There’s something fun about seeing what the competition is up to. Are their customers more loyal, or less? Do they have better UX satisfaction? 

That’s what benchmarking lets you do. It’s the digital version of keeping up with the Joneses, or even surpassing the Joneses. 

Benchmarking helps you evaluate your performance and service against top competitors — and Bizrate Insights offers some of the most powerful comparison capabilities available to ecommerce retailers, going far beyond surface-level benchmarking metrics. 

Let’s look into how you can gain actionable insights to drive growth and enhance customer satisfaction.

What Makes Bizrate Insights a Powerful Comparison Tool?

Bizrate Insights does customer surveys well. Really well. In fact, our surveys have an industry high-response rate, and when customers start them, more than 90% finish, so we give you more data than anyone else.

This trove of insights helps feed our benchmarking tools which are available through the VitalSigns portal, the home for all the data and customer comments collected at each survey touchpoint. Through an intuitive homepage and set of interactive dashboards, your entire team gets up-to-the-minute insights — and, of course, benchmarks that matter to you. 

But unlike some benchmarking solutions, which often focus solely on quantitative metrics, our approach also incorporates a wealth of voice-of-customer data captured through our survey solutions, just like these examples:

Real customer comments that capture the quant AND the qual.

So, while other solutions may stop short at a few basic KPIs that don’t detail nuance, Bizrate Insights explores just about every nook and cranny of the customer experience. 

Turn Your Data Into Insights That’ll Inform Business-Transforming Action

Here are a few ways you can get the most from our benchmarking capabilities:

  1. Identify Areas for Improvement: By comparing your performance across various metrics, you can quickly spot where you’re falling behind the competition. For example, if your mobile conversion rate is lower than the industry benchmark, you may need to look at ways to optimize your phone and tablet experience.
  1. Validate Strategies: See how changes in your approach impact your standing relative to competitors. For example, if you’ve recently revised your shipping charges, you can track that update to benchmarks before and after the change.
  1. Allocate Resources Effectively: Prioritize investments in areas where you’re significantly underperforming compared to benchmarks. If your customer support metrics are lagging, it might justify increased investment in staff or tools.
  1. Enhance Customer Experience: Use benchmarking data to identify and address pain points in your customer journey. If your shipping times are slower than your peers, it might be time to reconsider your logistical and fulfillment strategy.

Let’s also examine some of the metrics that can support each of these initiatives.

Benchmarking Metrics to Support Customer Satisfaction

There’s A LOT to our platform, so for now, let’s take a look 6 of the many metrics available to you:

  1. Overall Satisfaction: Track how your customer satisfaction levels compare to industry leaders. This metric provides a birds’-eye view of your customers’ experiences.
  1. Likelihood to Buy Again: This indicator of future business performance helps you gauge customer loyalty. 
  1. Net Promoter Score (NPS): The loyalty-tracking and industry-standard metric lets you compare yourself to averages and top-performer benchmarks.
  1. Purchase Frequency: Understand your balance of first-time and repeat customers so you can assess the effectiveness of your customer retention strategies.
  1. Device Distribution: Desktop, tablet, or mobile—this metric helps you determine your customers’ preferred shopping medium and ensure a seamless omnichannel experience.
  1. On-Time Delivery: Benchmark your fulfillment performance against competitors. Fast shipping is becoming the expected norm, so this metric can help you see how you stack up. 

The platform also allows for more nuanced aspects of the customer experience, including website usability, marketing effectiveness, and customer support.

All in all, there’s a massive amount to explore, and these examples only scratch the surface. The best way to get started is to request a demo with one of our Client Experience Managers. 

Customizable Benchmarking Categories

Bizrate Insights benchmarking capabilities are flexible. You can compare your performance against several categories:

  1. Circle of Excellence Winners: The Circle of Excellence is an annual award recognizing online retailers who have provided excellent online customer experiences as rated by their customers. With this benchmark, you can compare yourself to the cream of the crop across all industries.
  1. Industry-Specific Benchmarks: With over 15 categories available, including Apparel & Accessories, Food & Drink, and Health & Beauty, you can measure yourself to gain context-specific insights relevant to your unique market challenges.
  1. Custom Categories: Our Client Experience Team can help you develop benchmarking groups tailored to your vertical. These could include direct competitors, aspirational brands, and more — it’s up to you.

Something for Everyone 

All this benchmarking data will empower anyone in your organization to make better decisions:

  • Executives can use overall performance benchmarks to set strategic directions and allocate resources.
  • Marketers can use NPS and comment sentiment benchmarks to refine messaging and campaign strategies.
  • Product teams can use feature satisfaction benchmarks to prioritize development efforts.
  • Customer service teams can use support quality benchmarks to improve their processes and training.

Schedule a Demo

With Bizrate Insights’ benchmarking tools — and the support of our Client Experience Team — you have a roadmap for continuous improvement. 

Schedule a demo today, and we’ll set you up for benchmarking success.