It’s safe to say that social media outreach has spearheaded the digital divide and the impact of which has caused impressive industry growth. Every social engagement platform deserves care, efficient monitoring, and a fine-tuned approach.
No doubt about that.
And as for social media benchmark measurement, it has become essential for brands wanting to know how their efforts stack up against their competitors. Businesses are quickly adopting a data-driven approach to something as personal as social media.
A Forbes article researching The CMO Survey’s grasp upon social media impact revealed that only 15-percent said they’ve quantitatively measured the impact of their social media outreach.
Yikes, only 15%?
Social media benchmarking has the potential to solve problems and take the edge off from challenges. A lot of modern and innovative companies have taken advantage of such engagement metrics and experienced remarkable industry growth.
If you’re considering using a social media platform—or, if you’re new to social media engagement benchmarks and hungry for further information, you probably have a few questions.
Let’s go through them together.
Why are social media benchmarking solutions important?
It would be unfair to say social media is rapidly expanding. It has expanded and is now mainstream, businesses that fail to capitalize on social media as a marketing channel will be considered insignificant and, maybe, even left out.
But you probably knew that, right?
Social media has revolutionized the way we communicate with one and another and do business, and it certainly has become vital for establishing close relationships with your customers.
It’s not just millennials and Gen Z who use social media. Every age group is on social media these days, and a variety of topics are grown within its confines. With such an existing dynamic present, interesting and powerful solutions are sure to be made available in the market.
While social media is a promising marketing component all by its lonesome, understanding its impacts is vital. The world’s best social media practices can’t be “eyeballed”. They require intensive data, study, and interpretation.
Can I get an amen?
Fortune 500 companies have learned to adapt and are creating a differentiated, powerful social media strategy on Twitter, Facebook, and Instagram which requires attention to detail and a firm grasp on platform dynamics.
What social media statistics—exactly—should be benchmarked?
This is an important question.
“What” is the right word, here. Many social media platforms are used to meet different goals — and their users may not need every metric under the sun. However, there are data points that are relevant to most industries, and they’re incredibly useful for social media analysts who crave benchmarks to understand their performance.
Let’s say you’ve posted an image of a cat dressed as baby Yoda on various social media platforms.
Now, the replies, retweets, likes, comments, and shares you’ve received for that image will be called your Engagement.
Social Media Reach, on the other hand, refers to the number of users who have come across that image on social platforms like Facebook, Instagram, Twitter, and so on.
Impressions are the total number of times the image has been shown to users on different social media platforms.
Retention marks your page’s ability to keep “return visitors” for more such hilarious images and videos.
Additionally, expansive stats, like trends, earned promotions, competition, and social leader engagement can be recorded through social media benchmark solutions— further increasing an analyst’s grasp on their social impact.
The above benchmarks are incredibly useful for brand optimization, too, as they depict a product or service’s total visibility and outreach. Social media benchmarking, in essence, is a dynamic market survey, one that is constantly updating and can help guide your strategy.
Stats such as growth rate, community size, and fan engagement can all be benchmarked against close competitors and the industry average.
The above chart is from our benchmarking solution that shows the average engagement rate in the automotive sector for last year.
How can I use a social media benchmark solution to optimize a campaign?
Regardless of product or service, campaign optimization is important for increasing customer retention, product availability, and price balancing. Social media benchmarking solutions help companies know where they stand based on the amount of effort they put into a campaign and compare key metrics to competing companies.
Our Benchmarking solution offers campaign intelligence, where campaign posts of each brand are tagged and organized in a manner that gives insight. Each campaign comes with an average engagement score, helping one understand what type of campaigns are working.
The above chart shows the engagement score received by BMW’s BMW #X7 campaign.
This campaign launched by BMW ran from Aug 2018 to Feb 2019. By looking at this chart, BMW can infer the average engagement score received for each of the posts published under this campaign. The many spikes and dips in the chart will help them analyze the type of posts that garnered more engagement as opposed to the ones that received less engagement.
Do I need a social media benchmarking solution?
Again, every product, and every service, is different.
In general, however, deciding to benchmark your social media campaign should be based on the campaign’s baseline. In other words, what are you hoping to get out of the campaign, and is it something that can be tracked on social media? When implementing a benchmarking solution, consider your baseline’s needed measurement through the following questions:
- What is my campaign’s goal?
- How can I determine my activities’ impacts?
- How can I increase sales leads?
- What is my landing page’s current traffic?
- How much does exposure affect sales?
In essence, social media benchmarking is a powerful addition to a business’s classic, quantitative methods. It defines new strategies based upon beginning goals. Your project’s scale should always be defined by company needs, first. Once these needs have been established, restraints, scale, and expansion tactics should follow suit to owned resources.
Keeping up with trends
Understandably, decision-makers constantly consider new trends, old choices, and innovative strategies. If you’re implementing a new metrics analysis solution— or, if you’re considering using social media for its powerful outreach, keeping up with trends is important.
Your target audience, your presence, your results, and your retention are invaluable platform mechanics, and maintaining a firm grasp upon social media statistics ensures continuous understanding, growth, and success. The following social media benchmark statistics may help with prospective goals and platform creation, delivered through various sources:
- Facebook emerges as the most popular channel for businesses to share video content (81%), with YouTube in second (62%), and Instagram third (57%).
- 46% percent of the social media traffic to B2B company sites comes from LinkedIn
- 200 million users visit at least one business profile per day on Instagram.
- There are now 80 million pages set up for SMBs. This represents a 23% increase over last year.
By maintaining a firm grasp of the data being generated from your multiple online communities, your strategies can become refined and optimized as you look for incremental improvement on your benchmarks and the benchmarks of your industry.
Ultimately you want to rise above the competition and see what your competitors are doing and learn from their successes, innovations, and mistakes.
To Improve your social strategy by understanding what’s working and what’s not, you’re going to need a benchmarking solution.
Falcon’s benchmarking solution can help your team make real-time decisions by comparing, benchmarking, and analyzing your social performance.
Get on a no-obligation live platform demo by one of our product experts and we’ll show how you can evolve your social strategy with data-driven insights.