Technology is transforming. And digitization has changed the way you do your business. Today entrepreneurs are digging out new processes,incorporating new ways and setting new strategies to take their business to the next level.
Measuring your business performance based on the digital research report or social medical benchmarking is enterprises’ comprehensive approach. If you are not familiar with the social media benchmarking, this blog is worth a read.
Benchmarking is a typical process. It includes comparing one’s process and performance metrics. Or it involves finding out the best practices of competitors.
Benchmarking is a method, applied to make sure – what you are doing is best. It is the way to recognize the performance of any effort or understand how well you are doing. It is what drives your business core objectives. Without it, you can hardly understand where you are standing in the market.
It is important to know that top management doesn’t care about the end of season sale. What they care is they are ahead of their competitors in terms of sales growth. Benchmarking enables determine whether or nottheir business is making more money. If the business is growing better than previous years, that is obviously good.
To justify or analyse business performance or prepare internal assessment, benchmarks are considered.
Social networking sites have become the most common platform to generate leads and earn brand name. Given to that, more and more businesses are considering social media benchmarking to overview their performance. The traditional way of benchmarking is being replaced by the social media benchmarking. The objective of this new method is to gauge your own performance – or generate a digital report.
Experts measure the top line performance of your business’ social media efforts through a social network’s inbuilt analytics. They try to know how yourcompetitor is performing on social media.
Assume that you run a campaign on Diwali. How will you know where the engagement score stand on this campaign? This is where social media benchmarking plays a significant role.
With the help of it, you are able to see where the engagement score on your Diwali campaign stands when compared to the score of competition’s Diwali campaign.
Initially, professionals start by benchmarking fundamental metrics that include community growth. Then then get ahead to the metrics like frequency of posting, share of voice and customer service.
To better understand, let’s take a glance at metrics to benchmark of two popular social networking sites – Facebook and Twitter.
For Facebook, metrics to benchmark may include Fan growth engagement Score, people talking about, daily active users on app (DAU), monthly active users on app (MAU), brand participation in user posts, admin participation, average reply time, and campaign intelligence.
For twitter, experts consider follower growth, engagement score, favorites, retweets, tweet count, tweet frequency, tweet type distribution, mentions, response rate and average reply time, etc.
Listed above are the key metrics on the basis of which Facbookand twitter benchmarking is considered:
Precisely speaking, the nature of digital age is believed to witness constant changes to the following:
• metrics available
• key metrics to benchmark
• Actionable insights to inform content strategy
As we discuss above, it is clear that benchmarking is the right way to have contextual overview of your business performance. However, to reap extensive benefits, you should look professionals’ help who can provide you with correct digital research report or conduct benchmarking. They can help you level up your social media strategy.