How to Use Benchmark Marketing in Your Reporting – Did You Know

“A horse never runs so fast as when he has other horses to catch up and outpace.”

The power of competition isn’t in beating others. It’s in pushing yourself to achieve more, to become better than you thought possible. For marketing agencies, tapping into that competitive drive with benchmark marketing can inspire client action, demonstrate your value as a partner, and help you earn better results from your marketing.

Here’s how to add benchmark marketing to your reporting using WhatConverts data.

First, a Few Notes

Before we jump in, here are a few things to keep in mind.

• WhatConverts doesn’t share user data, so benchmarks are based on your clients, not other WhatConverts users.
• Use data from clients in the same industry. Conversion rates, sales, revenue, etc. vary across industries, so comparing clients with different business types may not be helpful.
• Pair benchmarks with recommendations. Use benchmarks to start conversations about improving results. Simply pointing out problems without solutions won’t position you as a valuable partner.

How to Use Benchmark Marketing in Your Reporting

Benchmark marketing consists of two steps:

1. Finding your client’s results for a KPI
2. Comparing those results to the average performance in a vertical

Both steps are simple thanks to WhatConverts. All you need to do is toggle between a client’s Profile and All Accounts: Then, just compare the results from both.

For example, let’s say your client has a 35% conversion rate for leads that turn into quotable leads—that’s 10% lower than the average across all your clients. Clearly, there is room for improvement here.

After digging into their call recordings and transcripts, it’s clear the client’s staff is answering the phones unprofessionally. So with this month’s KPI report, you include:

• The client’s conversion rate: 35%
• The average conversion rate: 45%
• Suggestions for improvement: Monitoring answer etiquette and training staff

This approach helped one WhatConverts user, aptDigital, earn $30K more revenue and a 7X ROI for their client. Plus, it positioned them as a trusted partner, not just a service provider.

Data-Driven Marketing: Agency's "In the Weeds" Methods Win 7X ROI

Read Case Study

Example: Comparing Answer Rates

The first step to turning a lead into a customer is answering the phone. Add answer rate benchmark marketing to your reporting so clients will be more mindful of this low-hanging fruit.

1. Log into a client Profile and add “Answer Status” to your columns.
2. Create a Quick Report from the Dimension Arrow.
3. Calculate the answer rate by dividing the Answered calls (207) by the Total Leads (474). This shows the client only answered the phone 44% of the time.
4. Now, switch to All Accounts and do the same. You find the average answer rate is 87% (2851/3270), 43% higher than your client’s.

Suggestions: You can advise the client to hire more staff, closely monitor their employees, or even outsource to a call center to handle overflow.

Example: Comparing Average Customer Value (ACV)

Acquiring a new customer can cost 5X more than retaining an existing one. The lesson? Maximize your ROI by helping clients grow their average customer value (ACV) with benchmark marketing.

1. Log into a client Profile and run a Sales Value by Source report.
2. Filter your results to only show Per Quotable Lead.
3. Now you can see your client’s average sales value per quotable lead was $567.88 for Google PPC.
4. Switch over to All Accounts and do the same. Now you can see your client’s sales value per quotable lead is more than 10X higher than the average—congrats!

Suggestions: Celebrate the win! This is the perfect opportunity to push for a budget increase and pitch more of your services to the client.

Need Help?

Our support team is happy to help you with your benchmark marketing.

Get in touch today and we’ll walk you through it.