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Benchmarking in marketing

The competition between companies in the internet marketing industry and the broadly understood field of e-commerce turns out to be very fierce. Enterprises are outdoing each other in inventing newer and newer ways to attract customers and increase the quality of service – so as to record the highest profits. A very helpful trend for maximizing customer satisfaction and reducing the number of abandoned carts is benchmarking in marketing that indicates the strengths and weaknesses of competitors, allowing them to be modeled on industry leaders. In today’s article, we will explain what benchmarking is in marketing and how to perform professional competition analysis! Enjoy reading.

Benchmarking in marketing – what is it?

Benchmarking is, to put it simply, an analysis of the competition. As an experienced SEO agency and the creator of tools based on artificial intelligence, such as the paraphrasing tool, we can confidently say that this phenomenon consists in identifying the so-called movements. industry rivals, and then meticulous implementation of selected solutions in your company with the addition of completely new concepts.

“Some people believe that benchmarking in marketing is copying ideas. Nothing could be more wrong, because the assumption of benchmarking should only follow the competition, drawing inspiration from high-class projects developed by competing companies. In my opinion, every company that focuses on effective promotion on the Internet should use benchmarking – it simply makes it easier to adapt to the market. It allows us to better match our advertising offer to the requirements of consumers, in accordance with their experiences, ie the principles of UX (User Experience).

Summarizing the above thread, benchmarking in marketing is a specific analytical method that facilitates:

– increasing the efficiency of individual business processes,
– identifying the strengths of the competition by implementing similar solutions to your enterprise.

Benchmarking can be considered as a process of learning from the best in a given industry and creatively implementing similar, even better solutions in your own company.

Remember! Benchmarking in marketing is the so-called a comparative method, thanks to which you can improve your business strategy based on specific data obtained from competing companies.

How to perform benchmarking in marketing?

To identify the so-called Internet competition, we should identify similar companies in our industry. Write down their names and then verify the websites in the TOP 30 organic search results ranking (i.e. on the first 3 Google subpages after entering the selected keyword). What to pay attention to when performing benchmarking in marketing?

The quality of the content on the website

In Paraphrase Online, the quality of content is one of the most important elements when it comes to benchmarking in marketing. Why? Because content can be used to encourage potential customers to use your services or purchase products. When verifying content on your competition’s website, check, among others:

– advertising slogans (how industry rivals encourage customers to take advantage of the offer);
– CTA, i.e. Call to Action (e.g. book now, subscribe to the newsletter, receive a free e-book) and think about what you can implement on your website;
– the appearance of the content (whether the texts contain boldings, justifications, underlines and other additional sections such as “Remember” or “Good to know”) – think about what is missing on your website, which could make the content more attractive from the point of view of potential consumers;
– header structure (find out how often the competition uses H1, H2, H3, H4, H5 and H6 headings);
– the merits of blog content (what exactly is the task of blog content developed by your competition?) – carefully analyze several blog entries of a potential rival and compare them to your own (think about what makes a given company stand out and how it approaches the creation of blog articles – they care on sales or educating consumers?).

>> Evergreen content – what is it? <<

It is also worth paying attention to additional sections, including:

FAQ (Frequently Asked Questions and Answers),
case studies,
interviews,
guides,
video recordings.

Thanks to this, you will have a broader view of the attitude of competition to the content on the website. Based on this, think about how else you can improve your website in terms of content? FAQ section? Guides? Interviews? The decision is yours.

Adapting the functionality of the website to the current requirements of users

Taking into account the current standards, websites should be adapted primarily to the requirements of users. Personally, we recommend sticking to the SXO (Search Experience Optimization) principles, and consequently check whether the competition has taken care of the following aspects:

– website performance (loading time of an average service page or medium-sized e-commerce website should not exceed 3 seconds);
– its interactivity (it is worth that the website complies with the currently adopted Core Web Vitals standards – it concerns LCP, FID and CLS indicators);
– attractive visual additions (e.g. Call to Action buttons encouraging Internet users to act);
– correct colors of the home page adapted to the company’s value system (with the use of effective colors stimulating consumers to undertake the desired conversion – red, yellow and blue);
– navigation (think if users can navigate on competing sites as easily as on yours).

Website responsiveness is also important. Analyze whether the competition has correctly adapted the website to mobile devices (e.g. smartphones, tablets, smartwatches) and check if your website also works in accordance with the mobile-first rules.

Distribution channels used by competitors

Do not limit yourself only to website verification. Delve into the subject of a competitor’s brand. Visit the social media of the industry rival, verify whether he uses paid PPC campaigns, and if so – what the promotion looks like using individual platforms (e.g. LinkedIn Ads, Facebook Ads, Instagram Ads, Tik Tok Ads).

Check which key phrases your competitors are positioning for and find out if they are using Google Ads sponsored links campaigns. Carefully analyze how selected companies approached the optimization of campaigns provided by the giant from Mountain View. Get to know their SEO (Search Engine Optimization) strategy, analyze the profile of outgoing links (eg in Google Search Console), while finding out which portals they use for linking. Take the example of your competition, but constantly improve individual ideas to stay ahead of everyone in terms of marketing.

Remember! When verifying your competitors’ distribution channels, pay special attention to SEO in organic results. Analyze which keywords your rivals are exposed to. Use Senuto, Ahrefs, Google Keywords Planner from Google or the Ubersuggest tool for this. Also, verify long tail SEO phrases (i.e. those with a long tail consisting of more than 3 words) with Answerthepublic. Compare yourself to the competition and add to your strategy the phrases that you think lead to a high conversion rate.

Loyalty programs

Are you the owner of a small, medium-sized or one of the larger online stores in the broadly understood e-commerce industry? Consider what discounts and loyalty programs you are offering. Compare your amenities with the competition – check if the solutions practiced are certainly sufficient.

Methods of communication with consumers

Familiarize yourself with competing communication methods. Perhaps your rivals use email marketing just like you, but they personalize messages better, achieving a higher conversion rate than you. Maybe it’s time to change your newsletter sending strategy? See how the best in your industry do it, then learn.

>> Effective email marketing <<

Benchmarking in marketing – summary

When conducting benchmarking in marketing, we recommend additionally verifying the appearance of product cards. Maybe the competition adds high-quality videos or focuses on attractive, rotating photos? Diversification can encourage your audience to undertake the desired purchase conversion.

Stand out from the competition, being inspired by their ideas, but modifying them accordingly, implementing many individual aspects that industry rivals have forgotten about. Comprehensively analyze your market segment. Compare your own company with the leaders and become one of them – thanks to the use of benchmarking in marketing.

FAQ

What are the most common questions and answers in the field of benchmarking in marketing?

1. Is benchmarking in marketing necessary to achieve success in service industries or the broadly understood field of e-commerce?

We believe that benchmarking in marketing can make a lot easier. Comprehensive analysis of the competition allows you to verify the strengths and weaknesses of the so-called industry rivals, and then compare the solutions used to those that we implement in our company. This allows you to quickly draw conclusions and then add previously unpractical solutions to your own strategy – thanks to this, it is easier to maximize the conversion rate (e.g. in the form of purchasing a product, using a service, subscribing to a newsletter, booking a training course or receiving a free e-book).

2. How can you benefit from benchmarking in marketing?

Benchmarking in marketing makes it easier to expand the company’s offer with an additional, very interesting (and most importantly – desired) assortment. It allows you to maximize conversion, reduce the bounce rate, minimize the number of abandoned carts, and moreover – improve your brand image and understand much better consumer behavior.

3. What distribution channel to promote your company in the marketing or e-commerce industry?

From experience, we can say that one of the most popular distribution channels are SEO, sponsored link campaigns (Google Ads) and social media marketing (i.e. PPC campaigns such as Facebook Ads, LinkedIn Ads or Instagram Ads). We recommend spreading the budget as follows: 70% for SEO optimization and 30% for other aspects, i.e. Google Ads campaigns and social media marketing.

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