals for improvement and track their progress over time.
- Data-driven decision-making: It provides marketers with data-driven insights that they can use to make informed decisions about their marketing efforts.
It's a valuable tool for marketers at all experience levels. It can help marketers improve their performance and make better decisions about their marketing efforts.
Here are some examples of how benchmarking can be used in marketing:
- A marketer could benchmark their website traffic against industry standards to identify areas where they can improve their website's search engine optimization (SEO).
- A marketer could benchmark their social media engagement against industry standards to identify areas for improvement in their content, publishing times, or targeting.