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#Benchmark definition marketing how to

Rate of social media influencer engagementĭon’t overwhelm yourself with too many KPIs.

Dwell time for a particular type of content (i.e.

Cost per lead (define your parameters for what constitutes a lead).

Number of social media posts per week per platform.

Number of active social media platforms.

I’m going to lay out some of the top ones you should consider as you build your benchmark marketing plan.Īll of the below examples fall under one of five categories: Plus, you need to consider the type of business you run and how your industry operates.īut certain KPIs are almost universally relevant. The right selection of benchmarks depends entirely on your short- and long-term business goals. Let’s get one thing straight: There are thousands of KPIs to choose from.

#Benchmark definition marketing how to

After these four steps, we’ll cover how to use your findings to scale your digital marketing efforts with a more profitable approach. How to Conduct Benchmark Marketing through Competitor Comparisonįor competitive and industry benchmarking, there are certain steps you can take to complete your gap competitor analysis and plan.

It really is the future of marketing.įor business-to-business (B2B) companies, in particular, making a marketing plan based on the gaps between you and others in your industry can help you soar to new heights. Subsectors of Competitive Benchmarking Is a Gap Marketing Plan the Future of Marketing?īenchmark marketing functions as a way to fill the gap between you and the competition. You can use quantitative indicators (like your rate of subscription renewals) or qualitative indicators (like sentiment toward your customer service). Performance benchmarking: This type uses performance-based KPIs to help you determine which outcomes you can improve upon.You’ll be able to answer questions like, “What strategies do successful companies in my industry operate on, and how can I employ them to be more successful?” It helps you prioritize the right things for optimum growth. Strategic benchmarking: This one focuses on your strategies, which involve business models and planning.These processes may relate to how you function internally or how you function with your clients/audience. Process benchmarking: Focusing on your company’s processes, you compare your efficiency and performance using internal or external benchmarks.The following three types are a subsector of either competitive benchmarking or industry benchmarking, depending on the type of benchmark you use: Different KPIs can come into play here (for example, ad spend). Competitive benchmarking: Here, you use your competition as a benchmark for your performance.

You can use both financial and non-financial indicators here, but you may have to dig a bit deeper for qualitative operational data.

Industry benchmarking: In this case, industry averagesand best practices serve as the benchmark that you measure your own against.

Let’s look at the different types and how they can play into your digital marketing. We’re focusing on competitive and industry benchmarking here, but those aren’t the only kinds of benchmark marketing. These questions and more help you determine an incremental finish line so you can scale your marketing efforts beyond the status quo.ĭefinition of Benchmark Marketing Different Kinds of Benchmark Marketing

Where are they spending, where are you spending, and what’s the difference in between? Key performance indicators (KPIs)help to identify performance from various angles.įor example, how much does it cost your business to acquire each new customer? And how much does it cost your competitors? You use the information you gather to fill in and beat any gaps between where you and your competitors stand. What is a benchmark in marketing? It’s just a reference point that allows you to make a comparison.īenchmark marketing is the process of looking at where you’re at versus your competitors. How to Scale Your Digital Marketing Strategy Using Your Benchmark Analysisįirst, you need to know what a benchmark is.Using benchmarks, I’ve been able to identify gaps in hundreds of client’s campaigns and strategies and use those gaps to build marketing plans that hit their growth goals. In this article, I’ll show you how to improve your strategy through benchmark marketing.