Benchmarking in marketing is the process of using data to compare a company's marketing strategies, features, and performance metrics against those of leading competitors and industry standards to identify areas for improvement and adopt best practices. This involves assessing aspects such as UA, engagement, retention rates, monetization, and overall app performance to measure success and identify areas for targeted improvement.
By analyzing key performance metrics and industry statistics, you can set specific goals, understand the competition, and track the progress, ultimately gaining a competitive edge and capturing more market share. Without benchmarks, you risk wasting resources on content that doesn't resonate with your audience or drive results.
Understanding different types of benchmarking can help you maximize its benefits. Explore strategic benchmarking information below and invest in the right tools to enhance performance.
Technical benchmarking involves comparing the specific capabilities of your products and services to those of leading competitors. For example, if you develop a gaming app, you might compare the app's loading times and graphics quality to those of top competitors to see how they stack up.
Competitive benchmarking compares your business to top competitors to understand their success. For example, a subscription app might compare its user retention rates and onboarding process to those of a leading competitor to identify areas for improvement.
Strategic benchmarking is a type of external benchmarking that compares your business to competitors to understand why they are thriving. For example, a finance app might analyze how top competitors use personalized notifications and budgeting tools to improve its own user engagement.
Performance benchmarking involves analyzing key performance indicators to improve business performance. For example, a gaming app might compare current user engagement and in-app purchase rates to previous periods. By identifying trends and areas for improvement, the app can refine its features and marketing strategies to boost engagement and revenue over time.
Internal benchmarking compares the same workflow across different company areas to ensure consistent performance. For example, a finance app might compare customer support response times between teams to identify best practices and improve efficiency across all departments.
