In a bid to empower businesses with deeper insights, Google Analytics 4 (GA4) is rolling out a new benchmarking feature that promises to transform how companies assess their performance. This update allows users to see how their company stacks up against others in their industry, a functionality reminiscent of the now-retired Google Universal Analytics.
Benchmarking data is pivotal for internal assessments and competitor analysis. In essence, benchmarking involves comparing various business processes—like production efficiency—to identify the best practices and areas for improvement. With GA4’s new tool, this process just became significantly more streamlined.
The new benchmarking feature offers a window into how your metrics align with industry standards. GA4 provides a median value for your peer group, allowing you to see whether your business is a leader or lagging behind. This comparison is made even more insightful with trend lines showing long-term developments. Data is refreshed every 24 to 48 hours, ensuring you have the most current picture of your performance.
Customization is key with GA4’s benchmarking tool. Users can define their comparison group based on traffic volume, choosing from seven traffic classes. There’s also an option for geographical classification, so you can see how your metrics compare to similar businesses in your region. The data points available include new users, session percentages, bounce rates, and average session durations, covering all crucial aspects of acquisition, engagement, retention, and monetization.
A noteworthy aspect of this feature is that it aggregates competitor data while keeping individual company information anonymous and protected. To gain access to benchmarking insights, users must opt-in by enabling data sharing in their account settings.
For those eager to utilize this new feature, it can be accessed by navigating to “Reports” in the desired data view and selecting “Benchmarking” from the target group options. However, be aware that this function might not be immediately available to all users as the rollout progresses.
With this update, Google Analytics 4 takes a significant step forward, offering businesses a powerful tool to measure their performance in context and refine their strategies based on industry benchmarks.