Benchmarking is the practice of measuring the brand’s performance against past achievements or against the success of a business that is top in its field. This chapter looks at the different types of benchmarking and the insights they can reveal. It covers:
- Past performance vs. current performance: In internal benchmarking, an organisation compares its measurable KPIs with its existing practices or traffic.
- Tools: Online businesses have various options for benchmarking against their competitors. What tools can they use for insights about their performance compared with other brands?
- What should be benchmarked: There are a number of metrics that brands should benchmark, depending on the industry. What are some good metrics to measure?