Accurate Performance Insights with Benchmarking Tools

Overview

Today's social media users are all about getting quick and long lasting impressions which pose challenges for businesses. With short attention spans and a need for quick responses, promoting brands becomes tougher. Every detail in posts—words, mentions, and their placement matters greatly due to users' browsing habits. 

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Our Competitive Benchmarking tool now includes Industry and Competitor Averages. These features allow you to accurately gauge your Key Performance Indicators (KPIs) against industry standards and your competitors, providing a clear picture of your performance.

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Industry Average

With the Industry Average feature, you can compare your social performance to the average of similar brands in your field. By plotting the Industry Average in your dashboard widgets, you can understand how you measure up against key industry players. This helps you identify what’s working and where you can improve.

Competitor Average

The Competitor Average feature allows you to benchmark your performance against the average metrics of your competitors. You can add this to your widgets to compare audience growth, engagement, posting frequency, and more. This precise comparison helps you stay competitive by highlighting areas for improvement.

How to plot these in the widget?

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1. Navigate to Widget Configuration: Go to the configuration settings of the widget in your dashboard.

2. Enable Thresholds:

• Click on "Enable Threshold" under configuration, after plotting the metrics/dimensions on X axis and Y axis.

• Select "Industry Average" or "Competitor Average" under the operator section.

• Choose the metric you wish to have the average for.

• Select the duration.

• Click "Save."

• If you wish to plot both Industry Average and Competitor Average, click on "Add Threshold" and repeat the steps.

3. Select Competitor Category: For Competitor Average, choose the competitor brand category relevant to your analysis.

Calculation

• Competitor Average: This is calculated based on the metrics of competitor brands you have selected, excluding your own brand's metrics.

• Industry Average: This is based on the average metrics of brands within your industry.

• By utilizing these benchmarks, you can quickly assess your KPI performance and gain valuable insights into your progress.

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