What is Competitive Digital Benchmarking?
Pioneers in digital transformation are ahead because they were the first to take risks, experiment, invest ahead of time, and iterate numerous times until the transformation process was perfected.
Benchmarking against competitors means getting information about the digital performance of websites or apps that are similar to yours and comparing them to yours. You can then use this information to find blind spots in marketing and sales, marketing strategies or content optimization efforts that aren’t working, ways to improve business processes, and new market growth.
Competitive analysis and benchmarking are two ways to find out where you stand in relation to the leaders of your industry, the average of your industry, and specific competitors.
The problem for organizations just starting their digital journey is determining what to prioritize so that they may properly deploy their financial and human resources within a fast narrowing window of opportunity.
Benchmarking is a survey-driven approach in which we assist clients in measuring their competitive stance on the digital continuum by objectively comparing their skills against comparable organizations within the industry and the best around the world.
In a period of rapid change and tough restrictions, benchmarking digital maturity across business models, business processes, and technology portfolios in absolute and competitive terms gives insights that will aid in strategic prioritization and resource allocation.
The benefits of competitive benchmarking
You know exactly how well your company is doing. Google Analytics gives you a clear picture of how well your site is doing. Sales metrics help you figure out revenue and growth, and financial reports show how the economy is doing. But your own measurements won’t do. Also, in a world where people are using their phones more and more, you need a full picture of the web and apps. This is why competitive benchmarking is so important to your success.
To figure out your opportunities, threats, strengths, and weaknesses in the market, you need to put your data in context.
Effective businesses use competitive benchmarking analysis to find out where they stand in terms of different engagement metrics. You can also use it to compare your site’s performance to any KPI and see how it stacks up against any other site. If you do it right, it gives you important information that you can use to figure out where you stand in your industry and grow your market share.