Webinar: How Benchmarking Can Inform Your Social Strategy
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The document outlines a webinar focused on leveraging benchmarking to inform social media strategies, emphasizing the importance of community, content, and conversation metrics. It introduces the 'benchmarking pyramid model' for analyzing audience size, engagement, and response rates, and provides insights on how to identify market potential and create effective content. Key takeaways include allocating resources strategically, identifying creative opportunities, and being aware of data bias in analysis.
Webinar: How Benchmarking Can Inform Your Social Strategy
- 1. How Benchmarking Can Inform Your Social Strategy #FalconEd
- 2. Your Presenters. Casper Vahlgren Senior Strategist Falcon.io Lux Narayan CEO & Co-Founder Unmetric @LuxNarayan @CasperVahlgren #FalconEd
- 3. Benchmarking Pyramid Model Effective SoMe Strategy Q&A Today’s Agenda.
- 4. (Housekeeping) Rules Help Control the Fun! - Monica Geller Audio Everyone is muted for best audio quality. Recording & Slides Available on-demand and sent to you in tomorrow’s FUP e-mail. Questions Q&A in real time and live at the end of the webinar. Chat Communicate with others for the duration of the webinar. Social Find us on all socials @FalconIO and use #FalconEd to participate. Survey We would love to get your feedback upon exiting the webinar.
- 5. THE BENCHMARKING PYRAMID MODEL 3 Steps to better Benchmarking
- 6. Introducing the 3Cs of the Benchmarking Pyramid. Community Content Conversation
- 7. Community Benchmark these metrics: ● Community size ● Community growth Consider benchmarking these metrics: ● New followers per day or month ● Number of Twitter handles followed by brands ● Best time to post ● etc Community: The Base.
- 8. VitaminWater already has 3.8m fans and now a lower growth rate. See historic data on VitaminWater’s growth from 2012 onwards. In the real world…
- 9. We studied the annual growth rate of 350 top brands. 1.3%Facebook3.2%Twitter21.3%Instagram17.5%YouTube39.3%LinkedIn
- 10. Benchmark these metrics: ● Total content published ● Engagement Consider benchmarking these metrics: ● Boosted content ● Type of interaction (Likes, Comments, Shares, etc.) ● Reach and impressions ● Type of content (photos, videos, links, etc.) ● etc Content Content: Activating Your Base.
- 11. In the real world… University of Houston: fewest posts UCLA: posts the most Ohio State: most content engagement
- 12. How many posts do top brands publish? 75 - 125 pieces of content per month. Across all social networks.
- 13. Benchmark these metrics: ● Response rate ● Average reply time Consider also benchmarking these metrics: ● Response type (apology, DM, email, plain text) ● Reply time distribution (15 mins, 60 mins, etc.) ● Total brand replies Conversation Conversation: Communicating With Your Base
- 14. In the real world…
- 15. In 2019, most big brands replied to: 25-35% of user posts on Facebook. 2-5% of user tweets on Twitter. Top Brands on Customer Service
- 16. Community Content Conversation • Number of posts • Engagement • Response rate • Average reply time • Audience size • Audience growth The Three Pillars for Benchmarking Your Performance
- 17. Cast your vote on-screen.
- 18. TURNING YOUR METRICS INTO AN EFFECTIVE SOCIAL MEDIA STRATEGY What do you do with all of this data?
- 19. Use community and audience sizes to gauge which markets and platforms to focus on in your strategy. Allocate Resources Strategically. Potential Which markets/platforms have unrealized potential for audience growth? Saturation What markets/platforms are saturated? Dead End What markets/platforms have little or no potential for growth? Questions to ask:
- 20. Identifying growth potential for key markets and platforms.
- 21. Identifying growth potential for key markets and platforms. Audience size and sales indicate an opportunity for growth.
- 22. Identifying growth potential for key markets and platforms. Sales outweigh both current and potential audience size. Audience size and sales indicate an opportunity for growth.
- 23. Identifying growth potential for key markets and platforms. Sales outweigh both current and potential audience size. Market is saturated, so focus on engaging and managing existing community. Audience size and sales indicate an opportunity for growth.
- 24. Sales outweigh both current and potential audience size. Small existing audience and little potential for growth. Identifying growth potential for key markets and platforms. Market is saturated, so focus on engaging and managing existing community. Audience size and sales indicate an opportunity for growth.
- 25. Once you know which markets or platforms to focus on: Find a creative space to own Type What are competitors posting the most about? Focus What products, cultures or communities are competitors focusing on? Content What identifies the content and content themes competitors post about? Questions to ask:
- 26. PERSPIRATION ACHIEVABLEASPIRATIONAL OBSERVATION Identifying a creative white space for an outdoor wear brand
- 27. PERSPIRATION ACHIEVABLEASPIRATIONAL OBSERVATION Identifying a creative white space for an outdoor wear brand
- 28. PERSPIRATION ACHIEVABLEASPIRATIONAL OBSERVATION Identifying a creative white space for an outdoor wear brand CREATIVE OPPORTUNITY
- 29. Once you know where to focus, use key metrics to identify what resonates with your audience - and what doesn’t. Identify your strengths: Questions to ask: - What content performs above the category average? - What content drives follower growth for your brand? - What type of content goes viral? - What content generates conversation vs what content generates reactions/likes? Pinpoint competitor weakness: Questions to ask: - What is their least performing content - that they still post a lot of? - What markets are they not performing well in? What are they doing differently that doesn’t work?
- 30. Be conscious of data bias. One of the most critical elements of using benchmarking to create effective content and strategy:
- 32. Don’t just look at metrics in isolation. Understand the relationship between different metrics - and their context. This is how you turn surface-level metrics into valuable insights.
- 33. Analyse the relationship between the metrics to understand what resonates with your audience.
- 34. Analyse the relationship between the metrics to understand what resonates with your audience.
- 35. 1. Allocate resources strategically 2. Identify a white space in the category 3. Create a framework for content that resonates with your audience 4. Be conscious of bias when looking at your data Key Takeaways. #FalconEd 4 steps for turning your metrics into an effective strategy:
- 37. When Should You Use Instagram Stories vs. Feed? #FalconEd March 26th
- 38. Free Benchmark Report For Social Media Marketing World 2020 attendees.