Benchmarking on Social Media: Have you ever heard that comparing yourself to other people is not good? That may be true in some cases, but not when benchmarking on social media.
The problem is that many people confuse a peek at the competitors’ strategy with a pure and straightforward comparison, full of vanity and competition. Today, you’ll learn that using other businesses as inspiration is OK as long as it’s done right.
This healthy comparison covers numerous sectors, from large industries to artists, micro-entrepreneurs, liberal professionals, and owners of educational institutions can learn from competitors.
What Is Benchmarking For Social Networks?
Even competitors in the same sector have many differences, ranging from different positions — with target audiences with greater or lesser purchasing power, for example — to other business models.
So, it would help if you thought of this comparison as a benchmark. What did your competitor do that could work for your audience as well? How does that action work in a larger, different strategy?
On Facebook, Twitter, Instagram, YouTube, and LinkedIn, you risk giving in to vanity metrics and getting into an irrational race for more followers and engagement, but that’s not the point.
If the competitor has done something interesting, the first step is to respect and admire the creative intelligence behind that action.
What Are Social Benchmarking Methods?
When it comes to social media specifically, there are some tried and true methods of doing this kind of benchmarking.
We separate below the four most common types. Remember that these techniques serve as a basis to start with; with time, you will find your way of doing it.
Yes, that’s it, an aspiration indeed. Doesn’t it have that brand that fills your eyes, almost a dream-like “this is what I want to be when I grow up”? Well then, who would that company be that you aspire to build?
Aspirational benchmarking boils down to learning from market leaders, keeping it proportionate. Because of size — and everything else that goes with it — you are very different. But there are always big strategies that can inspire your small marketing efforts.
This type is very likely you already do. Trended benchmarking consists of comparing yourself with yourself and seeking improvement.
If you run the same campaign and apply twice as many resources, you expect at least twice the results. This is already a great starting point for numerical analysis.
Always record scenarios and results obtained from actions and keep them safe. Information is always a little when thinking about a new strategy.
Earned-type benchmarking is more circumstantial. It is focused on something other than a brand’s general planning and strategy but on isolated campaigns.
So whenever you create new social media marketing activities and get inspiration from other brands with similar campaigns, you’re doing this kind of benchmarking.
Now, we’re talking about your direct competitors. Interestingly, you elect one, the one who takes customers away from you every time you do something right.
In this case, the great advantage is that inspiration from the direct competitor helps to know the consumer and what would work for you with a few adaptations. But watch out for the ego, huh? The idea is to pick what works for him and be inspired.
How To Benchmark On Social Media?
Benchmarking and social media go together most of the time! This happens, among other reasons, because they are a dynamic terrain, and your competitors are always a few clicks away.
Everyone must open the “black box”; social networks are… social, right? So, let’s go to the main topic of this article: the tutorial on creating a benchmarking strategy on social networks and, of course, the features that will make this work easier for you.
Choose The Brands To Be Studied
Indeed you need more time to keep up with everyone in your segment. So the first step is a careful choice of competitors.
We recommend starting with three to understand the range of possible digital marketing postures and strategies. More than that complicates the analysis, and less might not be as inspiring.
Define The Analysis Indicators
Here on the blog, we always discuss establishing key performance indicators. So each contestant must be chosen for a reason.
Do you want to observe which metric of each of them? Engagement, reach, frequency of posts… Each group of metrics to be analyzed must be related to your business strategy.
Also Read: Seven Indicators You Should Analyze To Create A Media Plan