Other things you can learn from the competition include:įind more statistics at Statista Design Tips If you churn out a quick site and fill it with spammy content, why would anyone bother to read what you have to say? Or to come back again? This is something that an awful lot of ‘marketing gurus’ and ‘digital marketers’ will forget: they are too interested in get-rich-quick schemes and as such, they don’t think about what they actually need to build in order to offer something worthwhile to their visitors. Why would someone visit your site if they could visit someone else’s and get the same information, better presented?
How much money would it cost you to build something that is as well-built as the best site in your niche/industry? Ultimately, if you can’t compete with the best in your niche, then there’s really very little point in creating your site at all. In internet marketing, there are a number of different ways that you can use benchmarking in order to better understand what your competition is doing, what the market is like and what you need to do in order to succeed.įirstly, bechmarking can be used to ascertain the quality of the website you need to build.
Pricing is just one example however and companies may also use benchmarking to look at the quality of a competitors’ website, to look at the way they got to where they are, etc. While keystone pricing might be a ‘fair’ option and might work well for your business, it is ultimately meaningless if the competition is selling the precise same product at a fraction of the cost. While this will ensure that you make the necessary profit and while it is a generally accepting industry norm, it at the same time creates issues because it is not related to any other market factors. On the other hand, if you are the manufacturer, then it might mean that you pay twice the amount that it actually cost you to create. If you are a reseller, then that means you will charge twice the amount that you were charged by the wholesaler/manufacturer. This means simply that you charge twice the price it cost you to acquire. The most obvious example of this comes when pricing goods.Īs a company, how do you decide how much to charge for an item? One option is to use keystone pricing. In marketing, benchmarking means comparing yourself to other firms, brands and companies in order to find areas where you are succeeding and areas where you need to improve.
#To be benchmark meaning how to#
In this post, we explore why that is and how to make the most of it. Benchmarking is a strategy that any webmaster or business can use to better ensure their success when it comes to internet marketing.
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