Every business owner reaches a point in their growth when they ask themselves “I wonder how my profits stack up to my competition?”
For some founders, this question will remain hypothetical. But not for you, because you’re reading this post.
If you’re reading this post, you’ve just discovered a free tool that will help you uncover key insights about your business, your competitors, and your path forward for sustainable growth.
What should D2C businesses know about industry benchmarks?
Chances are you are well aware of your marketing budget, your growth goals, and your average monthly ad spend. But these numbers aren’t always consistent, especially when you’re in the early stages of growth! This means you can’t plan ahead as confidently as you would like. Your marketing plan is more of an outline, and your strategy is subject to change.
It’s not unusual to feel overwhelmed and confused by your numbers. That’s why EmberTribe partner, Clearco, developed a platform called Clearco Insights to help eCommerce businesses dig into the nitty-gritty of their financials without getting lost in the weeds.
You can create a customized report for your business in less than five minutes that uncovers:
Industry benchmarks around customer lifetime value (LTV).
Industry benchmarks around average order value (AOV).
Cost per click (CPC) performance.
Amount of ad spend as a percentage of revenue.
Revenue growth comparisons to competitors.
Let’s consider an example of how this information helps you create a stronger marketing strategy.
Suppose you have a furniture business, which falls under the category of home goods. As a fairly new eCommerce company, you’re curious about how other stores like your own are approaching their digital ads strategy and how successful they have been in the past year.
Once you’ve signed up for Clearco Insights, you’ll easily be able to pinpoint your biggest opportunity for growth. Industry benchmarks act as a kind of guideline to see where other businesses are prioritizing their growth, and how it is (or isn’t) working out. With this information, you’ll be empowered to make educated decisions based on strong data.
Clearco is a reputable lending firm most well-known for offering non-dilutive funding for start-ups. Thanks to its catalog of different funding options and self-serve platforms, Clearco is one of the easiest ways for founders to get low-risk investments for their businesses.
In short: our clients love Clearco because it opens up a world of opportunities to grow without worrying endlessly about cash flow.
Here’s how you can use Clearco Insights to access free financial tools to grow your business 👇
Make sure the final box is checked—this is what gives Clearco permission to analyze your data and crunch numbers for those critical insights you’re seeking.
Step 2: Connect to Shopify
(Or Square, Amazon, Stripe, etc.) Most of our clients prefer to use Shopify. If you’re curious about how Shopify stacks up to some of its competitors, check out this post. Connecting your account via Shopify allows you to quickly connect a lot of data.
Step 3: Connect your Facebook Ad Manager account
Once you’ve gotten set up in Clearco Insights, you’ll want to connect your marketing (aka Facebook account) so that you can compare your advertising habits to your industry benchmarks.
Now, in just a couple of clicks, you’re set up to pull your benchmark report! With this level of industry information, you're set up to make smart decisions about the best growth strategies for your business.