With the digital world as fiercely competitive as ever, benchmarking is your key to staying ahead.

In its most basic form, benchmarking compares your business to others in your industry, giving you context to understand performance relative to the market. It's the only way to get an accurate picture of your performance.

When you benchmark and analyze your data like a pro, you'll be able to detect new market trends, pinpoint your biggest competitive threats, and gauge and grow your market share.

Keep reading for five benchmarking best practices that we swear by for continuous improvement and growth. Let's get started.