Benchmarking is one of those marketing terms that you’ve probably heard at some point. It consists in analyzing your direct and indirect competitors to improve your strategy and position your brand at the top of your sector.
We live at a frenetic pace and this tool becomes fundamental in your marketing and Social Media strategy.
Find out with Cool Tabs how important benchmarking is to improve multiple aspects of your company. Do not be afraid to innovate and differentiate yourself from your competitors. Take note!
What is benchmarking?
Let’s start with the basics 😉 . Bechmarking is a process of evaluation and analysis of different aspects such as you competitors’ products, methodologies or campaigns, whose objective is to implement improvements that allow you to differentiate yourself from them.
Be aware! This does not mean copying their actions or methodology, keep that in mind. The image of your company is one of your main assets, the essence that makes you unique. Copying your brand image from your competitors would make you look weak.
This practice, benchmarking, is a continuous process that will help you to be up-to-date with the actions that the companies of your sector carry out and will allow you to detect the aspects of your strategy you are leaving in the background and you could improve.
If at this point you still wonder if it is really important to do this analysis, continue reading this post. In the end you will realize that the answer is 100% affirmative.
There are different types of benchmarking that you can explore and perform to optimize and to differentiate your company:
- Internal: it will help you to compare different areas of your brand leaving the competitors aside.
- External: you will compare your brand with your competitors. It is very useful to optimize your strategy and position yourself in the market.
- Functional: in this case, think globally and perform your analysis with respect to sector in which you are, comprehensively.
- Integral: this type requires to carry out the previous analysis, but it is only recommended if you have the necessary human and financial resources to perform it.
What are the advantages of bechmarking in Social Media?
First, meeting your competition in social networks. It’s a given that you will be surprised by the number of competitors and the different strategies from which you can learn and take note to improve and become one of the reference companies within your sector.
Do they answer all the comments? How is their engagement? Do they advertise? Carrying out an analysis of the profiles of your competitors will allow you to establish what aspects you are neglecting and how to improve them. It will also help you detect your points of strength with respect to the competition.
A tip! Perform a SWOT analysis before analyzing the profiles of your competitors. This way you’ll wind the machine and more effective and original ways of communicating that will impact the public and differentiate you, will come to mind.
Benchmarking will allow you to develop an original Social Media strategy, with quality and in which you do not waste resources. Pay attention to the number of publications that you publish based on your competition and see if they are getting good results. That way you will detect opportunities and needs that your audience has.
It is important to fix the KPIs and periodically monitor your competitors and compare yourself in terms of numbers. Maybe, even if you do not have tens of thousands of followers, you are having a positive engagement, a proof that you have a quality community.
At this point, I’m sure you’re wondering: where do I start? Keep reading and discover the phases that we are proposing to design and carry out the process of bechmarking in your company.
How to apply benchmarking?
The first step? Analyze and study your business to detect which internal processes can be improved.
What type of benchmarking do I do? The choice of one or other type will depend on your purposes and what you have determined in the first phase: compare departments or companies with a similar profile or with your direct competitors.
It is also important to define what data you want to collect and compare with the companies that you have chosen, such as profiles in social networks, blog, website, number of publications, etc.
With all the information obtained during this process, we recommend you elaborate a report which details the opportunities found, the points to improve, possible threats and how to avoid them.
Now, it’s time to implement improvements!
Don’t forget that your competitors are friends, not enemies. Preparing this analysis from the self-knowledge of your brand and the place it unpretentiously occupies will help you to differentiate yourself from your competitors in a way that will surprise.
We hope that this post has motivated you to apply benchmarking in your business. Are you prepared to make the difference?