4 Benchmarks You Need to Focus in 2024
Social media benchmarking is comparing your social media page, posts, performance, etc. with other top competitors in the market. Benchmarking tells you a lot about how and where you stand in the market.
Without benchmarking it’s impossible to find out if your business is actually going somewhere or not.
Benchmarking may tell you a lot about improvement areas in your brand. The use of apps like Unmetric could be done to assess competitor strategies that have given them the advantage in areas where they perform better than you. You can use built-in Social media Analytics tools on HootSuite and compare your brand to the market average in your niche easily.
List of some important benchmarks to consider in 2024
Posts published- The number of posts published is not just a number but it lays the ground foundation for a successful social media.
Page/Profile Impressions is the number of times your content appears on someone’s screen. Comparing your profile impressions with the best-performing brand in your niche gives a fair idea of whether your profile is visible to the audience or not.
Audience Growth Rate- This is a very important benchmark and tells the decline or rise of the number of your audience over a period of time. It is a good indicator of seasonal growth/decline rates which may arise due to changes in trends, happenings, occasions, or the emergence of possible competitors that may impose a risk to your growth or downfall of a competitor.
Post Engagement Rate- The number of likes, shares, comments, shares, and saves on your content divided by the number of impressions is the post engagement rate. It tells about your content likeability as compared to your competitors and industry performers.
Using benchmarks to mold social media strategies can prove to be beneficial in seeing improvements in performance.
After analyzing the benchmarks the reasons behind the lag in performance can be found and the loopholes can be negated by working on the weak points.
Social media Benchmarking across different platforms
Benchmarks may help you decide the time you should dedicate across different platforms.
Facebook Benchmarks- An average of 5 posts are published each day by a brand on Facebook. In the sports industry, media/entertainment and marketing/advertising exceed the number by 4, 3 and 3 respectively.
Brands receive an average of 28 comments and 7 direct messages per day.
Instagram benchmarks- There has been a considerable shift from posts to stories, as brands are focusing on stories rather than conventional posts.
Sports Industry, Retail Industry, and Consumer Goods Industry outlies the daily number of posts compared to other industries.
Brands receive 27 Instagram DMs per day on average. Industries that exceed that average include travel and tourism (36), health and wellness (30), and Internet and technology (29).
Twitter Benchmarks– 3 posts published per day, 14 retweets, 3 quote tweets, and 26 ‘@’ mentions. Outliers that received a higher-than-average number of retweets include- professional sports (109), media and entertainment (35), and nonprofits (15). Industries with a lower-than-average number of Retweets were automotive (3), staffing and recruiting (2), and real estate (1).
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