![]() You can keep track of product mentions, influencer endorsements, hashtags, keywords, and more across social media. ![]() Content strategyĪrtificial Intelligence (AI) helps you understand how competitor content is resonating with their audiences and allows you to use that information to improve your own content strategy. When you benchmark across brands and channels, you can rank brand performance against the competition on dozens of metrics, automate hundreds of hours of competitive intelligence analysis, and score based on rates that adjust for audience size in reach, impressions, and engagement. The benefits of social listening for competitive benchmarking help your organization compare and inform: Brands’ social performance Once you get started, you will immediately have the tools necessary to analyze the performance and understand the tactics of competitors and other brands across social channels in real time. The benefits of competitive benchmarking can only be realized once you choose a reliable social listening tool that meets your needs and aligns with your organization’s competitive benchmarking goals. Get started with competitive benchmarkingĬompetitive benchmarking brings tremendous value to your marketing strategy, and the time to begin is now. And with anything manual, there is always a risk of human error and poor data quality. Spending time on manual data collection means less time for analysis and insights and creates delays in communicating those insights to key stakeholders. The volume and complexity of unstructured data is growing exponentially and brings new challenges. This can slow your strategy and create missed opportunities to gain market share and grow your customer base. If you don’t know what is working well in the market, you will lose the agility to pivot when the market shifts or when competitors change their strategy or tactics. And without real-time data, you cannot effectively inform strategies to your customer care, paid media, social media, and digital marketing teams. Otherwise, it is difficult to quantify what success looks like compared to others in the market or to gain clarity on best-in-class trends. You need actionable, data-driven insights. Today’s marketing teams face a multitude of common challenges around competitive benchmarking: A lack of actionable insights We know that traditional competitive benchmarking is a slow, arduous process that is extremely time consuming for teams to execute and often fraught with human errors. ![]() This can leave your social strategy lagging and ineffective. And without an efficient way to contextualize the data, you’re trapped analyzing data in a vacuum. To stay relevant in a complex social landscape, brands need to know how they stack up against the market and gather information on other brands’ strategies. The challenges to competitive benchmarking Competitive benchmarking can give your organization the edge to capture additional market share, increase customer retention and engagement, and provide an excellent customer experience (CX). When you understand your competitors’ performance, you can pivot your strategy to what is working for them with the insight and the knowledge that it will work for you as well. Gain visibility into competitors’ audience behaviors Identify industry trends and top-performing content Rank brand performance of your competitors Competitive insights and benchmarking tools allow your marketing team to: The proliferation of digital channels combined with the right technology lets you explore data and insights about competitors in ways you couldn’t before. Today’s competitive benchmarking is an entirely new opportunity. By using a set of predetermined metrics, benchmarking allows you to compare your company’s performance against your competitors and other best-in-class brands.Ĭompetitive benchmarking is not a new concept in fact, Xerox first began the practice in 1979 to analyze unit production costs in manufacturing operations. What is competitive benchmarking, and why do you need it?Ĭompetitive benchmarking measures where and how your organization stands against your competitors.
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