Businesses are constantly aiming for high profit and growth, from building more efficient processes to selling more of their products and services. Businesses are hiring digital marketing agencies to market themselves and achieve their desired marketing goals. But how do you figure out if your digital marketing agency is a success for you or not? The answer to your question would be Benchmarking.
What is Benchmarking?
Benchmarking in marketing terms means analysing your performance compared to your competitors and foreseeing your strengths and places of improvement. If you are looking for ways to benchmark your digital marketing agency, then you have come to the right place.
1. Identify and set your marketing priorities
Senior executives and other members of management should be involved in determining which procedures are crucial to the company’s performance. Following that, the processes should be prioritised according to whatever KPIs are essential to all stakeholders. Select and describe the measures you wish to collect after prioritising. You can decide on do want to check for Engagements, Conversion, the Website traffic and such.
2. Identify and set the right metrics
Your benchmark should be detailed, but it should also be clear and simple enough to allow you to take action. We recommend keeping track of between three and five metrics. Here are several examples:
How frequently do you tweet, blog, or send email?
What are your bounce rates?
Page loading time?
How many people have reacted to, read, or opened your content?
What happens after visitors see your content?
How often does your call to action (CTA) get clicked?
3. Collect metrics using Tools
After you have decided on your marketing priorities and set the metrics, you can go ahead and collect the data for the last 2-3 months, according to your needs. You may start by adding up the numbers – the number of blogs, tweets, emails sent, and so on. You can use tools like Google Analytics, MailChimp, and Twitter analytics to gather all the data about your digital marketing agency.
4. Conduct competitor analysis
Conduct a competitor analysis of major competitors of your digital marketing agency. Since it would be difficult to get confidential internal data of your closest competitor, try gathering data for other digital marketing agencies as well. Compare on the basis of how often they write, tweet, or otherwise market themselves in the given time. Check their bounce rates, website traffic, and conversion rates, just like what you did for your digital marketing agency.
5. Make a benchmarking template
You may now objectively assess where you are after you’ve done your first round of analysis. Create a report that reflects your current situation and includes similar data from your competitors.
6. Review and repeat the process
Carefully analyse the gaps between you and your competitors. Where you’re agency is lacking, but others have the upper hand, for example- other agencies’ total engagement and advertisement costs might be higher. Your agency could deliver lower engagement with low ad cost. Find out the reason and write down your solution to that. Implement the changes to the next marketing efforts.
It’s time to look for other methods to enhance when you’ve successfully implemented a new process. Examine the new processes you’ve implemented to see if any adjustments are required. If everything is going well, move on to other areas or more ambitious initiatives to benchmark and begin the process all over again.
When you Benchmark the performance of your digital marketing agency right, you will see how your company will grow or even surpass competitors.