Digital Marketing Dictionary

Benchmarking

By September 20, 2019 No Comments

Benchmarking is the measurement of your business process and performance compared against competitors and industry standards.

Common factors measured include: quality, time, and costs.

You would use benchmarking to analyze success and gain deeper insights on how you compare with your competition.

Why is Benchmarking Important?

Creating benchmarks allow you to map out strategic solutions to outperform competition within your industry. When you prepare your marketing campaigns, you can use competitive analysis to leverage your campaign with better offers, rates, and deals.

Benchmarking gives you a blueprint for employees and team members to evaluate performance and make actionable decisions that improve your business objectives. You can identify areas of weakness and make appropriate decisions to improve business efficiency and profitability.

For example, you can establish where your website stands in online search engines then perform advanced methodologies to improve your local SEO.  

When you focus on the best practices in your industry, benchmarking gives you an upper hand against the competition.

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Author Kevin Urrutia

Kevin is the founder of Voy Media. Kevin is an avid outdoorsman and nature lover; when not in the concrete jungle of New York, he can be found trying to explore a real one.Follow Kevin on TwitterVoy Media has been named the #1 Facebook Marketing Agency and one of the fastest growing marketing agencies in NYC. Voy Media crafts custom digital marketing strategies for clients, including services in Facebook Ads, Google Ads, Amazon Ads, email marketing and more.

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