We all want to know how we measure up and where we stand compared to our competition. In business, it’s important to understand how we’re doing versus how our direct competitors are doing. And it’s not just about being competitive; it can help make sure that you’re on the right track.
Industry benchmarks are so valuable for that reason. They can help you assess what’s standard in your particular niche, giving you an idea of what results you should be shooting for and even what’s possible.
It can be difficult to find these benchmarks online for every industry, requiring you to dig up the data and analyze it yourself. We’re going to help with that, taking a look at exactly how you can set industry benchmarks that will be valuable to you and which ones you should be focusing on.
Why you need to set industry benchmarks
Benchmarks are great, but they’re only useful if they’re accurate for the industry that you’re working in. In 2018, for example, the average order value for eCommerce beauty stores was $70.71. This is a great number, but it’s going to seem dismal if compared to the average order value on travel-related site… Read More