Everything You Should Know about Competitor Benchmarking
Competitor benchmarking is the process of evaluating the performance of your website by understanding how your business should be behaving online.
According to Oeuyown Kim of Portent, competitor benchmarking helps you to set feasible goals, identify opportunities, and compare your performance against industry standards.
Kim has published a comprehensive article to help you learn more about the process of competitor benchmarking and benefit from it.
Kim says, “Competitive benchmarking prepares you for initial goal-setting conversations through understanding what metrics and goals may accurately reflect true signs of growth and success for a given business or industry.
It’s inaccurate to judge the performance of a site against what you’ve “typically seen” from other brands. We can’t compare revenue for a nonprofit against an online retailer. We can’t even compare performance across B2Bs that are in similar industries. This research enables you to educate yourself on how your business actually behaves online versus how you think it should.
Compare Against Industry Standards
We get asked all too often, “Is that good or bad?” in response to things like “your conversion rate was 7.5% last month.” Well, that’s pretty amazing for an online retailer but not anything to celebrate for a nonprofit. Competitor analysis involves industry research, so you can be prepared to answer these questions on the spot”.
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