You can define success in a number of ways, and one of those ways is how you measure up against your competition. That’s where competitive benchmarking comes in. Competitive benchmarking is an ongoing process that compares your company’s practices and performance with those of your closest competitors.
Survey analysis software can help with those comparisons by making it easy to review and examine the metrics you choose to compare. The following metrics give you good place to start.
Website and SEO Metrics
Metrics related to website performance and search engine optimization are public knowledge and accessible to anyone interested. Google Analytics and other online tools can help uncover the info you want. Metrics that matter in this category include measurements such as:
- All organic search traffic over time, displayed on a timeline
- Highest ranking SEO landing pages
- Best performing organic keywords and percentage of new visits
- Pages per visit by organic keyword
- Most effective keywords based on goal completions
Social Media Metrics
Online channels such as social media are prime places to look for a host of metrics that are again accessible to the general public. Online tools, which include a Facebook competitive analysis report, can help you learn how you stack up against your competitors with regard to:
- Content performance, where you look at the differences and similarities in you and your competitors’ content mixes, as well as how relevant these content types are to your audience.
- Engagement as percentage of fans, which gives you an accurate overview at how healthy a social account is, particularly useful for competitors with huge fan bases. Just because a fan base is big doesn’t mean it’s necessarily engaged.
- Growth rate, which can be much more insightful than simply looking at the raw number of fans you or your competitors are adding. You can have the highest growth rate without adding the most fans.
- Share of voice, with a share of voice analysis giving you a rundown on mentions of keywords associated with you and your competitors’ brands. Share of voice is particularly important on social media, since social media’s main aim is to generate conversations and mentions of your company.
Private Data Metrics
Other informative measurements are based on private data and can be more challenging to obtain. While gathering such info may be a challenge, it’s certainly not an impossible one. Do your research, keeping an eye out for data from your competitors in the form of:
- Sales reports
- Press releases
- News articles
Another option is to turn to other sources, such as Nielsen and similar firms that conduct research for benchmarking purposes. You can likewise conduct your own surveys, which gives you the option of creating precise questions for an equally precise audience.
While some of the methods of obtaining benchmarking data may be costly, the investment can be well worth it. This particularly holds true if you take full advantage of survey analysis software for mapping out your results in a straightforward format that lets you steadily gauge how well you continuously place in the race.