Benchmarking can be tricky business. In order to get it completely right, you’d need to be leverage analyses like regression models and confidence intervals. In the interest of keeping it simple, the most effective and commonly used methods by social marketers are:
Trailing three periods as an average: For more recent benchmarking (like pre-campaign performance measurement or a monthly report), simply average the last three months.. This will give you a solid rolling average.
Period over period: With this type of comparison, it makes the most sense to focus on rates and ratios (especially for long-term comparisons like year-over-year.) You should focus on measuring things like Growth Rate and Engagement Rate. This will allow you to normalize over time periods without worrying about the scale differences.
Cross Channel Story Tellers for Social Marketers - Lindzee McCain - Social Fresh EAST 2014
Cross-Channel Storytelling for Social Marketers
As marketers, data fuels us.
But how can we bring it all together to tell our story
Social Marketing Survey
The survey showed that the majority of marketers struggle with
five key areas of their data analysis:
• "Big Picture" understanding
• Appropriate benchmarking and comparisons
• Owned and earned media in context
• Gleaning deeper insights
• Complete understanding of your audience
51% of respondents ranked a “Big Picture
Understanding” as their biggest challenge
for reporting on social performance.
Why is it so difficult to see the big picture?
• The puzzle pieces don’t seamlessly fit together.
• More networks, more metrics!
• The problem with stakeholders.
The solution: standardizing and
normalizing your cross-channel metrics.
The key to putting massive amount of data in context is standardization, and
it's surprisingly simple.
1. Aggregate all cross-channel data into one place.
2. Establish standardized terminology. For example, instead of Facebook
Likes and Pinterest and Twitter Followers, you'd use a term like
3. Bucket the channel-specific metrics into your new standardized terms.
Now, you can see your activity cleanly and with holistic context to make your
analysis more effective.
There are many ways to tell your cross-
channel story, but you must first understand it
For the rest of this story, stay tuned for the “5
Data Storytelling Essentials For Social