You ideally want to look at competitors whose social presence and target audience closely resemble your own. Chances are you already have an idea of who your closest competitors are. Even so, conducting a thorough competitive analysis can help you hone in on who you should focus on.
The key difference between competitive benchmarking versus general competitive analysis is, well, data. Contrast this with, say, analyzing their marketing messaging which is more abstract. Which social media metrics are most important for benchmarking?
In short, the ones you can track. Sure, you can measure click-throughs, engagement rate and ad buys from your own posts. Instead, you have to focus on metrics that you can spot in the wild such as:. This is where a competitive analysis tool like Sprout Social comes in handy. For example, our platform can compile performance metrics from competitors and highlight how they compare:.
Beyond social media competitive benchmarks, you can use additional competitor analysis tools to get an even more holistic view of competing campaigns. This might include:. This is especially true on social media where performance data is so transparent.
The good news? For example, with BuzzSumo you can see the most popular content in your industry broken down by keyword. But more importantly, you need to start by zeroing in on which pieces of content are working for you.
For example, analytics such as engagement reports in Sprout provides an in-depth breakdown on which of your pieces score the most traction. By analyzing impressions, engagements and clicks, brands have actionable insights on what they should be posting on a day-to-day basis. Timing is a critical competitive benchmark as brands try to maximize the number of eyeballs they get on any given post.
As such, take some time to conduct a competitive audit that examines when, where and how often your competitors are posting. This can open your eyes to opportunities your competitors are neglecting. In short, engagement rate pits your follower count against how many likes, shares or comments a post scores.
Note how smaller accounts typically have higher engagement rates versus bigger ones. By benchmarking your performance, processes, strategy or products against businesses considered to be the best in the industry, you can identify your own strengths and weaknesses. You can also gain insight into what customers value and potentially spark ideas for taking your business forward.
This guide will outline some of the main factors that affect competitive benchmarking, common mistakes businesses make and quick wins that can improve your strategy. The next step will be to use our action plan to direct your change and improvement. This will help you understand which parts of your business can be improved and what your goals are for your benchmarking process. Do you want to check that your prices are still the most competitive on the market?
To get the most out of your benchmarking activities, first define your target competitor. Which businesses should you compare yourself to? For example, you might want to get a feel for where you currently stand in the market, in order to inform your immediate sales and marketing strategies.
This is a great way to get inspiration for growing your business and spark some ideas as to how to set the wheels in motion. See your industry through their eyes. What are they trying to achieve? What marketing strategies do they use? Look at their advertising, public relations, and so on. What are their strengths?
Price, service, convenience, extensive inventory are all areas where they may be vulnerable. What are their weaknesses? Weaknesses are opportunities you should plan to take advantage of. I consent to receive marketing communications from NextRoll, Inc.
You're opting in to NextRoll, Inc. Remember, you can unsubscribe any time. What is Competitive Benchmarking? Last Updated: October 28th, Competitive benchmarking is a method for those who want to maintain an edge by knowing where they stand. Competitive Benchmarking vs.
Competitive Analysis While competitive benchmarking and competitive analysis are often confused with each other, they serve two distinct purposes. Ways to Use Benchmarking Benchmarking, internal or external, is used in three key ways : Process benchmarking: This is about better understanding your processes and finding ways to optimize them. By benchmarking how your competitors complete a process, you can find ways to make your processes more efficient.
Strategic benchmarking: Companies use this type of benchmarking to compare business models and business approaches to strengthen their strategies. The point is to figure out how to emulate what makes specific companies successful to be more competitive.
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