Google Analytics 4 (GA4) has recently introduced a highly anticipated feature: benchmarking reports. This new tool allows users to compare their website’s performance against others in the same industry. Benchmarking provides valuable insights that can inform strategic decisions and help businesses understand their performance in context. However, as with any tool, it’s important to understand both its potential and its limitations.
In this blog, we’ll explore what benchmarking in GA4 entails, how it works, and how it compares to alternative tools like ASK BOSCO®.
What Is Benchmarking in GA4?
Benchmarking in GA4 involves collecting and analyzing data from other websites in the same industry as yours. This anonymous, aggregated data allows you to see how your site stacks up against the competition. By comparing your performance with industry averages, you can identify areas where you excel and those that may need improvement. This kind of competitive analysis is crucial for businesses looking to optimize their digital strategies.
Activating Benchmarking in GA4
To start using benchmarking in GA4, you must first enable the feature in your account settings. This is not a default setting, so you’ll need to give GA4 explicit permission to collect and share your data for benchmarking purposes. It’s important to note that this setting is applied at the account level, not the property level. This means that once benchmarking is activated, all websites and apps within your GA4 account will contribute to and benefit from the aggregated data.
How to access Benchmarking in GA4:
- Navigate to the Reports section in GA4.
- Look for the Benchmarking report under the “Analysis” or “Exploration” sections, depending on your GA4 setup.
- Customize the filters to match your industry and analyze the comparison data provided.
Key Features of GA4 Benchmarking
Once activated, GA4 benchmarking provides a range of valuable insights:
Customizable Peer Groups
Users can select relevant comparison groups based on industry, business size, and other factors. This ensures that the data you’re comparing is as relevant as possible to your business. The GA4 Benchmarking tool lets compare data against aggregated industry data. This can help you understand how your site or app performs in key metrics such as traffic, engagement, and conversions compared to similar businesses.
Trendline Comparisons
GA4 displays your performance trendline alongside the median trendline for your peer group, as well as the range from the 25th to 75th percentile. This gives you a clear view of where you stand within your industry. By comparing your performance against industry standards, you can identify areas for improvement, uncover opportunities for growth, and make data-driven decisions to optimize your marketing strategies.
Data Privacy
Google takes data privacy seriously, ensuring that all benchmarking data is encrypted, protected, and aggregated. This means that while your data contributes to industry benchmarks, it cannot be traced back to your specific site.
Wide Range of Metrics
GA4’s benchmarking reports cover various aspects of your website’s performance, including acquisition, engagement, retention, and monetization. This comprehensive view allows for a more thorough analysis of your digital strategy. The new GA4 Benchmarking also tracks metrics such as user sessions, bounce rates, average session duration, conversion rates, and more. These metrics are broken down by industry, device, geography, and size to provide a clear picture of where you stand.
The Limitations of GA4 Benchmarking
While GA4’s benchmarking feature is a powerful tool, it’s not without its limitations. One of the main concerns is the broad nature of the data. Because the data is aggregated and anonymized, it may not always provide the nuanced insights you need for specific competitive analysis. Additionally, the data is refreshed every 24 hours, which may not be frequent enough for businesses that need real-time insights. And finally GA4’s new benchmarking feature can only set benchmarking based on cost, and not other important factors.
Comparing GA4 Benchmarking with ASK BOSCO®
For businesses looking for more detailed benchmarking and predictive analytics, ASK BOSCO® offers an alternative solution to GA4. ASK BOSCO® is a unique platform that provides benchmarking specifically focused on eCommerce and digital marketing performance. Here’s how it compares to GA4:
Industry-Specific Insights
Unlike GA4’s broader industry categories, ASK BOSCO® focuses on specific eCommerce sectors, providing more targeted benchmarking data.
Predictive Analytics
While GA4 offers predictive metrics, ASK BOSCO® takes this a step further by using advanced algorithms to predict future performance based on current data, helping businesses make more informed decisions.
Real-Time Data
ASK BOSCO® offers more frequent updates and real-time data, which can be crucial for businesses needing to adapt quickly to market changes.
Customizable Reports
Both tools offer customization, but ASK BOSCO® allows for more granular control, letting users dive deep into specific metrics that matter most to their business.
Which Tool Is Right for You?
GA4’s new benchmarking feature is a welcome addition to the analytics toolkit, offering valuable insights into how your website performs compared to industry peers. However, its broad data scope and less frequent updates may not be enough for businesses that require more detailed and specific insights. For those businesses, tools like ASK BOSCO® provide a more focused and predictive approach to benchmarking.
Ultimately, the choice between GA4 and ASK BOSCO® depends on your specific needs. If you’re looking for general industry benchmarks and broad trends, GA4 is a great option. But if you need more detailed, real-time, and predictive analytics, ASK BOSCO® could be the better choice. As GA4 continues to evolve, we’ll keep you updated on any new features or improvements. In the meantime, consider experimenting with both tools to see which provides the insights that best support your business goals.
