Analytics can tell you anything you want to know about your last digital promotion – except whether or not it was successful.
- Your conversion rate was 3%. Is that good?
- Engagement is down. Is it down across your competitive set or is it just you?
- Redemption rate exceeded targets by 10%. Was the bar set too low?
You won’t get these insights from your digital marketing analytics because all they can give you are your numbers, which are meaningless unless you have something to compare them to. Our benchmarking tool provides answers by plotting your data against the industry-specific averages for hundreds of metrics. You’ll know what objective success looks like. You’ll know if you achieved it. And you’ll know how your promotion fared versus the competition; also known as your Qoints score or index rating.
Fill in the analytical gap
As more brand managers and agencies seek out their Qoints scores, they’re seeing value in the context we bring to their entire digital marketing strategy beyond promotions. Some customers use the benchmarks in the planning stages of a campaign to set challenging yet realistic expectations. Others use it as an HR tool to evaluate their marketing managers. Our newest customer, a prominent Toronto ad agency, recently benchmarked seven different contest metrics for a client to demonstrate how successful their work was. Smart.
But they all want their Qoints score because, like Eisenberg and Zuckerberg said, “we all want to know what our friends are up to.”
Know where you stand
Your Qoints score is the easiest and most objective way of measuring success. It’s one number that will tell you everything you need to know about the rest of them. If you have a digital promotion running right now, let us tell you if your Qoints score is above 70%. If it is, keep doing what you’re doing. If it’s not, we’ll give you suggestions for boosting it.
Next blog, we’ll look at how benchmarking predicted the collapse of the 2013/14 Toronto Maple Leafs.