Google Analytics Benchmarking Reports
Benchmarking reports allow you to compare your data with aggregated industry data from other companies in your industry. This matters because it provides a valuable context to your business by helping you get insight into trends occurring across your industry, and finding out how you are doing compared to your competition.
You can choose from over 1600 industry categories whilst still further refining the data by geographic location and traffic size. This can help you get answers regarding:
- Your industry sector’s low-end and high-end performance
- Standards in you sector. Let’s say you have a bounce rate of 38% which you see as a good performance metric. Are you still happy if you find out that your industry’s benchmark is 30%?
- Competition levels. Does having 85 similarly performing competitors in your area mean increased competition for your business?
- Your marketing channel performance. Comparing your PPC channel, are you getting less traffic than your competitors? If yes, then you may want to increase your advertising budget or improve your PPC campaigns for better performance.
- Device specific performance. Is your site mobile-friendly? How about your competitors’?
- Location specific performance. Can help you find markets your competitors are not targeting.
Contextualising your site performance is a great way to add meaning to the work you have done, plan what needs to be done and gain insights into trends within the industry. There are however a few considerations you need to be aware of:
- You competitors may not always choose to share information with Google or they may not be using Google Analytics. This means that the data available may not necessarily be completely representative for your industry.
- Even if your competitors are choosing to share information with Google they may select a different industry vertical than yours. In this case you may not be able to compare your performance against all your close competitors.
- Google aggregates and anonymises data. This means that you will not be able to single-out competitors and you won’t know exactly where the data is coming from.
Whilst benchmarking reports are one way of gaining competitor intelligence they will not be able to give you straight answers and most probably you will want to use other tools for a more comprehensive competitor analysis.