Industry Benchmark Analysis 2024: Is Your Marketing Strategy Aligned?

Your marketing strategy planning for 2024 is probably in full swing, but hold up. ✋

It’s not a competitive strategy without knowledge of your competitive landscape.

… this is why Similarweb partnered up with HypeAuditor to bring you the 2024 Marketing Benchmark Report, filled with unique data and insights to fuel and optimize your strategy for next year.

With this guide, learn the trends to follow, the winning marketing channels to invest in, the buyer behaviors to watch out for, and the best KPIs to set across multiple industries, and various business sizes. Including yours.

Here’s a taster of the insights that *should* be driving your marketing strategy this year:

📉 Desktop traffic is down an average of 1.9% year-on-year (YoY) for all industries

💰 Paid ads saw a YoY increase, contributing to 11.3% of total traffic on average

🔊 Influencer marketing is on the rise, with brand mentions growing 7% YoY

It’s time to start marketing smarter and spending smarter in 2024.

What you’ll find inside

Divided into 7 key industries, the 2024 Marketing Benchmark Report uses Similarweb and HypeAuditor data to spot the challenges for businesses like yours, and combat those challenges for a more profitable new year.

Let’s have a sneak peek of some of the insights you’ll find inside:

Fashion and Apparel industry

Across the industry, our data shows:

👟 52% of traffic is taken by the top 1% of the fashion industry players

👕 The average PPC spend per site is high at $4m each month

👗 Loyalty to fashion brands is low – over 65% of shoppers visit 6 sites or more

👠 Influencers see 3-4 times more engagement than most brand posts

While the fashion industry has got some big brands and high spends to compete with, there are ways to get your name out there quickly and effectively (*cough cough* with influencer marketing *cough cough*) and some clever play with your paid keywords.

Accommodation and Hotels industry

Across the industry, our data shows:

🏨 75% of traffic is taken up by the top 1% of the hotel industry players

🛏️ The average PPC spend per site is high at $1.5m per month

🏖️ Loyalty to accommodation brands is low – 44% of browsers visit 6 sites or more

💤 Reels take up 50% of all social media posts in this industry

With Expedia, Airbnb and Booking.com taking up a wedge of the traffic for this sector, along with a high average PPC spend, it can be a hard industry to break into. But it’s not all lost for challengers and up-and-comers; we’ve got some tips on how to use certain marketing channels to your advantage.

Beauty and Cosmetics industry

Across the industry, our data shows:

💋 45% of traffic is taken up by the top 1% of the beauty industry players

🧴 The average PPC spend per site is high at $720.6k per month

🛀 Loyalty to beauty brands is low – 40% of shoppers visit 6 sites or more

✨ Influencers in this field see 3x more engagement than brand accounts

With more than 3 times the engagement rate of in-house brand accounts, influencer partnerships is definitely one way to tackle the challenges of a competitive industry. That’s the beauty of user-generated content – one of the digital marketing trends that will be really taking off in 2024.

Home and Garden industry

Across the industry, our data shows:

🏡 75% of traffic taken up by the top 1% of industry players

🐌 The average PPC spend per site is high at $2.3m per month

🪑 35% of top 50 question-search terms start with ‘how much’

🛋️ Two-thirds of influencer posts in this field are Reels

We’ve got ourselves another industry with a low customer loyalty, but how can you stop your customers shopping around or just going to the usual Top 5 Players? (Home Depot, we’re looking at you). It looks like one way to do it is with a well thought-out content strategy, targeting exactly what your customers are looking for.

Consumer Electronics industry

Across the industry, our data shows:

🔋 82% of traffic is taken up by the top 1% of the Consumer Electronics industry players

🎮 The average PPC spend per site is high at $845.9k per month

🤳 Loyalty to electronic brands is low – 59% of shoppers visit 3 sites or more

📸 Influencers in this field see 4-5x more engagement than brand accounts

With big brands including Apple, Samsung, and Salesforce accounting for a huge 44% of the total traffic for the industry, how do you get your target audience’s attention? For one, we can tell you that overall bounce rate is lowest for paid search compared to other marketing channels in this sector, and we can see influencer collabs yield extra positive results too.

Pet Food and Supplies industry

Across the industry, our data shows:

🐶 53% of traffic is taken up by the top 1% of industry players

🐾 The average PPC spend per site is high at $880k per month

🐈 Pet Food and Supply websites see an average of 7 pages-per-visit 

🧶 Engagement rates in this sector are high, ranging from 2.9% to 3.5%

With a huge 8.6% YoY growth worldwide, this industry is a fast-growing one but with big dogs like Chewy, PetSmart and Petco, it can be hard to be seen. Take a deep dive into your marketing strategy to ensure your content makes sense to your audience. Spoiler alert: you’re about to find out the most popular keywords for your business.

Jewelry and Luxury industry

💎 44% of traffic is taken up by the top 1% of the jewelry industry players

👜 The average PPC spend per site is $574.1k per month

🛍️ Loyalty to jewelry brands is low – 32% of shoppers visit 6 sites or more

💍 Influencers use a nearly-equal distribution of image, carousel and Reels for posts

As the economy began to stabilize in 2023, demand for jewelry and other luxury products increased too. With big brands stealing a lot of industry traffic, how can your brand make the most of that low customer loyalty and be found as one of those 6 sites? Influencer marketing is one sure-fire way to increase your reach, and keep building your brand visibility.

Market smarter in 2024 and beyond with Similarweb

These are just a few of the insights you’ll find inside the 2024 Marketing Benchmark Report, and just the smallest snippet of what you can find on the Similarweb platform.

And guess what? You can try it for free today.