Grade Your Growth With Klaviyo Benchmarks
As a former marketing director who spent eight years growing an ecommerce apparel brand, I know that prioritizing time and resources is critical to success.
Every marketer has endless key performance indicators (KPIs) they could work on improving, but which projects offer the biggest opportunity to grow the business?
Evaluating performance was difficult
Trying to answer this question early in my career, I would endlessly search blogs for best-in-class benchmarks. I would be lucky to find an average email open rate for the “Retail” industry. Hitting a wall with blogs, I transitioned to asking colleagues or experts, but they couldn’t give me the granularity I needed to prioritize correctly.
- Does my abandoned cart flow create as much revenue as it could?
- Does my welcome series engage new subscribers as much as it should?
- My brand is unique; how can I be sure benchmarks I’m finding are appropriate for me?
- For brands similar to mine, how many items are in the average order?
Eventually, my imperfect conclusion was to benchmark against my company’s historical data and take a best guess at what I could improve. Some projects I prioritized immediately resulted in business growth, but some never got measurable results and it quickly became clear I had chosen poorly.
Then, Klaviyo developed a better solution
We’re excited to bring you Benchmarks. Built natively into Klaviyo, Benchmarks gives you the ability to compare your brand’s performance to businesses just like yours. In one click, you can see where you’re strongest and where you have the biggest opportunities for growth.
Because Klaviyo has performance data from hundreds of thousands of businesses, we’re able to anonymously compare your data to brands that are most like you. Our proprietary peer selection service finds 100 businesses in your category, at a similar growth rate with similar revenue attributes, and benchmarks your performance against theirs.
For example, just because you’re in the health and beauty industry doesn’t mean you should benchmark against the biggest makeup brands in the world. Klaviyo solves this problem for you by comparing you to the brands most similar to you.
Klaviyo is the only solution that produces benchmarks personalized to your brand that create meaningful context for your unique business. When I was on the brand side, I would have loved a tool that told me my welcome series open rate was 35 percent but similar brands were getting closer to 50 percent. I would have immediately prioritized A/B testing subject lines and capitalized on a fast and low-cost way to convert more first-time purchasers who I otherwise would have missed. This is just one of a hundred possible insights Benchmarks provides.
Based on the feedback I’ve gotten from other Klaviyo customers I know I’m not alone in loving the Benchmarks feature:
"It's great to be able to see different areas broken out within Benchmarks. I see we're really strong with campaigns and our flows need a bit more attention. This gives me a good idea of areas we need to work on."
Tim Frazer, Marketing Specialist, Quad Lock
View the Benchmarks tab in your Klaviyo account to quickly understand your strongest and weakest performing metrics so you can invest your energy into the most impactful opportunities.
Want to compare your performance?