- Brainstorming - Check
- Budgeting - Check
- Stakeholders buy in - Check
- Planning - Check
- Creatives - Check
You're good to go! It's time to execute your plan. But wait…
How do you gauge the success of all your hard work? How do you know the 'before and after' comparisons when asked in those top level meetings?
That's where benchmarking your marketing activities comes in...
What is benchmarking?
The Wiki definition of benchmarking is: " the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost."
In other words it allows you to compare. Knowing where you are NOW allows you to make a plan of where you want to go - and how.
In this article we'll be looking at the digital marketing aspect of benchmarking.
For starters you'll need to assess your current digital marketing activities, how they're tracked and how effective they are.
When you have this information you can use it as your reference point. Below are 6 simple recommendations to get you started on benchmarking your digital marketing strategy:
- Stay focused
- Embrace metrics
- Use existing tools
- Analyse your competition
- Work on improving those metrics
- Review. Adjust. Repeat
1. Stay focused
How do you decide what you want to benchmark? Email open rates? Dwell time? Downloads? Sales?
Narrow your choices down to three marketing activities you want to focus on. Obviously this depends on your digital goals. So if for example one of your goals is to increase social media interaction then strategically benchmark social media platforms, and so on.
2. Embrace metrics
As there's loads of data, there are a lot of potential data points you could choose. You need to choose wisely. Which metrics do you want to use that will give you the best benchmarking results? It's very easy to go overboard but it's best to keep it simple.
Think about what you want to achieve and what metrics are involved in reaching that conversion point. Some metrics to consider could include, but aren't limited to:
- Pages visited
- Digital media consumption (Download assets, videos watched)
- Referring websites
- Organic SEO (the search terms used to reach your website)
3. Use existing tools
When you've identified the metrics, use tools at your disposal to look at those metrics. Each business uses different internal and third-party systems to gather data. So whichever you use, you need to get the very best out of them. Below are some examples of tools that allow tracking.
4. Analyse your competition
The old adage of "know your competition" still rings true. Carry out as much research as possible about your competitors. If for example you want to benchmark your ranking in organic search results, the Semrush Position Tracking tool is a great way to gauge keyword performance against your competitors.
5. Work on improving those metrics
With everything in place, think about creating a strategy to improve your metrics. How will you improve email click through rate? What about conversions on landing pages? Whichever you opt for, your strategy should reflect the digital outcomes you want.
6. Review. Adjust. Repeat
Continuous improvement is key. If you've taken the time to identify your digital marketing benchmark, then it would be a waste to just do it once.
Nothing is perfect. That's why it's important to constantly review your benchmarking to get a feel of your strategy impact. If needed, make the necessary adjustments and hone your benchmarking to meet your requirements.
Working with Codehouse
If you’re thinking about running a campaign and would like some guidance on benchmarking, our digital experience team is the perfect option for you.