Revolutionizing marketing benchmarks with an easy-to-use tool
When you’re only measuring your KPIs internally, you’re only competing against yourself. You need to evaluate your performance and measure your success against your competitors regularly. Marketing metrics without benchmarks are like a car without fuel: taking you nowhere.
Benchmark metrics help businesses like yours identify the gaps in your marketing strategies, the points where you fall short, and where you excel. Then, you can decide where to allocate your budget and focus.
Read on to discover:
Why benchmarks are crucial,
Why they matter,
How to identify gaps in your marketing strategy using benchmarking,
Benchmarks refer to measuring an entity's performance against that of a peer group or industry standard. They help organizations identify areas for improvement and opportunities to set new goals that are challenging but achievable. It shows you exactly how you line up compared to others in your industry.
Benchmarks are vital in marketing metrics comparisons because they provide a clear picture of your performance against your industry peers. This way, you can identify which areas need improvement and set trackable KPIs that align with your overall marketing objectives.
Every year, annual benchmark reports are generated. Then, many marketers spend time reading through these reports. Some will manually perform a data comparison, but many won’t take the time to tediously perform an analysis.
The marketing benchmark tool, for the first time ever, allows marketers to easily input the KPIs they have at hand and get an on-the-spot automated analysis of how they compare with the industry standard. This report not only saves valuable time but also allows you to make full and effective use of the data — and it’s free to use. With this report in hand, you can identify not only the successes in your strategy but also the gaps.
Identify the gaps in your marketing strategy (and beat your competitors)
One of the most significant benefits of benchmarking is identifying the gaps in your marketing strategy. By comparing your data against your peers, you can identify areas where your competitors outperform you. Then, you can work to close the gap and improve your overall performance.
Take the areas where you are underperforming and analyze your data. Look for trends and patterns, such as decreasing website traffic, conversion rate, engagement rate, and other relevant metrics. These trends can help you identify any friction points for your customers within your sales funnel.
Once you have identified the gaps in your marketing strategy, it's time to develop an action plan. Jot down the specific steps you need to take to close the gap and improve your overall performance. These steps may include improving your content marketing, SEO, paid advertising, social media marketing, or customer engagement. Then, keep an eye on your KPIs (Key Performance Indicators) to measure your efforts and stay on track.
Set your KPIs and stay on track
If you haven’t set your KPIs yet, now is a good time to do so. You are going to want to set SMART KPIs, which means they should be:
Specific: Write down what each KPI will measure and why it's important for your business.
Measurable: You must be able to measure your KPI to a defined standard.
Achievable: The KPI needs to be reasonably within your business's reach.
Relevant: Your KPI must measure something of significance to your business.
Time-Bound: You need to be able to achieve your KPI within a time frame.
Once you know your KPIs and have pulled the relevant data for them, you can enter them into Major Tom’s marketing benchmark tool. The framework to measure KPIs based on your performance compared to that of your peers is built into the tool. You simply have to enter your data and generate a report.
With the marketing benchmark tool report, you can set challenging but achievable goals that will help improve your marketing metrics while measuring your success against industry standards.
How to use Major Tom’s marketing benchmark tool
Using Major Tom’s marketing benchmarking tool has never been easier. Once you have entered your data on the tool’s page, the tool will update automatically with the latest benchmarking data, so your numbers are always relevant. The tool will compare your data with relevant industry standards and provide a report of your performance compared to your peers.
This way, you can identify weak areas that need improvement, set new goals, and continue to improve your overall marketing performance.
No data? No problem!
Don’t have your data at hand? Don’t worry! You can select this as an option, and you will receive the marketing benchmark report for your industry. This way, you have your industry’s marketing benchmarks at hand for when you’re ready to compare your company’s data.
Even if you have partial data but not everything the tool asks you for, you can still generate a report. Fill in as much as you can, and the tool will adjust and compare accordingly. You’ll still receive a full marketing benchmark report for your industry after you use the tool. You’ll be left with the resources you need to improve your overall marketing performance.
5 ways to use Major Tom’s marketing benchmark tool
1. Identify areas of improvement
Major Tom’s marketing benchmark tool shows you how you stack up against the competition. Use this data to pinpoint the areas where you fall short or are in line with the average. Then, map out a digital strategy to improve those areas.
The marketing benchmark tool will help you understand where you need to invest more time and resources to achieve better results.
2. Stay competitive
Staying up to date with the latest trends and practices in your industry ensures your competitors won’t outperform you. The marketing benchmark tool gives you valuable insights into where your competitors are pulling ahead with their marketing strategies. When this happens, start researching new trends and technology that can help you to perform better.
3. Set realistic goals
The marketing benchmark tool can help you set realistic goals for your business. By analyzing the performance of your competitors, you can understand what is achievable and reasonable within your industry. You can use this information to set realistic goals for your business. Then, track your progress towards achieving them using KPIs.
4. Measure success and identify strengths
The marketing benchmark tool shows you where you stand within the marketplace. You can use these indicators to track your progress over time. If you’re above the industry average, you can use this tool to identify your strengths and work to keep them as a competitive advantage.
5. Improve your ROI
Improve your return on investment (ROI) by identifying areas where you can reduce costs and increase efficiency with Major Tom’s marketing benchmark tool. By being strategic with where you allocate budget and resources, you can achieve better results and ultimately boost your ROI.
Benchmarking gives you an essential competitive advantage
The marketing benchmark tool helps businesses like yours to maintain focus on outcomes, facilitate continuous improvement, and boost your ROI. As a marketing professional, using Major Tom's marketing benchmark tool will enable you to beat your competitors, identify the gaps in your marketing strategy, and keep your business ahead of the game.