This is where you can collect your quantitative and qualitative data. With your goals set and competitors chosen, it’s time to move on to the next stage: 3. You may not be a direct competitor of McDonald’s but you may want to analyze how the brand communicates on social media, what hashtag strategies it uses, what frequency of posts they have, and among other things. However, we would like to point out that sometimes, even if you do have direct competitors, it can be useful to see what other industry-leading companies are doing on social media. If you don’t have direct competitors, as mentioned above, choose companies that inspire you, and that are as comparable as possible to the area you want to analyze. This step is where you will list exactly which competitors you will compare yourself to. In addition to this, you should think about which social media channels you are going to analyze.Īs there are more than a dozen social networks where a brand can be present, it is important to taper the number of networks analyzed according to the company’s objective. The first step to benchmarking is to define exactly what you want to analyze and why you need to analyze it.ĭo you want to analyze your average interaction rate on content for the month of January? If yes, why? To understand the drop compared to the Christmas peak season? Understand the audience: If you analyze which strategies and publications have generated the most results, you will inevitably end up understanding what the audience likes to consume the most.Understand where to allocate your budget: By analyzing which social networks have the best results, you will be able to optimize the allocation of your social media budget.Analyze and anticipate your competition: When you compare yourself with your competitors, you will not only understand what they are doing, but you will also be able to anticipate their movements and trends.Evaluate your performance: It lets you know if your strategy is working, or if you need to change your approach.Some of the benefits of doing a benchmark on a regular basis are: In terms of social media, you know you’re creating content, you know you have to keep going, but you have no idea if it’s the right strategy, or if you need to change it.Īnd to prevent that from happening, you need to benchmark your social media, ideally every 3 months. You know you’re driving, you know you have to accelerate, but you have no idea if you’re going to crash, or if you’re on the right road. Without a benchmark on your social media, it’s like driving a car blindfolded. Now that you know what a benchmark is, let’s move on to the next question: Does my brand need a social media benchmark? However, do not get carried away by these results alone, as they may be good in comparison to the company’s internal parameters, but in general, they may be mediocre or bad. Internal benchmarking is important to understand your individual growth. That is, when instead of comparing your results with those of your competitors, you compare them with your past results. If you are wondering what to do if your company has no direct competitor, then the answer is “compare yourself with companies that inspire you”.īefore we go any further, it is important to mention that you can also benchmark internally. Whatever area you want to benchmark, you should follow this model of thinking: It is not enough just to make a superficial analysis. The key word in the definition is process. “It is the process of comparing a company’s processes and performance indicators, with the best companies and practices in the industry” This “complicated” term can be explained with one sentence: Does my brand need a social media benchmark?.In this article, we’ll put an end to this and other doubts on the topic of social media benchmarking. You look at a number without any kind of context, and you can’t draw any conclusions. Without benchmarking your social media, this is exactly what happens.
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