Do you know how to compare yourself to your direct competition?
Do you know what the return on investment is for your digital marketing efforts?
Any marketer experiences some of these concerns on a daily basis, if not all of them. And answer? Benchmarking.
Competitive benchmarking is both a process and a research tactic.
You can measure and evaluate your company’s current capabilities against competitors as well as the industry, helping to identify new opportunities or areas for improvement. Simply put, you will find the gaps between where your business is now and where you want it to be.
Incorporating benchmarking into your digital marketing efforts can provide more accurate tracking and measurement of the success of your strategies, from SEO to conversion rate, even with email and social media.
How Benchmarking will improve your competitiveness
Before starting any benchmarking action, you must define the objectives of your own company.
Best practice is to ensure that the objectives you select are specific and quantifiable to allow you to draw data-driven conclusions during the assessment process itself.
Getting started with competitive benchmarking is not a daunting task. As part of the overall evaluation of your marketing efforts, you will have most of the work documented. It is simply a matter of putting it all together in such a way that it can be used for benchmarking.
The first step will be to complete an assessment of your existing digital marketing activities, including the frequency, engagement, and effect they have had on your business.
This snapshot will be the guiding force for your benchmarking activities and will be used as a reference to help you continue to improve.
Do you need a competitor analysis to increase your reach?
Contact us and we will be happy to advise you.
How we develop your Competitive Benchmarking
Like your goals, your benchmarking needs to be detailed, but also clear and straightforward to support action.
At Artistica Studios we limit our focus to specific marketing activities, because when it comes to competitive benchmarking there are countless variables that we can use. The same can be said for all of your company’s marketing activities.
The best practice is to choose between one and three marketing activities that you currently carry out, from analyzing your website and your social media to your email marketing. However, we will choose the activities that best reflect your overall goals.
Once we set your goals and focus, we compile a list of competitors to benchmark against and take a snapshot based on your actions, metrics, and focus.
Clearly, the best practice is to identify the various strengths and weaknesses of your business and your competitors based on your goals.
So after the first round of analysis is complete, we take an honest look at your position and develop a report that gives you a realistic view of where you currently stand with comparative data against your list of competitors.
Now is the time for Artística Studios to develop your action plan to reach your goals using the data that we discovered during the competitor analysis.