{"id":23967,"date":"2016-12-30T10:45:00","date_gmt":"2016-12-30T09:45:00","guid":{"rendered":"http:\/\/blog.sotrender.com\/?p=23967"},"modified":"2018-02-07T20:13:36","modified_gmt":"2018-02-07T19:13:36","slug":"benchmarking-what-this-is-actually","status":"publish","type":"post","link":"https:\/\/www.sotrender.com\/blog\/2016\/12\/benchmarking-what-this-is-actually\/","title":{"rendered":"Benchmarking &#8211; What is it really?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In the field of marketing, there are lots of words that people know but can\u2019t explain. One of them is<\/span><b> benchmarking<\/b><span style=\"font-weight: 400;\">. And today we\u2019re going to not only explain it to you, but also show you how important it is for every brand\u2019s social media performance.<\/span><\/p>\n<p><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">Benchmarking has quite a few definitions, but the most succinct one is this: <\/span><b>\u201cA process of studying industry or competitive practices, functions, and products and finding ways to meet, improve upon them or discover what is the best performance being achieved\u201d<\/b><span style=\"font-weight: 400;\">. Benchmarking done right will help you offer better marketing solutions, create a better marketing strategy that leads to an increased ROI or other key factors important for your business. In social media, effective benchmarking will help you see your mistakes and finally overtake your competitors. It might take some time, but it\u2019s worth it.<\/span><\/p>\n<h2><b>Why should your brand get into benchmarking?<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Benchmarking shows you where you stand and what to do to assure your future growth. By assessing the current state of the company, you\u2019ll become aware of the right steps to take\u2026 and which to avoid.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Keep an eye on your competitors and see how you\u2019re doing compared to them. Without benchmarking, it\u2019s simply not possible &#8211; you won\u2019t know your position on the market.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Assure yourself that your actions are not only beneficial, but they also bring tangible business effects. Building brand awareness or getting more \u00a0reach of your marketing communication<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23395 size-medium aligncenter\" src=\"https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2016\/10\/sotrender_lukasz-475x398.png\" alt=\"sotrender_lukasz\" width=\"475\" height=\"398\" srcset=\"https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2016\/10\/sotrender_lukasz-475x398.png 475w, https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2016\/10\/sotrender_lukasz-768x644.png 768w, https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2016\/10\/sotrender_lukasz-600x503.png 600w, https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2016\/10\/sotrender_lukasz.png 940w\" sizes=\"(max-width: 475px) 100vw, 475px\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compare your marketing efforts and see the pros and cons &#8211; maybe something doesn\u2019t work how you intended. For example, your dedicated content might be less successful than user generated content.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Know your audience better. By benchmarking, you familiarize yourself with your own audience as well as the target group that follows your competitors. There\u2019s no need to hijack their followers, but if your strategy is successful they\u2019ll likely come to you on their own. \u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Focus on the best practices in your industry and see what works and what doesn\u2019t.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Competitive benchmarking is a must if you want to stand out from the crowd. Otherwise you\u2019ll just repeat the same old things, doing nothing extraordinary &#8211; and then you\u2019ll be observing your competitors with tears in your eyes. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Proper benchmarking requires a lot of time and effort, but it\u2019s worth every second! We are fully aware that it may be a bit of a struggle in the beginning, so you can use our hints below to fully plan out your benchmarking. <\/span><br \/>\n<b>How do I start?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Analyse the current state of your company. What did you you achieve and what could have been done better? Where do you stand as a brand? These details will be helpful in the next few steps. The more precise your answers are, the less questions and doubts you\u2019ll have later.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Set up a plan. Establish the goals you want to achieve through effective benchmarking and the metrics you\u2019ll use. Choose KPI\u2019s and essential statistics you want to focus on. Reach? Number of comments? Engagement rate or number of retweets? It\u2019s up to you.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Collect important data and get access to helpful tools that \u00a0measure your marketing efforts. We mentioned some of them in <a href=\"https:\/\/www.sotrender.com\/blog\/2016\/11\/social-media-tools-for-personal-branding\/\">one of our previous blog posts<\/a>, and you\u2019re welcome to<a href=\"http:\/\/www.sotrender.com\"> use <\/a><\/span><span style=\"font-weight: 400;\">Sotrender too<\/span><span style=\"font-weight: 400;\"> \ud83d\ude42 Based on generated reports and analytics, you can make conclusions on how to proceed.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compare your company to others, taking every possible factor into consideration. Sometimes the little things make a huge difference. For instance, you might notice a 5% engagement rate growth. Doesn\u2019t it sound great? But what if your competitors noticed growth too, but by 20-30%? You need to find out why and look at your strategy from a different perspective.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">After establishing what and how to benchmark, go further with implementation, updates, and improvements\u2026 just start doing it, one step at a time. Don\u2019t forget to check your results and compare yourself to others.<\/span><\/li>\n<\/ul>\n<h2><b>How can I benchmark?<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You can do it manually by observing the steps of your competitors on social media. This method is limited, as you don\u2019t have access to brand\/agency accounts, so you can\u2019t get all of the necessary information. Sotrender is here to save the day though &#8211; we offer analytics for accounts you aren\u2019t involved in.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Track your growth metrics by checking e.g. Google Analytics and Facebook Insights. Just keep in mind that the data might not be exact.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Use external tools that, when used together, will work wonders and help you achieve your business goals &#8211; you can find a list of tools <a href=\"https:\/\/www.sotrender.com\/blog\/2016\/11\/social-media-tools-for-personal-branding\/\"><strong>HERE<\/strong><\/a>.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Observe trends in the industry and react to them &#8211; <a href=\"https:\/\/www.sotrender.com\/blog\/2016\/11\/watching-trends-social-media\/\"><strong>HERE<\/strong><\/a>\u00a0you\u2019ll find some useful tips for watching trends.<\/span><\/li>\n<\/ul>\n<h2><b>Benchmarking with Sotrender<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Here in Sotrender, we know how to benchmark against your competitors on social media. Our detailed analytics will take care of your own profiles first, and after providing you with valuable info, you can put it into a \u2018benchmarking group\u2019. Simply choose some profiles from our user panel and make a group that reveals lots of brand secrets, as you can see on the screens below.<\/span><\/p>\n<h2><strong>This comparison will help you:<\/strong><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Stay up-to-date with your competitors on social media. You\u2019ll never know everything, but you\u2019ll know more than you thought you would. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Get data you can\u2019t get by observing profiles on your own. Sotrender allows you to see metrics that are hidden on page if you don\u2019t have any role on it. \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compare your competitors in groups with up to 8 profiles or page vs page. Analyse the most important metrics in the eyes of your brand. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">See where you stand out and in which areas you need to work on. For example, you might be flourishing with your content, but it\u2019s distribution may be poorly managed, resulting in lower reach. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reach your audience or similar ones better. Benchmarking shows the strengths and weaknesses of other brands and you can only make the most of it. Or leave it alone and cry yourself to sleep.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<div id=\"attachment_24401\" style=\"width: 960px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-24401\" class=\"wp-image-24401 size-large\" src=\"https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2017\/01\/Benchmarking-widok-grupy-950x1672.png\" alt=\"View of a sample benchmarking group\" width=\"950\" height=\"1672\" srcset=\"https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2017\/01\/Benchmarking-widok-grupy-950x1672.png 950w, https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2017\/01\/Benchmarking-widok-grupy-475x836.png 475w, https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2017\/01\/Benchmarking-widok-grupy-768x1352.png 768w, https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2017\/01\/Benchmarking-widok-grupy-600x1056.png 600w, https:\/\/www.sotrender.com\/blog\/wp-content\/uploads\/2017\/01\/Benchmarking-widok-grupy.png 1598w\" sizes=\"(max-width: 950px) 100vw, 950px\" \/><p id=\"caption-attachment-24401\" class=\"wp-caption-text\">View of a sample benchmarking group in Sotrender app.<\/p><\/div>\n<p><span style=\"font-weight: 400;\">You can do a lot of things on your own and you probably look at your competitors from time to time even now &#8211; which is a form of benchmarking! But by using tools, committing some time, and taking the initiative, you can do it better and more precisely. Your strategy will thank you for it.<\/span><\/p>\n<p><b><i>Do you benchmark? Share your stories in the comments section below!<\/i><\/b><\/p>\n<p><!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-2d3fed96-64cc-4629-afbe-1141517fa323\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-2d3fed96-64cc-4629-afbe-1141517fa323\" class=\"hs-cta-node hs-cta-2d3fed96-64cc-4629-afbe-1141517fa323\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/3842881\/2d3fed96-64cc-4629-afbe-1141517fa323\"><img decoding=\"async\" id=\"hs-cta-img-2d3fed96-64cc-4629-afbe-1141517fa323\" class=\"hs-cta-img aligncenter\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/3842881\/2d3fed96-64cc-4629-afbe-1141517fa323.png\" alt=\"Analyze your social media efforts with Sotrender!\" \/><\/a><\/span><\/span><!-- end HubSpot Call-to-Action Code --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the field of marketing, there are lots of words that people know but can\u2019t explain. One of them is benchmarking. And today we\u2019re going to not only explain it to you, but also show you how important it is for every brand\u2019s social media performance.<\/p>\n","protected":false},"author":73,"featured_media":24437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1779,2273],"tags":[1281,1653,1657,2143,2145],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Benchmarking - What is it really? \u2013 Sotrender Blog \u2013 Analyze, Benchmark &amp; Report Your Social Media Performance<\/title>\n<meta name=\"description\" content=\"In the field of marketing, there are lots of words that people know but can\u2019t explain. One of them is benchmarking. 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