One of the main tools used in marketing nowadays are digital benchmarks. These are detailed studies that provide useful information of your competitors' online media, giving you a wide scope of your business.
They´re useful because they help you understand where you stand, in relation to your competitors or companies that have participation in the same market as you. An effective benchmark should provide information of how your competitors are positioned, how are they're working and how are customers interacting with them online. This insight will give you, or your marketing team, the bases to create a succesfull online marketing strategy.
These are the 3 basic guidelines that a digital benchmark should include:
1. Online Engagement
Engagement is what converts your prospects into customers and customers into brand advocates. The brands with high levels of engagement are those that people understand, value, relate to, and trust. This is measured by the interaction customers have with their favorite brands in online media and it's influenced by several factors like how easy are webpages to find or, where does the website appears in the google search engine. This is important because you can compare and measure if your content is being attractive to your customers, and if they're finding it useful and relatable.
2. Social Media Ideas
Social media is probably the easiest way to get your customers to know about your products and services. Benchmarks include a good amount of analytics showing detailed information about who is accesing your competitors' social media profiles. From the age and gender, to specific location and social behavior, this data can help you discover a whole lot of information about the kind of customers your competition is attracting and segment your online campaigns.
3. Traffic Sources
Remember, the web is where your audience is, so the more information you have about online behavior the better. Traffic sourcesis a report that provides an overview of the different kinds of sources that send traffic to a website, from web search engines or other sources (people typing a url directly, referring url's or others). This is useful because it shows you how your competitors are gathering their audience, ere they investing in SEO (Search Engine Optimization)? are they promoting their site through external media? If there are any strategies you haven't tried, you can take notes and apply your competitors' best practices to bring people to your site or social media
Benchmarks are useful resources when developing marketing strategies, keep in mind this points when ordering yours.