Historical Trend Analysis: Benchmarking to Build a Digital Strategy
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Chloe Nicholls Chloe Nicholls
Historical Trend Analysis: Benchmarking to Build a Digital Strategy
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If your company grew its digital market share by 10%, but the industry grew by 20% year-over-year (YoY), then how do you know if you are on track to win your market? Or vice versa, your industry fell by 10% but your company only lost 2% of market share? Are you in good shape or do you need to embrace change?

Knowing industry benchmarks can help steer your digital strategy in the right direction, keep your executive leadership team up-to-speed on market dynamics, and accelerate your digital growth.

However, gathering this information can take time and quickly becomes outdated if you aren't continuously monitoring traffic and engagement metrics over time. That's where a digital scorecard comes in handy. It'll track your industry and competitive benchmarks in real-time so you're always in the know about who's winning your market. For example, if you are only analyzing last year's industry performance, how can you ensure you are benchmarking to pre-pandemic levels and accurately anticipate market recovery?

By looking into historical data trends, you can measure your performance relative to industry norms. For example, what was happening in the market before COVID-19 hit. With these insights, you can build a baseline for digital performance and strengthen your decision-making process, plus analyze how the market evolves and takes shape over time.

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