What is a Social Media Benchmark?

Social media benchmark is a process of comparing your process and performance metrics to industry best practices. The primary goal of social media benchmark is to answer two crucial questions: how are we doing and what can we do to improve our performance? It acts as a yardstick and allows businesses to gauge their performance.

3 Social Media Benchmarks to know that is important to help measure your performance and compare it with your competitors or the overall industry performance are:

  1. Engagement Rate: We define engagement as measurable interaction on social media posts, including likes, comments, favorites, retweets, shares, and reactions. Engagement rate is calculated based on all these interactions divided by total follower count.
  2. Click-Through Rate: As we all know, organic reach is shrinking. Therefore, it is important to track your CTR. Whether it is from a call-to-action or a click from your profile, these are important metrics to track. Clickthrough rate reveals how often people who view your ad end up actually clicking it. CTR can be used to help you determine the quality of your imagery, positioning, and keywords.
  3. User/Follower Number: The Followers Growth KPI measures the number of new followers you’ve gained on a specific social media platform over a set period of time and compares that to a predetermined target. It’s important not only to measure how many new followers you get but also compare that to your objectives or even your competitors.

Tidbit: According to RivalIQ, every industry saw a dramatic decline in Facebook engagement rate this year. The average engagement rates on Instagram stayed high this year, and Twitter stayed relatively constant.

If you need help with benchmarking, we suggest using a social media management tool to help analyze your performance as well as your competitors. You can create daily, weekly, monthly and yearly reports in these tools so you don’t have to manually struggle with the math! A few we suggest are:

We have seen these tools grow and evolve over time with their reporting and we highly suggest looking into them.

Want to learn more about social media metrics and benchmarks for your brand? Contact us today (https://nicolebrashear.com/contact/).