AI Marketing MBA - Lesson 12: Benchmarking
Leveraging AI and Generative AI provides a competitive edge in benchmarking against rivals, especially when evaluating marketing strategies and overall performance. AI algorithms can systematically process and analyze vast quantities of data to identify market trends, assess the effectiveness of various marketing campaigns, and forecast future shifts. These insights can be juxtaposed against a company's own performance metrics to determine their position within the competitive landscape. Generative AI, meanwhile, can simulate potential strategies, predicting how tweaks to current campaigns might fare against competitors' tactics, thus aiding in proactive decision-making.
Sourcing benchmarking data can be accomplished through various channels:
- Public Financial Reports: For publicly traded companies, annual and quarterly reports are treasure troves of performance data.
- Industry Reports: Industry-specific reports, often released by research firms or industry associations, provide comprehensive insights into market trends, average performance metrics, and competitive analyses.
- Digital Analytics Tools: Platforms like SimilarWeb or SEMrush can provide data on web traffic, SEO performance, and online marketing strategies of competitors.
- Social Media Analytics: Tools like Brandwatch or Sprout Social can shed light on competitors' social media performance, audience engagement, and content strategies.
- Customer Reviews & Feedback: Platforms like Trustpilot or Yelp can offer indirect insights into competitors' product performance and customer satisfaction levels.
- Custom Surveys: Directly surveying a target demographic can provide insights into brand perception and preferences in comparison to competitors.
By integrating AI with these data sources, businesses can have a more holistic, real-time understanding of their market position, allowing them to pivot strategies efficiently and remain at the forefront of their industry.
In this course we will cover:-
- Benchmarking
- Public Financial Reports
- Digital Analytics
- Social Media Analytics
- Customer Reviews & Feedback
Tools
- Tool: Companies House
- Tool: SimilarWeb
- Tool: SEMrush
- Tool: Brandwatch
- Tool: Sprout Social
- Tool: Trustpilot
- Tool: Yelp