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There is great value in being active on social media and creating content that engages your target audience. However, a successful social media strategy involves far more than simply showing up online. Remember that your competitors are almost certainly using the same social media platforms and engaging the same target audience as you are.
Get Ahead Of The Competition
The best advice a social media agency in Newcastle could offer to local businesses is to implement social media benchmarking as a solution. Regardless of product or service, campaign optimisation is essential to maximising customer retention, product availability and price balancing.
Social media benchmarking solutions enable businesses to determine where they stand based on how much resources are put into an ad campaign and compare key metrics to competitors. Many modern and innovative businesses have benefited from such engagement metrics, resulting in remarkable industry growth.
What Exactly Is Social Media Benchmarking?
Social media benchmarking involves comparing your data analytics and processes with available industry standards, taking metrics such as post frequency, follower growth rate and audience engagement into consideration.
Benchmarking takes a single statistic or metric and averages its performance over all brands in that industry to create a basis for businesses to gauge their performance against.
How Can It Help My Marketing Strategy?
- It gives better insight into your competitors’ strategies, helping identify what they may be doing differently and how to adapt your strategy accordingly to improve your performance online.
- It provides an accurate picture of how your current content strategy is performing and how well it resonates with your target audience. You’ll thus be able to identify areas that need improvement and inspiration for content that will perform better.
- It helps you stay on top of and predict trends and standards dominating your industry.
- It allows you to allocate your budget more effectively. Perhaps you’re directing your resources into areas of your social media campaign that aren’t as effective as others and can use it as an opportunity to reassess.
If you find that you’re putting time into your social media strategy but your business is not performing as well as you had hoped, it may be time to implement a social media benchmarking solution.
Mad Cat Marketing is a social media agency in Newcastle that strives to help local and internationally based businesses build strong relationships with their target audience, fostering long-term customer loyalty.
Elevate your online presence and benchmark your social media strategy with Mad Cat Marketing. You qualify for a FREE 30-minute strategy session (worth $1000) with one of our experts by following this link. Let’s discuss your business goals and suggest which strategies you could implement to generate meaningful leads and increase profitability.