Untrained individuals may find social media marketing difficult to manage and navigate. If you’re one of them, you might be wondering about generating enough interest for each post, how to increase your brand’s performance, and more. Indeed, this could be a very confusing territory to explore.
Now, if you want to reach success, remember that success is determined by data. In understanding how your content can perform, you may need to look into your competitors’ pages on Facebook, Instagram, and Twitter. With proper research and execution, you can determine your own digital success.
Read on to learn more about what your social media competitors can teach you.
Understanding the Functionality of Benchmarking
Benchmarking is critical in social media rivalry. Almost every brand is developing a digital identity, therefore following in the footsteps of the leaders.
Campaign strategies such as posting frequency and timing do not need to be estimated. The presence of benchmarks eliminates the element of guesswork.
Benchmarks and key performance indicators (KPIs) are one and the same, but benchmarks employ industry and competitive data to develop relevant and attainable goals. Increasing monthly Twitter engagement by 20% is a lofty goal. If even the most well-known companies in your industry only strive for 5-7 percent growth, your ambition is doomed.
Benchmarks are beneficial to stakeholders. Success on social media can be elusive and difficult to define, and if you’re not regularly active, your plan may appear untrustworthy. People, particularly decision-makers, are open to data. Using the same metric, show your goal, your progress, and your opponents’ stats.
Data Analysis on Competitors
Your competitors will assist you in establishing benchmarks. If you’re a small tech startup, Google is not a competitor. Compare your company’s age, size, and profitability against that of similar businesses.
It is difficult to assess competitors’ success. Click-throughs, engagement rates, and ad purchases will be unavailable. Here are three methods for assessing a competitor’s performance and setting your own goals:
- Online interactions
- Volume, time, and frequency of content posts
- Important keywords and hashtags
Bonus tip: Use a tool to gather information about your competitors. This will make the process brief yet complete.
Tips for Benchmarking for Beginners
You will only be able to judge success as your analysis abilities improve.
Here are my earliest achievements.
Content Performance
Find out what is hot in your niche. Perhaps when four companies perform well on a specific type of post, a pattern emerges. Consider all of the aspects influencing their material’s success and observe what is being presented. For this, you might need to follow social media norms and trends and provide high-quality material.
Growth Rate
Publishing fresh content, launching new projects, and connecting with your target audience can all help your company grow, but they are not foolproof. Five elements are required to attract a loyal audience. Invest in a growth analysis tool to determine how quickly your competitors are gaining followers. Adapt their most effective techniques for your brand.
Popularity
Every business desires publicity. When audiences organically discuss you, this is a good indicator. Social listening aids in meeting mentioned goals. Determine who is talking about you and your rivals. Take into account that not all brand-related conversations are pleasant. These are not the types of mentions that your opponent wants if they give a huge number of customers food poisoning. Sentiment research reveals this.
Conclusion
It’s true that benchmarking can be overwhelming for new marketers. This is why we emphasize the importance of patience and determination.
Only more benchmarking leads to better metrics. If you start using it sooner, you will have an advantage over competitors who are behind the curve. This way, you are not only ahead of the crowd but you are also reaching your goals!
C/C/G is a social media agency in Los Angeles committed to providing you with tailored solutions for your business. We champion creativity with expertise to ensure that you see your desired results in no time. Give us a call today!