Why benchmarking your online capabilities matters
I believe that external and internal benchmarking of your digital marketing capabilities is important for managers reviewing their online strategy since it answers these types of questions:
- Are we effective+efficient in our digital marketing?
- What is the “size of the prize” – are we tapping into the market effectively?
- How do we compare to direct competitors?
- How do we compare to out-of-sector competitors – we need to know this if we want to be best in breed?
- How can we see where we’re strong and weak through internal data?
So benchmarking helps highlight failings which can be worked on, but also shows how we companies can strive to be best-in-breed as they progress towards their goals.