For example, if your business aims to generate clicks to an upcoming blog post, you can use social media benchmarks to see how well your content performs. This will help you set a clear goal for your business and ensure that you are measuring the right metrics to achieve it.
Increase Engagement Rates
The more engaged your audience is on social media, the greater your brand’s reach. This increased visibility can lead to more conversions, whether it’s more website traffic or more followers on your social media accounts.
Increasing engagement rates also builds customer loyalty. Customers will trust your business more if you are responsive to their questions and concerns on social media. This helps build long-term relationships with your target audience and increases the likelihood that they will be repeat buyers.
In evaluating the success of marketing efforts, companies often refer to social media industry benchmarks. This standard helps gauge performance against industry norms, aiding in identifying areas for improvement and setting realistic goals.
Benchmarking is the process of measuring your performance against other brands in your industry. It allows you to evaluate the results of your marketing efforts and make improvements where needed. If you don’t take the time to benchmark your progress, you might collect much data but not see any actual results. By understanding the impact of your marketing campaigns on your social media ROI, you can improve them. This leads to a better return on investment, which is the main reason why it’s so essential to benchmark your social media marketing efforts.
Increasing reach is an important marketing metric because it can help you connect with more people and ultimately increase your sales. Market reach can be calculated using various metrics, but most commonly, it is determined by looking at the estimated audience size of your campaign. This can be done for both online and offline advertising campaigns. Typically, marketers can get this estimate from the platform they are working with.
Regular benchmarking can help you find the right mix of content, post frequency, and ad campaigns to maximize your reach and increase sales. With benchmarking, it can be easier to know how you measure up to your competitors and make any meaningful changes to your marketing strategy. Clear, measurable goals will also help you get the most out of the benchmarking process.
Increase Conversion Rates
Increasing conversion rates on your website is a crucial metric for any brand looking to maximize its revenue. Benchmarking can help you develop a more targeted quantitative strategy based on competitor data and industry standards.
The best way to increase conversions on your website is to keep the goals of your business in mind and ensure that any marketing campaigns are centered around these objectives. Ensuring your goals are clear, specific, and measurable is also good.
Another way to increase conversions is by de-risking purchases; for example, an eyeglass brand might offer free shipping on orders over a certain amount to encourage customers to buy more and reduce cart abandonment. This type of strategy can dramatically impact your overall sales and ROI.
Social media marketing can boost sales by increasing brand awareness, providing access to a global audience, and allowing businesses to develop a following. It can also be cost-effective in comparison to traditional advertising strategies.
Benchmarks help you evaluate your performance against competitors, ensuring your social media strategies effectively meet business goals. Using data from multiple trusted sources, Emplifi’s industry benchmarks provide insights specific to your needs and allow you to compare apples-to-apples for a more accurate analysis of your results.
People spent more time on social media than ever, but these increased times partially declined in Q4. With a solid social customer care infrastructure and well-placed CTAs, you can improve your response times while boosting the number of qualified leads your content converts into paying customers. The key is to focus on clear, measurable goals and develop a targeted strategy for achieving them.