Use competitive analysis tools to measure the success of competitors and set up benchmarks.
Brands may track metrics like conversion rates from paid social ads and assess a campaign's performance by using data to measure the content's performance. Communicate goals to decision-makers, as well as measure the performance of social media efforts against competitors’ by also factoring in benchmarks.
Conduct a competitive analysis of companies in the similar niche, size, and profitability to leverage competitor data to set up the right benchmarks. To gather insights on competitor’s success, tracking interactions, volume and frequency of posts, and keywords is recommended.
Benchmarks like top-performing content in the industry helps gather data on content formats, posting times, and more. Tools like growth analysis and social listening can help marketers measure competitors’ growth rates and assess audience sentiment and optimise social media posts.
[5 minute read]