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Navigating the Analytics Jungle: A Guide to Using Benchmarks in Your Measurement Plan

Here we are, faced with the formidable task of setting up an Analytics measurement plan. It sounds fancy, doesn’t it? But, it’s all about knowing where you stand and where you want to go in terms of data. Like a map for that epic road trip, it helps chart the course in the world of analytics where both unicorns and dragons exist. Now, stay with me here, we’re not exactly exploring mythical lands, but it’s equally bewildering and exciting.

 

Let’s talk benchmarks! Imagine you’ve just baked a cake. You taste it—then taste another from your local bakery. From there, you know if yours stacks up to the competition or if it’s a brick in disguise. That’s what benchmarks do for your data. They offer a comparison, a beacon. Kind of like that one neighbor who’s always mowing their perfect lawn. Benchmarks are those elusive standards you wish to reach or exceed.

Imagine you’re Tom Hanks in Cast Away, only you’re stuck on an island of raw data. Without benchmarks, it’s like having a volley ball—valuable, but not yet useful. These benchmarks transform your data from Wilson to Wilson the Internet Sensation—full of life, purpose. They’re your guiding star, a frame of reference that aligns your analytics efforts with larger industry standards or internal goals.

Here’s a question to ponder: what benchmarks are best for your needs? Industry benchmarks are popular. Kind of like following fashion trends—you might want to see what’s working for others before going full-on avant-garde with your own interpretations. But be wary of the hype; some trends are just cringey moments waiting to happen.

Internal benchmarks, on the other hand, are like personal achievements. Think back to when you could eat a whole pizza on your own, and now? Two slices and you’re out. It defines progress within your own journey. Tracking your data over time means you know exactly where improvement is needed.