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How do you know if your performance is good? For example, your click-through rate on LinkedIn Ads is 4.2%, is that good? Is your CPC too high? Are your conversions too low?
One way to answer these questions is by using Benchmarks.
In a nutshell, Benchmarks provide a point of reference – a reliable standard that helps you compare how you’re doing against businesses like yours. You can use them to understand where you’re performing well, and where you have opportunities to improve. And you finally get a clear answer to the age-old question “Is this good?”
Now, you can find and save Benchmarks right inside the Databox Analytics app.
When it comes to improving performance, Benchmarks are more than just a comparison tool. They offer insights that you can use to:
With Benchmarks, you can compare just about any metric in your account against competitors. And:
You can access Benchmarks by navigating to the Benchmarks icon in the left-hand sidebar.
To add a new Benchmark, click on + Add Benchmark. This will redirect you to the Benchmark Explorer.
Using the drop-down menu, select the metric you want to benchmark. Then, use the cohort settings to filter your benchmark data by industry, business type, employee size, and annual revenue.
For example, imagine you’re the owner of a marketing agency. Currently, your company has about 23 employees with an annual revenue of $1 million. And you want to compare your Average Session Duration to similar companies in your industry.
In the Benchmark Explorer, you would select Average Session Duration as your metric and your cohorts would be:
Once you’ve selected your filters, click Apply Changes to view your Benchmark.
If you want to continue tracking this Benchmark, click Add To My Benchmarks to save it on the My Benchmarks page – a personalized screen where you can effortlessly access and monitor your most important benchmarks from one place.
When you’re reading a Benchmark, it’s important to understand the different components on the chart. In Databox, there are four things you should consider: values, characteristics, contributors, and the quartile range.
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