Pop quiz: How does your social stack up against your closest competitors? Seems straightforward, but how much of your team's knowledge is based on assumptions vs. data-driven insights?
Measuring success on social media is tricky. Should you be happy about those 100 retweets? Is a 2.4% engagement rate on Instagram cause for concern or celebration? Comparing likes, shares and other performance metrics doesn’t mean much in a vacuum. You need context.
And that’s where competitive intelligence and competitive analysis come in. Competitive analysis gathers and analyzes information about competitors' strategies, products, market positions, and performance. And in order to understand how your company stacks up against competitors, you can conduct competitive benchmarking.
Through benchmarking, you will better understand where your company is winning and uncover opportunities to improve your strategy. Watch our video below to hear which 2023 social media benchmarks you should know and how to use them:
