How to Perform Competitor Benchmarking on Social Media
If you have a business, then you have competitors. Unless you’re in the business of selling ice to eskimos, you are definitely going to have other businesses competing for your products/services. It is tough out there, like brutal, when it comes to competing against your competitors. If you are a relatively new business, you will have to compete with big corporations who have millions of dollars in marketing budgets annually. Some companies, especially new startups, do not have the luxury to waste their resources or money on futile efforts, so they should take advantage of competitor benchmarking. Let’s understand what it really means.
Competitor benchmarking or competitive benchmarking is the process of comparing your company to your competitors based on various criteria or metrics. The aim is to measure your performance over time and then compare it with your competitors; to better understand where you are lacking or determine the areas of improvement.
Why should you perform Competitor benchmarking?
There are tons of benefits attached to comprehensive competitor benchmarking. It gives you an overview of your own company’s performance. While understanding your competitors, you dig deeper into your own company’s performance metrics and try to understand the reasons why some metrics are performing the way they do. Another major advantage to competitor benchmarking is to save time, resources and money. Your big competitors have already spent a lot of time and money on curating their marketing efforts over time, and all you have to do is to take a look at what they did and try to incorporate those efforts into your own marketing mix. Just be careful to not completely replicate your competitors’ work, because what worked for them might not necessarily work for you, until you do a bit of tweaking to base it on your own company’s value proposition.
Competitor benchmarking on social media
Why on social media, you ask? Most of your competitors are probably active on social media. Social media holds immense potential in terms of effective and efficient marketing, so if your business is not on social media, your first priority should be to create social media handles for your business.
Now, let us assume you already have social media handles and so do your competitors. Companies these days are highly active in putting up content on social media – static content, video content, blogs and all kinds of content. Here are some of the top content marketing strategies, to get you started with content marketing.
Since there is so much content being published, and you see your competitors taking advantage of it, you probably want to understand what content is working for them. You are curious to understand what’s happening and why, or your boss wants a competitor report at the end of the week to see where the company stands, so here you are stuck with the question – where do I start with competitor benchmarking?
How to start with competitor benchmarking on social media
Firstly you want to start by listing down your competitors. It’s highly likely you already know your competitors. If not, a nice way to find good ones is to google keywords that are most relevant for your niche and see which companies show up in the top results. Those are your main competitors competing for the same digital audience that you are.
Secondly, it will be handy to have your competitor’s social media accounts. The aim is to measure your performance on social media and benchmark it against your competitors.
Thirdly, you would want to analyse your competitor’s content. You are looking for ways to figure out what content is working for them, what hashtags are they using, what topic are they talking about or what are the best times to post for them? In 2022, nobody should have to spend so much time and effort on competitor benchmarking or competitor analysis. All of this should be automated, right? Well it is – Connect Mor has already made it easier for you guys, by automating competitor analysis on social media.
So grab your competitors’ social media handles, sign up for a free Connect Mor trial, give us the competitors, go make a cup of coffee, and by the time you’re back at your desk you’ll have insights that you can use. Connect Mor will pull all the content from the social media feeds of your competition, and analyse it in a couple of minutes. You can benchmark yourself vs. competitors, see engagement in your industry around specific events and the best times to post on social media for your niche. You’ll be able to see the top performing hashtags and topics, and understand why your best performing competitors are doing so well.
Well wait, why don’t I make all of this explaining easy with a short explainer video.
Interested to see how you stack up against your competitors on social media? Book a 14-Day free trial with us and get access to data insights that can help you to save time, increase engagement and win more clients.
November 9, 2022