It is important for marketers to appreciate that in isolation, their site’s analytics provides a blinkered view. While they get to see their company’s performance, the market as a whole remains opaque.
Industry benchmarks provide for an important basis for comparison. For instance, 10% growth in user volume might not look as appealing if your closest competitor is growing 30%.
Web analytic service providers such as Google Analytics and IBM Digital Analytics do share benchmark data. However, the standard reports such as the one shown in Exhibit 20.14, are limited in scope.
Google Analytics offers benchmarking reports for over 1600 industry categories, by geographic location and traffic size classifications. To access these reports, customers must share their data anonymously with Google and other customers.
Beyond these industry benchmarks, marketers need competitive intelligence. How fast are their competitors growing? What activities are the competitors engaging in, and how do these activities affect their business?
Note: To find content on MarketingMind type the acronym ‘MM’ followed by your query into the search bar. For example, if you enter ‘mm consumer analytics’ into Chrome’s search bar, relevant pages from MarketingMind will appear in Google’s result pages.
In an analytics-driven business environment, this analytics-centred consumer marketing workshop is tailored to the needs of consumer analysts, marketing researchers, brand managers, category managers and seasoned marketing and retailing professionals.
Two-day hands-on training on Digital Marketing, conducted at the NUS Business School. Designed to make you more effective in developing and executing digital marketing strategies. You learn to use Google Search Console, Google Analytics and Google Ads to execute online marketing initiatives, run search and display advertising campaigns, and track and optimize performance.
Is marketing education fluffy too?
Marketing simulators impart much needed combat experiences, equipping practitioners with the skills to succeed in the consumer market battleground. They combine theory with practice, linking the classroom with the consumer marketplace.