Benchmarking involves looking externally (outside a particular business) to examine how others attain their performance levels, and to understand the processes they are using. In this way, it helps in explaining the processes behind excellent performances. When solid benchmarking exercises are applied appropriately, they facilitate improving performance in critical functions within the business.
Not only that, it is very wise to think about benchmarking as a way to :
- Gain an independent perspective about how well you perform compared to other companies
- Clearly identify specific areas of opportunity
- Prioritize improvement opportunities
- Set performance expectations
- Monitor company performance and manage change
- Develop a standardized processes and metrics
Let’s dive deeper into what benchmarking can do throughout social media:
The top line performance of a brand’s social media efforts can be measured through a social network’s inbuilt analytics. However, brands and agencies do not have ready access to competitor’s data. Without spending days of effort, there is no way of even approximating how a competitive brand is performing on social media.That’s why, brands need a tool, to analyze their own performance and others’.Social media benchmarking helps you assimilate how your content strategy is resonating with your followers, and if it is not, benchmarking can guide you to areas where there is room for improvement.
At Kpeiz, we assess the relative level of performance in key areas or activities of social media accounts in comparison with others in the same sector, and eventually we find ways of closing gaps in performance. We provide all information needed for a company to assess its performance and to know their positioning in the market. In the picture below, we took Facebook data from egyptian brands as an example:
Just keep in mind that, benchmarking is the key to get closer to someone’s business and sector. In order to upgrade the quality of a product, it is crucial to understand your supply and demand as well as your competitors’ performance.