Compare, compete to improve!
What Is Benchmarking?
Benchmarking is a marketing technique that consists of studying and analyzing the performance and organizational methods of other companies in order to draw inspiration and obtain the best from them.
It is about putting your company in comparison with the direct competitors in your activity sector.
The main premise of the process is to set different axes of comparison and to situate your brand vis-à-vis other brands involved in the social media competition race or simply existing within your business spectrum.
It is an ongoing process of researching, benchmarking, adapting and implementing best practices to improve the performance.
Most companies rely on business intelligence platforms to get ready results because the task is all-consuming and may take much of their employee’s time.
Achieving excellence and outperforming competitors.
How do we proceed with benchmarking?
Let’s assume that I’m a South African telecom brand. And I would like to assess my social media efforts during November. I would be interested in the telecom benchmark in my country.
Let’s dive into some numbers!
Are there average values I need to compare myself to?
That is exactly the first thing I’d need to check.
The first step is to check the panel of the sectoral averages of telecom in South Africa which would serve as a reference to compare my results with.
The next step would be to explore my position compared to my competitors in terms of each of the KPIs.
If for example, I run this experience in MTN South Africa shoes, I can deduce that I’ve been investing efforts on my Facebook page performance (the highest number of posts compared to competitors), but raking third when it comes to interactions.
I need now to instigate the cause of my lower number of interactions. Could that be traced to the total number of fans?
Because, if they have a larger fans base, then I would need to think of ways to improve the situation.
Let’s find out:
This couldn’t be the cause because I rank second in terms of the total number of fans.
I can deduce now that I need to work on my content, or sponsoring my best posts simply because I made the highest social media efforts during November but wasn’t in the top.
How do I know which type of posts I should sponsor?
Have a look at the best performing posts in the telecom sector in South Africa to get inspired for your next content!
Ou final thoughts
Benchmarking is indeed efficient for your social media growth but is an external assessment, you need internal self-diagnosis along with it to dissect the different metrics you need to keep track of.