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What to Measure: Why You Need to Set Social Benchmarks

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Quick question: how does your brand’s social presence stack up against your competition?
While surface-level metrics can be valuable they don’t tell the full story and oftentimes you might be in the dark. In this masterclass, we want to discuss how and why you need to create social benchmarks, what metrics should be included (based on your social strategy), and how a competitive analysis will help you better understand your own strengths and make you stand apart from the crowd.

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What to Measure: Why You Need to Set Social Benchmarks

  1. 1. What to Measure: Why You Need to Set Social Benchmarks Listen. What to Measure: Why You Need to Set Social Benchmarks
  2. 2. Your Presenter. Jenna Laskin Senior Account Executive 
 Falcon.io jenna.laskin@falcon.io
  3. 3. Intro to Benchmark How Do I Measure Actual Performance? 
 Who Should I Benchmark Against? How Do I Generate Benchmarks? 
 Q&A Today’s Agenda.
  4. 4. If you are not benchmarking, 
 you are fl ying blind.
  5. 5. An Intro to Benchmark: The 3Cs of the Benchmarking Pyramid. Community C o n t e n t C o n v e r s a t i o n 1. Community: The Base. 2. Content: Activating Your Base. 3. Conversation: Communicating With Your Base
  6. 6. Community Metrics to benchmark 
 ● Community size ● Community growth ● New followers per day or month ● Number of Twitter handles followed by brands 1. Community: The Base.
  7. 7. Metrics to benchmark: 
 ● Total content published ● Type of content (e.g. photos, videos, links) ● Engagement ● Type of interaction (e.g. Likes, Comments, Shares) ● Boosted content ● Reach and impressions C o n t e n t 2. Content: Activating Your Base.
  8. 8. Metrics to benchmark ● Total brand replies ● Average reply time ● Response type (apology, DM, email, plain text) ● Response rate C o n v e r s a t i o n 3. Conversation: Communicating With Your Base
  9. 9. COMPARE YOURSELF AGAINST THE RIGHT COMPETITORS
  10. 10. Choose 4-6 brands that you want to learn from (based on your chosen approach) Choosing the Right Clusters to Benchmark Direct competitors Brands with similar resources Inspirational brands and " fi rst movers” Brands that do one part of your marketing funnel spectacularly Compare speci fi c markets brands with similar business model
  11. 11. Benchmarking for Vodka Brands direct competitors brands with similar resources inspirational brands and " fi rst movers” brands that do one part of your marketing funnel spectacularly compare speci fi c markets brands with similar business model
  12. 12. In the real world…
  13. 13. Key Takeaways. #FalconEd 1. Use benchmark to allocate budget & resources strategically. 2. Don’t look at metrics in isolation. 3. Understand the relationship between different metrics - and their context. 4. Identify patterns in data. 5. Be conscious of data bias. 6. Data with our benchmark is just numbers.

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