Benchmarking in marketing is the process of comparing a company’s strategies, performance, or marketing assets against industry leaders or direct competitors to identify what works, why it works, and how it can be improved. It is a strategic exercise aimed at spotting gaps, informing better decisions, and enhancing results across marketing efforts.
This process typically involves selecting key performance indicators (KPIs)—such as conversion rates, cost per acquisition, return on ad spend, or engagement metrics—and then comparing those metrics against industry standards or best-in-class competitors. However, benchmarking goes beyond just numbers. It also involves examining tangible marketing elements such as websites, advertising creatives, landing pages, or copywriting styles to evaluate what top-performing brands are doing differently.
Importantly, benchmarking is not about copying. It is about adapting what has already proven to work and personalising it to fit your company’s brand, audience, and goals. This might mean redesigning your homepage after studying top-tier ecommerce websites, or reworking ad copy after analysing high-performing competitor campaigns.
For instance, a mobile device company might discover that its competitor’s onboarding emails consistently achieve higher open and click-through rates. Upon closer inspection, the competitor’s emails are shorter, more visually structured, and include clearer calls to action. By applying these learnings while maintaining brand tone and messaging, the company can optimise its own email strategy and improve user engagement.
When done correctly, benchmarking keeps marketing efforts sharp, relevant, and competitive, enabling companies to continuously raise their standards based on what actually performs well in the market.
