Benchmarking — Why your brand needs to start
‘Benchmarking’ is a term that gets thrown around a lot in social media marketing. Every expert and influencer stresses the importance of it, but a good explanation of it is always hard to find. That’s why we’re here; to clear things up and tell you exactly what benchmarking is and how you can use it.
What is benchmarking?
Benchmarking has a lot of different definitions with similar aspects, so it’s hard to nail it down to one. But we have this definition that we think is the most succinct and all encompassing:
“Benchmarking is the process of studying industry or competitive practices, functions, and products and finding ways to meet, improve upon them or discover what is the best performance being achieved”
That’s it. It can be tough to do it, especially when just starting, but it’s worth the boost it will bring to your marketing strategy and ROI.
Why should I benchmark my brand?
Benchmarking has a lot of benefits that will help you improve your business as a whole:
- See where you stand and where you need to improve.
- Compare yourself with your competitors.
- Make sure that your marketing actions are bringing real benefits to your business.
- See which of your actions were more successful than others.
- Learn about your audience and reaching your target group.
- Focus on the best practices in your industry and see what works and what doesn’t.
- Learn to stand out from the crowd.
Improve your benchmarking with analytics
Sotrender offers benchmarking as a part of the services available with out social media marketing tool. Get these additional benefits to your benchmarking:
- Stay up-to-date with your competitors on social media.
- Get data you can’t get by observing profiles on your own.
- Compare your competitors in groups with up to 8 profiles or page vs page.
- See where you stand out and in which areas you need to work on.
- Reach your audience or similar ones better.
Benchmarking can do so much for you, why wouldn’t you want to do it for your brand? If you want more info on benchmarking, check out our full blog post!