Using social media benchmarking to inform strategy

Abstract

With the continued growth of social media, there is an increasing volume of data available for marketers to measure, understand and use to compare the performance of one company with that of its competitors. This article outlines how social media benchmarking can be used to create performance targets for social media and measure the related key performance indicators. It also discusses how these benchmarks can be used to analyse the need and potential for market penetration. Finally, it outlines how marketers can use competitive benchmarking to deliver insights around competitor strategies and content approaches, as well as the potential hazards when doing so.