In a world where the competition is fierce, brands need to strategize and must benchmark the competition to understand the battlefield and to define their go-to-market strategy.
Benchmarking brand performance allows you to understand the conversations surrounding your brand or competitors. Effectively compare the main KPIs with your competitors’ to assess the monthly, quarterly, or yearly performance and potential growth.
How to benchmark your brands
Once you have defined your list of brands, Radarly provides you with various KPIs for benchmarking. The following are the key metrics you can use:
Visibility - Estimated Each
Brand awareness - Posts/Reposts
Desirability - Tonality (Sentiment, Affects)
Proximity - Engagement
Here above the Analytics Overview section
Apart from these metrics, we recommend using Radarly to:
Understand the type of content that users are engaged in which drives the engagements of certain brands. E.g. Why brand C with a few posts but generated the most engagement actions
Analyze the difference between each KPIs and why brands are driven by some and not others. E.g. Why does brand A have more number of posts, but less reach?
Tips & Tricks
Create a corpus with owned accounts and exclude owned accounts when benchmarking brands to assess user generated content
Further segment the conversations by categories and attributes to understand the key conversations (e.g. products, benefits, customer feedback, influencer conversations etc.). We can better understand the public perception of the brand image and follow topics of interest in real time on the social web.
Here to learn more on how to measure your social brand equity!
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