The floodgates have been opened. Google has announced that Analytics users who agree to anonymous data sharing will now be able to access industry benchmarking reports. Jayson DeMers writes for Forbes about the value this could add to your business.
Benchmarking for the Masses
<p>Along with all the data you would expect to see, like session lengths and bounce rates, Google will also offer heat maps that provide a visual representation of where you can improve. Impressively, there will be a range of 1600 industry categories, 1250 markets, and 7 size buckets from which to select. As for how you can make the best use of Analytics benchmarking, DeMers recommends three things:
- Prioritize improvement opportunities.
- Set realistic goals.
- Maintain your competitive edge.
Benchmarking lets you see categorically where your time and money are best spent making improvements, especially in the places where you rank substantially below industry standard. Juggle the desire to improve with common sense though, and set goals that are practical. If one of your metrics has not budged in eons despite your best efforts, just set your sights on improving a different metric instead. As for the third piece of advice, DeMers says:
Finally, benchmarking gives you the ability to see where you excel compared to your peers. If you want to maintain this competitive advantage, you first need to know you have it! Understanding where your strengths lie allows you to commit additional resources to standardizing your current process in order to maintain your advantage. In short, benchmarking shows you how to be the best competitor possible.
Google Analytics benchmarking invites literally a world of new data to your computer screen, and your ability to exploit that data is limited only by your imagination. To get started on your journey in worldwide benchmarking, you can read DeMers’ full article here: http://www.forbes.com/sites/jaysondemers/2014/09/17/what-google-analytics-benchmarking-means-for-businesses/