Benchmarking to inform business decisions
We all have a good idea of what our competitors are up to, but keeping an eye on the market is no substitute for regular, structured benchmarking.
The digital world moves at a great pace and there’s always pressure to keep up and stay ahead of the game. In our experience, on-going benchmarking allows clients to take a measured approach, assessing what competitors are doing successfully and what they’re not. This means that clients can leverage insight built up over time to create market leading digital strategies with depth and longevity.
Here are our top 5 reasons why you should consider benchmarking today:
1. Stay ahead of market trends
Benchmarking your activities allows you to keep abreast of market trends and new digital developments. Having regular reports is particularly important because the world doesn’t stand still in online marketing. You need to be able to compare and contrast what’s happening over time in order to take a view on where things are headed and where you need to be to keep up or move ahead of the competition.
2. Inform your planning
Understanding where there are gaps in the market offers you a great opportunity to build new initiatives to exploit those gaps which in turn can yield a greater return on your online investment. It’s very often the case that a formal benchmarking process gives an organisation the space to step back and consider opportunities that they hadn’t previously considered.
3. Be more innovative
Benchmarking lets you take a wider view beyond just your traditional peers and competitors to related industries or completely different sectors where relevant. Seeing best practise examples across a spectrum of different organisations and sectors means that organisations can aspire to implement the most innovative strategies possible, rather than just what’s current in their industry.
4. Get specific
Benchmarking gives an important overview of where you sit in your market. You can also tailor your benchmarking activity to look at specifics which will allow you to also delve deeper into a particular area of interest such as your content, engagement levels, social media, checkout pages or site visibility to give you even better insight for planning.
5. Support your budgetary decisions
Benchmarking reporting can make an invaluable contribution to supporting the case for investment in new online activities. It will actively demonstrate where you sit within the market to those looking to be convinced of the need to invest using real, tangible data which is difficult to ignore.
Benchmarking is without doubt an invaluable activity to any business that wants to lead the way online. Konstructive’s benchmarking activity is customised to the brand, sector and the challenges being faced to ensure that our clients get the highest quality insight and the most from their investment.
Our analysts have extensive experience and over the years have produced reports for a diverse range of clients from retailers such as New Look to legal firms like Berwin Leighton Paisner. Our benchmarking has informed the online plans and helped to drive thousands of pounds of additional revenue through the opportunities that it has created.