Recently B2B marketing is shifting more towards data-driven. The marketers who give more preference to time must begin with harnessing data to drive through the real-time marketing strategies and influencing customer connections. Competitive benchmarking enables marketers to scratch into the crucial KPIs of their competitors, which gradually improve their data-driven decision-making process successfully. This helps them fulfill their objectives and optimize their returns on investment, that is, ROI.
Social media campaigns have occupied a significant part in B2B marketing business processes, and the basis of competitive marketing has turned out to be an influential and feasible component of social media endeavors; because for the following reasons:
- Competitive benchmarking is essential for social media, performing the role of social media platforms dragging continuous engagement, which differs from regular work on individual projects. Competitive marketing is specifically business-oriented.
- Social media is an origin of referral traffic which is derived through a single channel Marketing.
- Social media comprises fresh and successful means for or social communications. By this competitively benchmarking, social endeavors not only support the brands in choosing the best suitable strategies for their social media content but also assist in putting up the benchmarks for the industry in the long term.
The biggest challenge that B2B marketers face is carrying social media advertising and aligning social media objectives with their organization’s business objectives. This is possible by aligning social KPIs with the key KPIs subjected to the Return on Investment(ROI) of the organization at the High level. Competitive benchmarking can also come up as a great help in identifying the aptest KPIs that have served the competitor organization and enabled them to reach their business objectives.
With an aim to legitimacy is the usage of social media to boost organizational ROI. It is imperative for makers to boost and align social ROI with the organization’s sales revenue. Competitive benchmarking assists organizations in investing their time, skills, efforts, human resources, and technology to reach the desired results from their social media endeavors. This is possible by competitively analyzing social media content, advertising strategies and highlighting the vital KPIs that help boost the Return on Marketing Investments (ROMI)from social media endeavors.
Fundamental objectives of competitive benchmarking:
- Identify the loopholes in social media strategies.
- Analyze the method by which the competitors gain higher performance levels
- Get acknowledged from the best practices by narrowing your focus on the key takeaways from the organizations processing within the same niche.
Get started with competitive benchmarking:
Scale yourself against the best but do not follow them blindly
Competitive benchmarking is a continuous chain process, very similar in dynamics as B2B personal keep evolving; this is considered the best practice in benchmarking. This practice will enable you to know the market and the languages the prospects communicate. This will further result in improved interaction with prospects, evolving them with various social media marketing endeavors, and finally helping the marketers in optimizing their sales revenue (by spending the individual’s buying journeys of the prospects).
Competitive benchmarking is classified as per the following steps:
- Gathering the data from various competitors
- Analyzing the data
- Executing the data for trend mapping and developing insight by means of various primary and secondary research methodologies
Competitive benchmarking can be divided into the following steps:
- Collection of data from competitors
- Analysis of data
- Implementation of data for trend mapping & generating insights through various primary & secondary research methodologies
- Monitoring the social channels of competitors to figure out which metrics stand out for them & have helped them in achieving or optimizing their immediate or long-term business objectives
- Planning social media strategies after deriving insights from the best industrial practices & amalgamating them with the best practices of competitors & comparing it with baseline, i.e., qualitative & quantitative measurement of an in-situ trend for a B2B brand at a particular point in time. Thus, benchmark vs. baseline studies constitute an integral part of competitively benchmarking.