In a recent update to Google Analytics 4 (GA4), Google announced the addition of benchmarking data to its performance reports.
GA4 users will now be able to compare business performance with peers in their industry, as this data is based on aggregated information from other GA4 users who have opted into data sharing.
This new feature will compare performance across several metrics selected by the user, including acquisition, engagement and monetisation. The idea is that users can focus on the performance metrics most aligned with their business goals. The data will also provide an insight into how businesses are performing in relation to others within their industry. This can help identify how well, or possibly how poorly, they’re ranking in comparison to their peers.
By using the context that these benchmark insights provide, businesses may make more informed decisions when it comes to setting goals, making strategic marketing decisions and improvements to user experience.
Users can access benchmarking data by enabling the ‘Modelling contributions and business insights’ feature by navigating to Admin and Account Details.
To view a report with benchmarked data, navigate to the overview card on the home page and select the metric you wish to change. Expand the benchmarking category and select the metric you wish to view benchmarked data for. You can follow the steps here for more details.
The report will show a trendline, displaying the direction of the business over a selected period. Alongside this, the report will show median, 25th and 75th percentile range data, designed to pinpoint where your performance compares with industry peers depending on the selected metric.
For example, you can analyse this data to see where the performance of your business compares with users in the same industry for user engagement. Depending on the results of the report, you may need to make amendments to your marketing strategy to improve engagement rate.
You can find out more about GA4’s benchmarking update here.
Interested to know more about how we use GA4 to report on business performance? The knowledgeable team at Engage Web are on hand to help. Reach out today to find out more.
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