Creating Benchmarks for Online Success
Click-through rates. Conversions. Traffic percentage. Engagement. The list goes on, and where does the path to understanding how to measure your online success lead to? The truth is it all begins with looking through your metrics, understanding them, and then creating benchmarks along the way.
Which leads to another important question: What is benchmarking? Benchmarking is the process of determining the best strategies and techniques to achieve your business goals. One of the biggest challenges with benchmarking is whether or not you are doing it correctly. We have broken it down into four key steps to benchmark for better online business success.
What Are Your Goals?
Start your process with the end in mind. Setting your goals helps to give you and your business a clearer picture of the outcome you would like to see. The key is to not overcomplicate this step. Limit the Key Performance Indicators (KPI’s) you are going to tract at a time. Start by simply asking “why” questions that will help lead you to your answers.
Analyze Your Process.
Take a hard look at what your internal process is. How do you gain new customers? How do you drive new leads? How do you retain customers? By asking these questions, you can take a better look at what strategies, procedures, or techniques you’d like to benchmark to gain a better understanding of your current efforts.
Research. Research. Research.
This is arguably the most crucial step of the benchmarking process. During this stage, you gather evidence and data that support your predictions about your benchmarks results. There are various ways to gain insight into these results and it is ultimately up to you on how you would like to utilize them. Creating a space to share this important data is also essential when breaking down metrics to other people in your business to understand how to run a more efficient marketing strategy.
Data is only as good as it is interpreted and used. Taking a look at what has been broken down is important for your marketing strategy but, putting it into practice is a different story. It is important to note what works for your business might not work for another. Even if a company has set the benchmark for a particular technique, it might not give you the same results. In benchmarking, the goal is to apply strategies that help elevate your business and make changes according to your results.
Now that you are aware of effective benchmarking steps and would like to take your business to the next level, get in touch with one of our experts today to set your business up for success at 334.446.6149.
Posted: Feb 23, 2021