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Analytics Basics: Types of Benchmarks

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Having benchmarks in place for all your core KPIs is absolutely critical as they help you understand what success means for your marketing and communications activities. Simply put, without relevant benchmarks for all your standard metrics your data is meaningless.

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Analytics Basics: Types of Benchmarks

  1. 1. ANALYTICS TYPES OF BENCHMARKS CRASH COURSE
  2. 2. Having benchmarks in place for all your core KPIs is absolutely critical as they help you understand what success means for your marketing and communications activities. Simply put, without relevant benchmarks for all your standard metrics your data is meaningless.
  3. 3. there are 3 types of benchmarks
  4. 4. historical benchmarks These are benchmarks based on your own historical performance for a given channel or data set. Historical benchmarks are usually the most accessible and the most meaningful benchmarks you can use, and I generally recommend that you start with these before looking at the other types of benchmarks.
  5. 5. These are benchmarks based on competitor performance. Depending on the channel competitor benchmarks generally require you to focus on metrics that are publicly available or that you can purchase (e.g. 2nd or 3rd party data) as you usually won’t have access to owned competitor data sets. competitor benchmarks
  6. 6. These are benchmarks based on an industry or category standard of performance. Of all 3 types of benchmarks industry benchmarks are the most difficult to obtain and there is no single approach or methodology for defining or retrieving them. Generally speaking, there are 2 approaches to developing an industry benchmark, 1) using a 3rd party source, and 2) creating a custom industry benchmark. industry benchmarks
  7. 7. by stephen tracy | www.analythical.com READ THE FULL ARTICLE ON MY BLOG http://bit.ly/1PzsHj9
  8. 8. slide 1 Steve Richey - www.rvcmedia.com slide 2 slide 3 slide 4 slide 5 Carl Nenzen Loven - www.flickr.com/nenzen Ivan Slade - https://unsplash.com/flowinteractive Gian-Reto Tarnutzer - http://www.webcake.ch Jakub Sejkora - www.facebook.com/jakubsejkora slide 6 McDobbie Hu - http://mcflurry-hu.lofter.com/ PHOTO CREDITS
  9. 9. linkedin.com/in/tracystephen @stephen_tracy /stephentracy +StephenTracyOnData THANK YOU by stephen tracy | www.analythical.com analythical.com/contact-me

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