Google has introduced an update to Google Analytics 4 (GA4), enabling users to compare their performance against similar businesses within their industry. This comparison is based on data collected from "peer groups.” These peer groups are businesses with “shared industry characteristics” or brands operating within the same sector. 

To compare their brands, businesses can choose a peer group from the various available categories and “select subcategories within each of the top-level categories.” 

What are the benefits of this feature?

Google claimed that this new feature lets businesses know their performance by comparing their key metrics to similar ones. When brands enable the benchmarking feature, they allow GA4 to use their site's data to generate business insights. These insights provide information on how their business performs in various areas. 

Google said that for a property to be part of a peer group and help with benchmarking metrics, it needs to have a sufficient number of users and generate enough significant data. “Additionally, thresholds are in place to ensure that a minimum number of properties are included before benchmarks become available to a peer group.” 

Google also explained that benchmarks are refreshed every 24 hours, and the data used in benchmarking is encrypted and protected to ensure privacy. 

How to access benchmarking data in GA4

Users must activate the "Modeling contributions & business insights" in the Admin under Account Settings to enable the benchmarking feature. This will allow access to new tools, including predictive models and insights.