Benchmarking & trends are analyses that of historical data to compare the performance of a company and with other companies in the same or similar marketplace. Without it, a company cannot know how successful its performance is in a market or whether the company performs a specific task better than a competitor does. Comparing a company’s performance to a rival is essential to improving that performance.
Why are benchmarking & trends important?
Benchmarking is a fundamental tool for creating a company’s strategic plan and monitoring its progress. Clearly defining and stating the goals and purpose of a benchmark is essential for valid data collection. Website benchmarking can include metrics for site performance, marketing performance, financial performance, search performance, and usability, but how many benchmarks are established depends on the business.
How do we use Benchmarking & Trends to benefit you?
Design the Planet staff use benchmarking to analyze trends, set goals and measure conversions. We are able to use our findings and metrics to answer important questions about your company’s place in the market and build plans to improve it. Is performance improving or deteriorating? Are websites sales growing or declining? What are the most effective marketing channels for a product or service in terms of goal conversion and revenue? How do you compare to your competition and what can you do better than them? Benchmarking gives us the answers we need to build strategies.
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