Marketing benchmarks are tools used to measure the progress of your Buffalo business’s advertising campaigns against your competitors’ campaigns. This process involves analyzing the effectiveness of your campaigns and learning to optimize them. Comparing your company’s performance to your competitors’ performance helps you gain more customers and outperform your competitors.
Importance of Marketing Benchmarks for Buffalo Businesses
Marketing benchmarks for Buffalo businesses are important for many reasons:
- Creating achievable goals
- Building an effective marketing strategy
- Optimizing your budget
- Increasing your competitive edge
Essential Marketing Benchmarks Buffalo Businesses Should Aim For
Buffalo businesses should aim for the following marketing benchmarks:
- Process marketing benchmarks to improve business operations. Imitate how your competition completes tasks to experience similar success.
- Strategic marketing benchmarks to optimize your business model. Modify your approach to align with how your competitors operate.
- Performance marketing benchmarks to align your key performance indicators (KPIs) with your competitors’ KPIs and set goals to exceed them.
- Industry marketing benchmarks to improve your advertising efforts beyond the industry average.
How to Create Marketing Benchmarks for Your Buffalo Business
Follow these steps to create marketing benchmarks for your Buffalo business:
- Analyze relevant competitors with a similar company size who market to a similar audience. Use their metrics as benchmarks to develop realistic goals while aiming for growth.
- Decide which areas to improve, such as your social media or pay-per-click (PPC) campaigns. Create clear, quantifiable goals, such as elevating engagement by 16%.
- Choose relevant metrics that align with your goals. For instance, to improve social media engagement, compare your impressions to your competitors’ impressions.
- Calculate your current metrics to determine where to make improvements.
- Develop a marketing benchmark strategy that includes a timeline to help manage expectations. For instance, develop a goal to increase leads by 30% in 1 year, then break down the goal to monitor the progress and adjust accordingly.
- Implement your new strategy while maintaining your brand’s voice and core values.
- Continuously make adjustments to attain your goals.
Need Help Developing Your Buffalo Business’s Marketing Benchmarks?
If you don’t have the time, resources, tools, or expertise to develop effective marketing benchmarks in-house, BARQAR can help. Leverage our expertise to take your business to the next level and generate ROI. Contact us today to learn more!
