These metrics to benchmark marketing performance will give you insight into how your brand stacks up against your competition.
A few months ago, the winter Olympics were in full swing, and Mikayla Shiffrin became the youngest slalom champion in Olympic alpine skiing history. Shiffrin achieved this incredible record, not only working to beat her best personal performance, but also that of her biggest competitors. After all, you don’t become a two-time Olympic gold medalist without the knowledge — and drive — to beat out the world’s best athletes.
You have to know how your competitors are performing to be the very best at what you do. That goes for Olympic athletes and supply chain companies alike.
We call this benchmarking performance. For we marketers, it’s important, albeit difficult, to find metrics to benchmark marketing performance. We tend to turn inward to focus on key performance indicators (KPIs), like website traffic, social engagement and conversion rates. But it’s time to start looking outward, as well.
[bctt tweet=”Competitive benchmarking gives brands the ability to benchmark their marketing performance against that of their competitors, giving you the knowledge and drive you need to improve your performance and chance of success.” username=”Fronetics”]
Competitive benchmarking gives brands the ability to compare themselves against a number of competitors using a set collection of metrics. These metrics allow you to benchmark marketing performance against that of your competitors. This will give you the knowledge and drive you need to improve your performance and chance of success.
Here are four metrics to benchmark marketing performance against your competitors.
4 metrics to benchmark marketing performance against your competitors
1. Content
Benchmarking your content allows you to compare the differences and similarities between you and your competitors’ types and relevancy of content. Are they focusing on video content or blog posts? Are they creating infographics? How often are they posting content?
2. Social activity
Knowing what social media platforms your competitors are using is critical in today’s digital marketing world. Are they having success on a specific platform? Are you using the same platforms? And how often are they posting on social media? How do you compare? Knowing when and where to post on social media can help get you in front of your target audience.
3. Social engagement
You’re posting and tweeting, but are audiences interacting with your content? Benchmarking your social engagement against your competitors lets you see if and how audiences are interacting with your posts and videos. How many likes and shares are you receiving? And how many are you competitors?
4. Keywords and topics
We talk a lot about the importance of keywords and topics. After all, that’s how audiences are searching for — and finding! — your brand and your competitors. Using online tools like SERPS, you can easily determine how you and your competitors rank for specific keywords and topics.
Analyze and adjust
Use these metrics to benchmark marketing performance. Once you have collected data, you can start analyzing your results. How does your marketing strategy stack up against your competitors and industry leaders?
Benchmarking allows you to see strategic opportunities — what you’re doing well and what you need to improve. You’ll gain valuable insight into what your competitors are doing better than you. Use this knowledge to improve your strategy. After all, action is key!
Which metrics to benchmark marketing performance do you use?
Here are four metrics to benchmark how your brand stacks up against your competitors and to evaluate the success of your content marketing strategy.
Competitive benchmarking is the process of comparing your company’s performance against that of your competitors. You can use various metrics to benchmark what these businesses are doing better than you are and where you have the edge. Benchmarking marketing performance is an important step in the process of evaluating the success of your content marketing strategy.
Organizations of all kinds — large corporations, privately owned businesses, nonprofits, and even sports teams — need to measure their performance to see if their efforts are leading to success. It’s one thing to examine webpage visits, number of clicks on a social post, or how many times a piece of content has been shared to understand what is happening as a result of your activities. But it’s key to take this information and see how it compares to other industry leaders.
Measuring digital marketing performance begins with setting competitive benchmarks. And to do this, you need contextual data. Analytics are great, but not if you don’t have context for your data.
There are several ways to measure your activity against your competitors. At Fronetics, we use these four metrics to benchmark marketing performance against competition and industry leaders.
Video: 4 metrics to benchmark marketing performance against your competition
As with all good strategies, you must continually measure success of your content marketing and adjust based on real-world results. These four metrics to benchmark marketing performance against your competitors are a great way to get started. If you aren’t keeping pace with — or beating — the competition, it might be time to go back to the drawing board.
These online benchmarking tools can give you insight into how your industry peers are performing on social media, in keyword searches, and more.
Senior Director of Strategy Kate Lee recently wrote about the importance of benchmarking your marketing performance against your competitors. To define success within your market and industry, you need to look outside what’s going on internally and compare yourself to your peers. This will also help your company identify threats and strategic opportunities.
Benchmarking gives you a context to understand how your marketing efforts are paying off. But running another set of reports and keeping track of all those metrics could be a full-time job within itself — and ain’t nobody got time for that.
The good news is there are some really effective tools available for marketers to quickly, even automatically benchmark their performance against the competition. Let’s take a look at three of these platforms below.
3 tools to benchmark your performance
1) BuzzSumo
BuzzSumo’s slogan, “Add value, be uncommon,” exemplifies its mission: to assist companies in creating the most relevant content for their individual audiences. The comprehensive content tool offers insight on what topics are trending, which influencers have the most reach, and more.
The competitor research feature will be of particular interest to those hoping to do some competitive benchmarking. It offers competitive intelligence, such as:
What content is getting traction for my competitors?
On what networks are they having success?
Who is sharing their content?
How does our content compare?
Overall this site will save you time that you would have spent compiling and analyzing data about you and your competitors.
Pricing: BuzzSumo’s pricing varies from $79-$599 per month, but there’s a free trial option to help you decide if Buzz Sumo is right for your company.
Ease of use: There’s a lot of information to digest, but the compelling data displays make it as easy as possible.
Clients: Rolling Stone, Expedia, National Geographic, IBM, Capital One
2) Serpstat
Serpstat identifies itself as the “growth-hacking tool of marketing” and the “all-in-one SEO platform for professionals.” It offers an abundance of insightful features to view your data in comparison with your competition. You can find answers to the following questions:
What keywords are placing your competitors in the top search results?
What does your competitors’ AdWords and paid search look like?
What does your competitors’ strategy look like in regard to their budget, ad positions in search results, and cost-per-click for AdWords?
Pricing: Serpstat ranges anywhere from $0-$299.
Ease of use: While Serpstat provides an overwhelming amount of information, their 24/7 user-friendly chat feature makes things a little easier. They also offer a completely free demo via Skype or Google Hangouts in as little as 20 minutes.
Clients: Yves Rocher, Gift Baskets Overseas, GL Marketing
3) Rival IQ
Rival IQ offers “digital marketing analytics with a competitive edge.” Essentially, it allows you to compare your performance in social media, keyword ranking, and content against other companies. You also learn when growth in those categories happens for your company, as well as what is driving it. It answers:
What do your social media metrics (followers, likes, etc.) look like versus your competitors?
What do your competitors’ social biographies look like, and what are they changing?
What do the “best” social media posts look like across your competitive landscape?
Pricing: anywhere from $299-$799. They’ll even work with you to create a customized package. A free trial is also available.
Ease of use: While the information presented is extensive, it is displayed in a way that makes it easy to digest. According to New York Times best-selling author Jay Baer, “Rival IQ is a game-changer. Incredibly useful intelligence about the digital activities and successes of your competitors, delivered quick, easy and smart.”
Clients: Studio Science, the Media Flow, Convince & Convert
These three benchmarking tools can help your business gauge how you’re fairing against the competition. The right one for your company could give you a competitive edge, helping you surpass your goals — and your competition.
Rival IQ’s Danica Benson discusses the importance of social benchmarking and offers three steps for getting started.
This guest post comes to us from Danica Benson, marketing communications manager at Rival IQ.
Imagine you’re on a little league baseball team. You’re up to bat. You swing and hit, sending the ball far over the second baseman’s head. You take off to first, see the outfielders running to the fences, fly past second base and onto third. The center fielder overthrows the ball as you sprint toward home, kicking dirt into sky behind you. Everyone is screaming, clapping and shouting! A home run! You feel on top of the world!
No matter which league you play in, be it little league or the MLB, a home run is successful. But, what if the pitcher walked you? In little league nobody claps, screams, or cheers. The next batter comes up, and you feel bummed out. But, not necessarily in the MLB. A walk is a strategic move. You’re on base. It’s only one base hit away from scoring position. A walk has the potential to be a game-changer and is considered a success. How is this so?
The benchmark determining success is different in the MLB than in little league. It’s the same performance in both cases, but a different interpretation of success. The same idea applies when measuring your social media activity — what is considered a successful engagement rate, number of followers, or content in one industry isn’t the same as the next.
Benchmarks require context
Benchmarks are key when interpreting data. Organizations of all kinds — large corporations, small privately owned business, nonprofits, and even sports teams — need to measure their performance to see if they’re efforts are leading to success.
Key performance indicators (KPIs) like Net Promoter Score (NPS) at a company, number of clicks on a social post, or a player’s batting average tells someone a lot about what is happening as a result of their activities. But it tells them nothing in terms of whether their efforts are successful, failing, or where to focus to close up those gaps. Why? Because benchmarks are relative.
3 steps to successful social benchmarking
Establishing benchmarks relative to your top competitors, like audience size and engagement rate, are meaningful because you are comparing to others like you who are fighting for the attention of the same audience. Without context, your metrics are what we call a “so what?” metric. We have 1,500 followers on Facebook… so what? Do we need more? Is that a good amount? These numbers only mean something if you have a benchmark for comparison.
At Rival IQ, measuring digital marketing performance begins with setting competitive benchmarks. To develop an effective social media strategy, you need contextual data. Analytics are great, but not if you don’t have context to compare your data. There are a couple of ways to do this: by comparing your organization’s metrics to itself, or by keeping tabs on your competitors. Using these methods, you can compare apples to apples and see growth in your organization, as well as how well you’re doing compared to your competitors.
Step #1: Know YOUR organization’s internal benchmarks
First and foremost, get to know your numbers. Identify your metrics and compare them to how you did last month (MoM) or last year (YoY). You always want to outperform yourself, so these benchmarks give you a base to start from and allow you to see if your activities are resulting in growth. Benchmarks can help you understand where your performance has been in the past, and help you create realistic expectations for the future.
But, what do you do if you don’t have any historical data to work with because you’re just starting up your analytics? I recommend looking at industry benchmarks, which you can find on websites such as Kissmetrics and MailChimp.
Step #2: Know your competitive benchmarks
Measuring your performance against your competitorsgives you business intelligence you can use to make better decisions — especially if you’re struggling to earn social media attention.It’s too easy to think that we can just type, “What’s a good engagement rate for Instagram?” in a Google search to find a benchmark that means anything. What you will find are general figures calculated using everyone who uses the platform, which is great if your target audience is everyone who uses Instagram (not likely).
Go deeper than your industry by building your social benchmarks from scratch. Hand-select your direct competitors and look at metrics, such as:
Which social channels do they use?
How does the content differ between channels?
When and how often are they posting on social media?
What type of content are they sharing? Are they posting updates, photos, videos, live video, .gifs?
What do their engagement rates look like?
How many followers do they have?
Setting your social marketing strategy using your own landscape of competitors will give you a realistic, attainable goal. Accurate, relevant benchmarks are the first step in paving the way toward gaining a competitive advantage.
Step #3: Track, test & tweak
Now that you’ve reviewed your organization’s performance and can measure if it’s trending upward (or not), and you have established your benchmarks relative to your competitors, you track, test and tweak.
Track performance
By tracking your performance over time, you will be able to see if your audience is getting bored with your usual posts and may need to change your tactics. By monitoring your competitors, you can learn what content works well and take advantage of opportunities they may be missing.
Never stop testing
Social media is a great place to test things out, like new ads, campaigns, copy, contests, surveys, images, etc. Secondly, they give you feedback, fast! Find out what your audience likes on social first, then learn from your wins and failures. Take what you learn about your audience on social media and apply it to other marketing activities.
Tweak for optimization
This goes hand-in-hand with testing. Once you’ve tested a few things and have identified what’s working, tweak it and test it again to optimize it. Find the sweet spot. Social media is always changing, so there will always be more work to do.
Just as with all good strategies, you have to continually measure success and adjust based on real-world results. Competitive analytics is a great way to set social media benchmarks by basing them on companies you aspire to beat. If you aren’t beating the competition, it might be time to go back to the drawing board.
Originally from the Portland Metro Area, Danica Benson migrated north to work as a marketer in the startup arena. As the marketing communications manager at Rival IQ, she’s bringing her passion to the tech world. Outside of the office, Danica spends her free time on outdoor adventures and exploring the great city of Seattle.
Competitive benchmarking should be part of your data-driven marketing strategy.
In August 2016, Elaine Thompson claimed the mantle of world’s fastest woman, and Michael Phelps became the most decorated Olympian of all time. Thompson and Phelps achieved these incredible feats by continuously pushing themselves to do better. To do this, they not only tracked and measured their personal performance, but they also tracked the performance of their peers and of their competitors. Together, this data gave Thompson and Phelps the knowledge and drive needed to improve their own performance.
When it comes to measuring marketing performance, most marketers look inward, focusing on key performance indictors (KPIs) such as website traffic, open rates, social engagement metrics, and conversion rates. While these inward facing KPIs are important, it is also important to look at what is happening outside your organization and to benchmark your marketing performance against peers and competitors. This will give you the knowledge and drive you need to improve your performance and chance of success. It can help you to identify threats and strategic opportunities.
WHO
When adding competitive benchmarking to your marketing strategy the first step is to determine who to benchmark against. I recommend not just benchmarking against direct competitors, but to also benchmark against industry leaders, and against a company or two that you think is excelling (this company does not need to be in your industry). By taking this more global view, you can gain ideas and intelligence from industry leaders and from the creative and strategic minds of top performers. A word of caution – be strategic and keep the number of companies to a reasonable number.
WHAT
While you should determine the KPIs to track and measure based on your business and marketing goals, here are some to consider:
Traffic by channel
Visits by source
Bounce rate
Keywords
PPC activity and spending
Social engagement
Social reach
Posting times
Top performing content
Meta description (company positioning)
As with your inward facing KPIs, action is key. Use the data you gather to inform your strategy.
