This can help businesses enable rapid and confident decision-making.
The author notes that establishing the correct marketing benchmarks is an essential part of decision-making with the plethora of data available today. Brands must pick the right benchmarks which resonate with the organisation and align them with business outcomes to enable quick decision-making.
While brands have had campaign benchmarks for years, but they usually miss the context of competitive activity or real-life situations. Marketers should try and adapt to benchmarks like Net Promoter Score (NPS) that other departments use and figure out how they can best influence them.
Creating new benchmarks can disclose fresh insights but marketers need to use data which is closer to real-world over artificial lab data. Marketers should also use multiple sources of data to make better decisions.
[3 minute read]