4 Ways to Benchmark Against Competitors
Driving more engagement, traffic, or conversions than you did last quarter is great. But at a certain point, we as social marketers have to turn outwards and take stock of the competition. Your brand’s goals and benchmarks are a great way to measure success, but competitive analysis should also be part of the equation. So, how should you be benchmarking your brand’s performance against your competitors’? Try these analyses!
If a brand is your competitor, you are vying for a similar customer. A great place to start when benchmarking your competitors is examining how you chart against each other in terms of content.
By examining content types, this is a quick way to sum up two things:
- The similarities and differences in your content mixes
- The level of relevancy these content types have with your audience
This is a great way to help determine if shifts in content strategy have closed the gap or widened the lead between you and your competitors.
Engagement as Percentage of Fans
Every brand on social is different. They prioritize their social presence differently, investing more time and money on different channels based on what works for them. However, brands will often write-off benchmarking against competitors’ profiles that are seismically bigger than theirs, since seemingly all metrics will be impacted. However, there is one metric that is incredibly useful for these exact situations: Engagement as Percentage of Fans.
As a strong believer in quality over quantity, Engagement as Percentage of Fans is one of my favorite metrics. Just because you have a big account, doesn’t necessarily mean you have the healthiest account. Utilize this metric to benchmark your social profiles against any of your competitors, no matter the size!
Rather than analyzing the raw number of fans you’re adding in comparison to your competitors, focus in on the growth rate.
For example, in the above chart, Arc’teryx actually has the highest growth rate, although they did not add the most fans. This, similar to Engagement as Percentage of Fans, is a more applicable benchmark metric for analyzing large swaths of competitors.
Share of Voice
Personally, the comparison of Share of Voice is my favorite way to benchmark against our competitors. After all, people talking about how much they love your brand on social is kind of the whole point, right?
Examining mentions of keywords relevant to your brand and your competitors is a great way to benchmark against your competitors, seeing as it goes beyond actions that are exclusive to interaction on brand profiles.
By using those four types of analyses, you should be able to get a realistic portrait of how you compare to your competitors and what you can to do improve your strategy.