Google has added a new feature to Google Analytics 4 (GA4), allowing users to easily compare their performance with other companies in the same industry. This update not only provides advertisers with essential context to better understand their performance but also aids in making strategic decisions and setting realistic goals.
Impact on businesses and organizations
This new feature means that companies now gain more insight into their performance compared to their competitors. By accessing benchmarking data, they can not only track their own trend lines but also see exactly how they compare to the median and the reach within their comparison group. This insight can help identify both strengths and weaknesses in their strategy.
How does it work?
Users can view benchmarking data, provided their GA4 property has the "Modeling contributions & business insights" setting enabled. The benchmarks are updated daily, allowing companies to continuously have an up-to-date overview of their performance compared to a specific group of industry peers. Furthermore, Google ensures data privacy by encrypting, protecting, and aggregating the benchmarking data.
Solutions for businesses
With this new feature, companies can easily select specific comparison groups while simultaneously tracking a wide range of metrics, such as acquisition, engagement, retention, and monetization. This enables them to make more targeted and better-informed decisions regarding their digital strategies.
Enhance analytics insights with benchmarking
Companies are strongly encouraged to utilize this new feature in GA4 to significantly enhance their analytics insights. By effectively leveraging benchmarking data, organizations can gain deeper insights into their performance within the context of their industry, enabling them to make more targeted and well-informed strategic decisions.