Benchmarks is Klaviyo’s new feature that allows you to analyze your account data in relation to industry trends and companies similar to your own. By seeing how different aspects of your account perform, you can prioritize efforts in areas that need improvement in order to use Klaviyo to its maximum potential.
In this video, we walk you through how to start using this feature for your business.
– Hi everyone. So Klaviyo just released a new tool inside their analytics tab which is about benchmarking. How do benchmark work? Well, first off you have to have sent at least 25 emails with this account, otherwise it won’t be available. Secondly, it automatically determines what your industry and vertical, or your position in that industry is. If you go below to the bottom here, in how to choose your peer group, you can change your industry. In here, you’ll get this new option at the bottom, which is the industry and the vertical. So right now we have apparel and accessories, and the vertical could be active wear, fast fashion, hats, footwear, or other. I think this should be a task for the companies to identify the right industry and vertical for a client. After that has been done, you can go to Analytics and you will be shown information pertaining your account compared to your peers. What is your peers group? Your peers group is comprised of 100 companies that Klaviyo determined that is similar to yours. Either most of them, or all of them, will be in the same industry as you, and most of them should be in the same vertical. If there aren’t enough people in the vertical that’s within the same parameters as you, the client will be assigned similar peers. You will be assigned to a group that is similar to yours. That’s important thing because we cannot do anything else. Klaviyo will do this automatically. How do you refer to them? Well, we have three tabs in the overview, three main tables. This is the Best Performing Indicators. These are the best indicators this account has compared to those in the industry. And the Worst Performing Indicators, these are the worst performing indicators for this account. Within that peer group. And this is how the peer group was selected. They sent 72% of the time or of the month of this period, they sent a campaign and how they fall within the same group. What’s the average item value, what’s the average item value of the peer group. What’s the email review percentage, and so on. And so with growth rate, and revenue per month. And the average revenue percentage, it’s, again, higher than their peer group. So now to the stats. In the Best Performing Indicators, you will get some status: poor, fair, good, and excellent. There are four categories you can follow. One is zero to 25, which is the lowest. You’re at the bottom of your peer comparison peer group. And 75 to 100 percentile is that you are the top 25% of that peer group. Well, if you have your Open Rates, Conversion Rate, this stat will be selected according to your best and worst stats. Campaign performance and flow performance are excellent within these parameters. If I look in these flows, these are the worst performing flows in the example. It’s not only the flows, it also checks the campaigns and the business performance. Which has to do with sales within repeated purchases, average items in their cart. But share within this group, this is the bottom open rate, the welcome series flow at the bottom of their peer comparison group. So why is it important for me? Because you can say in what you’re excelling, what is your best strengths of a client, and where they are lacking. And you can go back and say, “What happened in November,” which is the case, “that this is isn’t performing really good? “Why is the open rate in the welcome series flow this bad?” You can arrange your strategy accordingly. Secondly, does it compare with any of these business performance? So here you are compared to your group and the industry. Again, the peer group, all of them will belong to the industry, but they are not all the industry. So the industry, it’s where you are standing, how good you are. And the industry is an average of all of the industry, not only your peer group. We have $37 while the average order value in the industry, which is $85. So the question here is how can we push up to $85? You know, we can use cross sell flows across all campaigns with a more aggressive segmentation within these. And you can do the same for Average Cart Size, Average Order Count, and Average Order Value. So Average Cart Size. The Average Cart Size is the number of items within the cart. So even though we are selling more products, in average, than the industry, somehow we are getting less Average Order Value. So we have to keep pushing there. And you have the number of Orders Returned. Average Order Count, which is the number of orders. The Average Order Count is the average number of orders our client made within this period. In business performance, we’ve got about the same. We followed the same recipe from the review tab, which is how you are standing. Poor is bottom 25, average is 25 to 50, good is 50 to 75, and excellent is 75 or higher. So the business performance here, you have what position you are, what your value of all the orders in November, 0.54% were returned. Well, that’s good. You’re on 53 location. How is it compared to the rest? You can create different strategies, per month, according to this. So my suggestion will be at the end of the month, they can look at this, see where we are lacking, try to improve that. If we are lacking in Open Rates, try to improve the segmentation and the subject lines, for example. If we are lacking in people opening the email but not clicking, check the content. Is this the right content for the right segment? You know, we have this, “The right message “at the right moment, at the right person?” Well, was it the right message at the right moment to the right person? Here, you can take your own conclusion from here. We have, again, the comparison of how you were chosen, how you were added to this peer group. Which is the same of the overview section. So business is about sales, number of orders, average items in carts, and returns. The campaign performance, as well as the flow performance, go for open rate, click rate, click through rate, conversion rate, on even email revenue per recipient. The open rate, it’s calculated off all the universe of emails sent, how many of them were opened? The click rate, it’s of all the universe of emails sent, how many were clicked? And the click-through rate is of all the emails that were opened, how many of them did click in the email? It’s something different from the click rate. The click through rate is always going to be higher than the click rate, otherwise these numbers is not good, is not calculated properly. And the conversion rate is of all the emails that were sent, how many ended up in a purchase? And the revenue per percipient is calculated of all the sales done by the campaigns, divided by the number of emails sent. So this number, what you’re trying to know about this number is, if I increase my email list by one, how much more could I gain? So this is 38 cents. That’s how much each subscriber is worth, when you send an email. Here, you can see about the numbers below, compare between them. And the Deliverability Performance, how this is doing. So you can see that the spam report rate and the unsubscribe rate is higher, well, it’s not higher, it’s just that needs some improvement. And this also has to do with the aggressive segmentation. As long as people is being delivered content that they like, they will not unsubscribe or report as a spam. How you compare to the segment of the industry. We are looking at unsubscribe rate, which is only fair. And let’s take a look here, unsubscribe rate. So this how it looks. It’s better than the industry, but is worse than the peer group. So that’s how you can read it. Flow performance. We take a look at almost the same as the campaigns section, but you have additional available information here. So overall flow performance is of all the sum of all the active flows right now, how are they faring? So our flows could use some improvement, here. You see how they are compared to the industry. So if we thought we were doing good, now we know that there are, like, a really open space for improvement. We can see these numbers divided by the top four, or the four most important flows for basic basic flow. Which is the welcome series, the abandoned cart, and the browse abandonment flow. The thank you flow is the post-purchase flow. So again, the welcome flow, you can see what it is doing correctly, and where can it improve. We have the same information for the abandoned cart flow, the browse abandonment flow, and the post-purchase flow. If we were going to give maintenance to a client, or at least what we call is deliver top three to a client, so we can maybe make a bigger contract with them to say, okay, what we grade at the beginning, or where you had the email, needs the change. We have a lot of data. We really know what’s working, what’s not working. And we would like to continue doing more for you. And we really like to start with the welcome series flow, where we believe that we have to redo the content. We have to redo everything here. So this was Klaviyo’s Christmas give to us. Make it great, make it better for everyone. Thank you for staying this long for this video. And well, let’s start playing with this. I am excited to see what changes this could bring.