A BI (Business Intelligence) solution’s effectiveness is measured not just by its ability to periodically churn out performance reports and dashboards using ingested data, but also by its ability to leverage all the data collected to generate additional valuable insights and data driven performance enhancements. One such feature is Benchmarking Analysis on Datorama, which leverages the large volumes of data onboarded on the platform. This can then be best used by agencies that onboard data for multiple clients within a single Datorama solution.
A regular performance report depicts an advertiser’s media performance across various channels. An additional report that would add value to this advertiser would be to gauge their performance against other big players within the industry. This can be achieved using a Benchmark Dashboard, which looks at performance across multiple advertisers and generates a benchmark value for critical KPIs (Key Performance Indicators). These can be used to study an advertiser’s performance with respect to competitor brands. This Benchmark value can be generated and visualized at multiple breakdowns and then calculated for various KPIs based on business needs.
For example, in the above screenshot ‘Client X’ that belongs to the ‘Automobile’ sector can see their performance (in this case for CTR) and can also see the benchmark CTR (Click Through Rate) value for this industry vertical, which is calculated by looking at the performance of other players within the same industry vertical. This report not only shows Client X their performance, but also adds value to their regular reports by pitting their performance against competitors who are likely also targeting similar audiences. This adds value to Client X by showing them data points that are not already present in their raw data sets.
Agencies that typically build solutions for multiple clients have the most to gain from using platforms such as Datorama. They generally already possess vast data sets that can be utilized for a host of such analysis, if they start rethinking the way data can be leveraged not just for regular reporting (and by picking the right implementation partners 😉)