What is competitive benchmarking?
Posted: Wed Jan 22, 2025 5:49 am
Measuring success on social media is tricky. Should you be happy about those 100 retweets? Is a 2.4% engagement rate on Instagram cause for concern or celebration? Comparing likes, shares and other performance metrics doesn’t mean much in a vacuum. You need context.
And that’s where competitive intelligence and british indian ocean territory b2b leads competitive analysis come in. Competitive analysis gathers and analyzes information about competitors’ strategies, products, market positions, and performance. And in order to understand how your company stacks up against competitors, you can conduct competitive benchmarking.
Through benchmarking, you will better understand where your company is winning and uncover opportunities to improve your strategy. Watch our video below to hear which 2023 social media benchmarks you should know and how to use them:
Competitive benchmarking is the process of measuring your company’s performance, processes, or strategy against that of your competitors or industry peers.
By tracking specific metrics and standards in these areas, you establish realistic benchmarks to assess your industry performance.
The same rings true when it comes to benchmarking on social media.
Social data doesn’t just dictate your content strategy—according to The 2023 State of Social Media Report ™, 92% of leaders believe social media data and insights help with improving competitive positioning.
Rather than second-guess whether a campaign or piece of content performed well, look at your benchmark and get a data-driven answer as to how it compares to similar efforts by competitors.
And that’s where competitive intelligence and british indian ocean territory b2b leads competitive analysis come in. Competitive analysis gathers and analyzes information about competitors’ strategies, products, market positions, and performance. And in order to understand how your company stacks up against competitors, you can conduct competitive benchmarking.
Through benchmarking, you will better understand where your company is winning and uncover opportunities to improve your strategy. Watch our video below to hear which 2023 social media benchmarks you should know and how to use them:
Competitive benchmarking is the process of measuring your company’s performance, processes, or strategy against that of your competitors or industry peers.
By tracking specific metrics and standards in these areas, you establish realistic benchmarks to assess your industry performance.
The same rings true when it comes to benchmarking on social media.
Social data doesn’t just dictate your content strategy—according to The 2023 State of Social Media Report ™, 92% of leaders believe social media data and insights help with improving competitive positioning.
Rather than second-guess whether a campaign or piece of content performed well, look at your benchmark and get a data-driven answer as to how it compares to similar efforts by competitors.