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In digital marketing, a benchmark is a specific metric that you compare results to. A benchmark can relate to impressions, clicks, open rate, sales, or many other metrics. An established threshold is then used to determine success or failure of a particular campaign or piece of content. Benchmarks for an email campaign, for example, might be 20% open rate, 2% click through rate, and 0.5% sales rate on a product that the email is highlighting. 

The success or failure of the campaign would be measured against these numbers. Ideally, you’re developing benchmarks based on past campaign results in order to create personalized benchmarks for your business that allow you to compare across marketing channels.

The ratio of conversions for an ad campaign compared to the total number of views or interactions with that ad. A conversion can be defined in several different ways, but is often related to the sale of a product or service.