With 88.83% of all UK searches conducted using Google, you can’t question the fact that they understand the search business. Google has now announced the introduction of new Google Analytics benchmarking reports whereby Analytic users can now compare their website data to that of other users within your particular industry.
Google says “Benchmarking allows you to compare your data with aggregated industry data from other companies who share their data. This provides valuable context, helping you to set meaningful targets, gain insight into trends occurring across your industry, and find out how you are doing compared to your competition.”
To access Google benchmarking reports you must first share your data so this can also be included in the benchmarks, don’t worry this is all done anonymously. Firstly sign into your Google Analytics account and then:-
- Click Admin at the top of any Google Analytics screen.
- Under ACCOUNT, click Account Settings.
- Select the “Anonymously with Google and others” checkbox.
- Click Save.
You are now ready to view the benchmarking reports by going to the Reporting Section and clicking on Audience and then Benchmarking. Once you’ve selected your industry from the 1600 categories listed, 1250 markets and 7 size options, you will find a range of reports available via Channels (Social, Direct, Referral, Organic Search, Paid Search, Display, and Email), Location and Device. Each of these allows you to then compare your data against benchmarks for sessions numbers, duration, new users and bounce rates.
There is also a note on the right hand side top corner telling you the number of other Analytics user websites that contribute to the data to establish the benchmarks. This puts the benchmarking into perspective knowing how many websites you are being compared to.
So what can all this tell you about your business in comparison to your specific industry? Google Analytics benchmarking reports can flag up areas that you are not up to scratch on, which in turn allows you set realistic and meaningful goals to develop those areas.
By analysing this data you can answer a huge number of questions, from industry bounce rates, tablet and mobile usage to whether email marketing campaigns work for your specific industry, showing exactly where you are trailing behind the competition and where you can make improvements. For example, if you are reaching industry benchmarks for acquisition with high levels of new users but falling down on behaviour with higher bounce rates than your competition, you may need to review and overhaul your landing pages.
This Google benchmarking information is invaluable and can really help you as a company invest in areas that will make a difference to your business. Google are effectively giving you industry website standards, its then up to you to set your goals to where you want to be.
They are simple to understand and free, so take a look today and see what Google Analytics benchmarking reports say about your business and how you compare to the competition.