What are the key metrics to benchmark against competitors in Bing Ads?

When benchmarking your Bing Ads performance against competitors, consider tracking the following key metrics:

1. Impression share: Impression share is the percentage of impressions your ads received divided by the total available impressions in the market. By monitoring your impression share and your competitors', you can understand how visible your ads are compared to theirs.

2. Average position: Average position indicates where your ads appear on the search results page on average. By comparing your average position to your competitors', you can understand how well your ads are ranking compared to theirs.

3. Click-through rate (CTR): CTR is the number of clicks your ads receive divided by the number of impressions. By comparing your CTR to your competitors', you can understand how compelling your ad copy and calls to action are compared to theirs.

4. Cost per click (CPC): CPC is the amount you pay for each click on your ads. By comparing your CPC to your competitors', you can understand how much you're paying compared to them for similar keywords and ad placements.

5. Conversion rate: Conversion rate is the number of conversions divided by the number of clicks. By comparing your conversion rate to your competitors', you can understand how well your landing pages and offers are performing compared to theirs.

6. Cost per acquisition (CPA): CPA is the amount you pay for each conversion. By comparing your CPA to your competitors', you can understand how efficiently you're acquiring conversions compared to them.

7. Quality Score: Quality Score is a measure of the relevance and quality of your ads, keywords, and landing pages. By comparing your Quality Score to your competitors', you can understand how well your ad campaigns are optimized compared to theirs.

8. Ad spend: By monitoring your competitors' ad spend, you can understand how much they're investing in their paid search campaigns and how that compares to your own ad spend.

9. Keyword overlap: By monitoring the keywords you and your competitors are bidding on, you can understand how much overlap there is between your campaigns and identify opportunities to differentiate your ad strategy.

10. Ad copy and messaging: By monitoring your competitors' ad copy and messaging, you can understand how they're positioning their products or services and identify opportunities to differentiate your own ad messaging.