Analytics & Marketing MetricsBenchmarking

Why Is Digital Benchmarking Important?

You can benchmark virtually anything as long as you have a really good reason for it. In an article for Entrepreneur, Paulius Stankevicius considers the value of digital benchmarking in sales and marketing contexts. He discusses broadly how to make the experience worthwhile.

Get Those Digits

Stankevicius discusses the benefits of digital benchmarking like this:

Digital benchmarking gets the answers related to online performance. This analysis opens up the very hard to answer questions such as how did a basic app company get viral? What are the key factors? When launching the next Uber or the next Airbnb, you have to analyze industry leaders from A to Z. You have to take the whole journey of how they get their clients online, what process does the client follow to go through online? How does the payment work online? After going through all of the findings you will then have to think where you can add your unique value proposition as your competitive advantage.

He notes that app-based companies do almost the entirety of their marketing digitally. Meanwhile, established financial giants are not as invested in digital marketing, with the result (as Stankevicius sees it) being that Millennials are not as familiar with them in spite of their size and success. This creates opportunities for new, digital-first financial institutions to grow in the large blind spots of the bigger players.

So in effect, the race is on to see how much of the Millennial and even Gen Z demographics that the new app-based companies can grab before the larger players wise up. Although, that race is also going on for your business too, regardless of its size. That is why the time to start digital benchmarking of your marketing is now—because it will be too late tomorrow.

You can view the original article here:

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