How to Benchmark Your Marketing Against Your Competitors

If your company is looking to stand out from the competition, you’re in the right place. One of the most effective strategies for achieving this is to benchmark your marketing efforts against your competitors. By understanding where your company stands in comparison, you can identify areas of improvement and improve your marketing strategies. In this article, we go through what benchmarking is, why benchmarking your marketing is important, and how to get started. First, let’s jump into what benchmarking even is.

What is Benchmarking?

Benchmarking involves evaluating your company’s performance against your competitors or industry standards. When it comes to marketing, this process involves analyzing metrics and key performance indicators (KPIs). These metrics can help you assess how well your strategies are performing in comparison. By identifying industry benchmarks and comparing your own performance against them, you can gauge the effectiveness of your marketing efforts. And, pinpoint areas where you may be falling short.

Why Should You Benchmark Your Marketing?

Benchmarking your marketing efforts against your competitors can give you a ton of insight that you wouldn’t have otherwise found out. Here are some of the main benefits that you can use to improve your marketing.

Identifying Strengths and Weaknesses

By looking at how your marketing efforts stack up against your competitors, you can see where your company is doing well. And, where you may need to improve. This can allow you to capitalize on your strengths and address your weaknesses. For example, you could see if your website has a higher bounce rate than your competitors. So, you can take a look at their content and see why theirs may be performing better. 

Setting Goals

Understanding industry benchmarks provides valuable context for setting goals that are realistic. By aligning your goals with industry standards, you can ensure your targets are attainable. And, will make your business more competitive. Keep in mind that if you’re smaller than others in the industry, it may be hard to benchmark your marketing efforts against theirs.

Improve Campaign Performance

With the help of benchmarking, you can implement better-performing strategies to improve your ROI. Whether it’s improving your content, switching up calls to action, or changing your targeting, benchmarking can give you unique insights. These insights can help compare your company versus your competitors. Now that you know how benchmarking your marketing efforts can help you improve your strategies, here are a few of the key metrics that you can benchmark thanks to Visitor Queue.

Benchmark Your Website Metrics with Visitor Queue

Now that you know why and how benchmarking can help your company, you’re probably wondering how to get started. Keep reading to learn more about key benchmarking metrics that you should track. And, how to get started with the help of Visitor Queue.

Traffic Acquisition

Traffic acquisition refers to how website visitors get to your website. Benchmarking your traffic acquisition can help you figure out how effective your marketing efforts are. By comparing your website’s traffic acquisition to industry benchmarks and competitors, you can assess performance, identify opportunities for improvement, and set goals on how to improve. For example, if you see that the industry has a high number of visitors who are from email marketing, it may be a good idea to invest more in your email marketing strategy. 

Bounce Rate

Bounce rate refers to the percentage of website visitors who leave your website after only viewing one page. Benchmarking your bounce rate can help you improve the effectiveness of your website and engage visitors. By comparing your bounce rate to industry benchmarks, you can evaluate the quality of your website’s content, user experience, and overall relevance to your target audience. For example, a high bounce rate might indicate that your visitors are not finding what they’re looking for. 

Pages Per Session

Pages per session refers to the number of website pages that your visitors look at while they’re on your site. Benchmarking pages per session can help evaluate the effectiveness of your website. Specifically in encouraging visitors to explore multiple pages during a single visit. By comparing your average pages per session to your industry, you can find out if your content is high enough quality and if your navigation is intuitive. A higher number of pages per session typically means that your website visitors are engaging with your content. And, they may also be seeking more information and are more likely to convert.

How to Get Started with Benchmarking Your Marketing

As you can see, there are a number of helpful benchmarking metrics that you can use to improve your marketing strategies. If you’re wondering how to get all of these metrics, it’s easier than you might think. With the help of Visitor Queue, you can easily benchmark all of the metrics mentioned above, and more. But, Visitor Queue does more than help you benchmark your website metrics against industry standards. We can also identify what companies are visiting your website. And, help you build personalized landing pages to help them convert. Our tool is built to help B2B companies leverage insights that they would otherwise not be able to see. Get started today by starting a 14-day free trial.

Final Words

Benchmarking your marketing efforts against your competitors can help you stand out from the crowd and improve your marketing. By identifying what areas you may be falling behind in, you can make data-driven decisions on how to improve. If you have any questions about using Visitor Queue to benchmark your website traffic and identify your website visitors, do not hesitate to reach out to our team.