![]() ![]() ![]() ![]() ![]() These measurements can be anything that suits your fancy. In short, benchmarking analysis tells you where your brand stands relative to another. Conversely, it also informs you if your brand is slipping away from the competition in a particular area. In much the same way, benchmarking analysis allows you to see how quickly you are moving towards a goal. As the knots passed through their hands, measurements could be taken to assess the ship’s speed. In the days of sailing ships, sailors would throw lines, or chip logs, from the stern of the vessel with knots tied at intervals. Establishing your metrics among consumer opinion opens a whole new world for the efficacy of your benchmarking analyses. Markets move like a swiftly running current, and social listening is your net to capture and understand consumer behavior. This, of course, does not take away from standard benchmarking measures but instead acts in a complementary fashion. That means that social listening provides numerical values we can track to establish how our brand is performing with consumers. However, we live in a new market where the voice of the customer is more actionable than ever. Your brand’s accountants assuredly measure your brand’s financial situation against the competition. Those metrics can be related to financial intel, marketing campaigns, product quality, production processes, etc.īenchmarking analysis is common across businesses to see where a brand stands relative to industry or competitors. Let’s check it out.īenchmarking analysis is how you compare your brand against another across a variety of measurable metrics. The competition will constantly be licking at your heels – a benchmarking analysis is how you survey the land and make adjustments. Last year, that number came in at 52%, which hints at increased adoption of benchmarking strategies – and their effectiveness. 61% of brands say they’ve seen revenue increase through competitive benchmarking.This is one of many examples where you can use benchmarking to spur growth as leads generated through earned media outperform paid media leads by 10-15%. Using a benchmarking analysis to compare against other brands can help streamline your marketing efforts to capture earned media online.A survey released last year found 48% of respondents stated their industry is much more competitive, while 41% said theirs was marginally so. A benchmarking analysis can help inform many aspects of your business to help you stay competitive.Here are several stats that testify to why a benchmarking analysis should be on your radar no matter what role you play in your brand: To get you on the road to beneficial brand insights, we’ll cover: Here, we’ll explore how to measure your brand’s success with our comprehensive guide to benchmarking analysis. This leaves you with intel you can use to form a strategy and boost performance in areas of concern. Social listening metrics are more straightforward here, whereas financial metrics may rely on ratios to tell similar stories between brands.Ī benchmarking analysis measures your performance in a specific area and compares it against industry standards or competitive performance. The key is to ensure that you measure your metrics against numbers that tell the same story. Pretty much any data point can be used as a benchmarking metric. ![]()
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