How to start the competitive benchmarking process?

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For example, if you’re comparing Mercedes and BMW’s Twitter accounts, Mercedes has more followers and tweets than BMW. Looking deeper at their performance, such as average likes and retweets across posts, and each account’s engagement rates will help identify gaps and opportunities for BMW to increase their following and customer loyalty on the platform.


Screenshot of Mercedes-Benz's Twitter account
Screenshot of BMW's Twitter account

This type of data analysis gives you an objective view of british indian ocean territory b2b leads how your performance is faring against your competitors. Use this information to adjust your strategy and targeting efforts for better performance. Wondering how to find this data? Competitive monitoring is a great place to start.

Before we get started, we will use Sprout, amongst others, as a benchmarking tool. So if you don’t have an account, sign up for a free trial with your business email and connect your most used social media networks. Now that’s done, let’s get started with the process for a comprehensive competitive benchmarking analysis:

1. Choose competitors to analyze for benchmarking
You ideally want to look at competitors whose social presence, industries, product type and target audience closely resemble yours. For example, an independent cafe or retailer operating on a smaller scale shouldn’t create benchmarks based on Starbucks or Target.

Include a mix of direct (similar businesses) and indirect (different but complementary businesses) competitors. For example, Trello’s direct competitors are Asana and ClickUp, since they’re both project management tools. Indirect competitors could be Slack, Basecamp or any other tool that facilitates collaboration and task management.