Social Media Benchmarks: How to Measure Success and Improve Performance

Social media is the new way of interacting, sharing information communicating, and of course marketing. Whether you’re a business owner marketer or content creator, knowing your performance on social networks is critical. Enter social media benchmarks or the standard metrics established companies use to quantify the performance of social media profiles. They enable you to evaluate progress or lack thereof and make necessary adjustments.

In this article, I will outline what the social media benchmarks are, why they are important, the process of getting them right, and how you can use tools to ensure you are right on track. Let’s dive in.

What Are Social Media Benchmarks?

Social media benchmarks are standard measures that give information on how a particular social media account is performing in relation to competitors or generalized average figures. They are used to compare them with the current status to see how effective your social media campaigns are.

For instance, if you’re operating a food blog your engagement rate is at 2%, benchmarking will help to know if it is ideal or not since it compares with potential competitors.

Why Are They Important?

Without benchmarks, you’re flying blind. Here’s why they matter:

• Set Realistic Goals: Benchmarks give you a clear idea of what’s achievable.
• Measure Performance: They help identify areas that need improvement.
• Stay Competitive: By comparing against industry leaders, you can adapt and innovate.
• Optimize Resources: Focus on what works and cut what doesn’t.

How to Create a Benchmark for Your Social Media

Deep down you may be wondering how one sets up a benchmark, well let me assure you; it is not as complicated as it sounds. Here’s a step-by-step guide:

1. Define Your Goals

If you want to set standards, first of all, know what you want to achieve. Do you wish to gain more followers, receive more likes or comments, or generate more web traffic? This leads to the first of the four pillars which is to have clear goals set.

2. Collect Data

Gather data from your social media accounts. Most platforms offer built-in analytics tools. Look for:

• Engagement rates
• Reach and impressions
• Follower growth
• Click-through rates

For example, Facebook Insights, Instagram Analytics, and Twitter Analytics provide detailed performance metrics.

3. Research Your Industry

Check out industry-specific benchmarks. Tools like Hootsuite’s Social Media Benchmark Report or Sprout Social's Industry Reports offer valuable insights.

4. Compare Metrics

Compare your numbers against industry averages. For instance, if the average Instagram engagement rate in your niche is 1.5%, and you’re at 1.2%, you know there’s room for improvement.

5. Regularly Update Your Benchmarks

Social media trends evolve quickly. Update your benchmarks quarterly or semi-annually to stay relevant.

How to Establish Benchmarks for Social Media Success

Establishing benchmarks goes beyond setting numbers. It’s about understanding your audience, competitors, and platform dynamics.

Understand Your Audience

• Demographics: Who are your followers? Age, location, and interests matter.
• Behavior: When are they online? What content do they engage with?

Study Competitors

Analyze competitors in your niche. Tools like SEMrush or BuzzSumo can help you see what’s working for them.

Track Key Metrics

Focus on metrics that align with your goals. For example:

• Engagement: Likes, comments, shares
• Reach: How many people see your posts
• Conversions: Actions like website clicks or purchases

Set Achievable Targets

Use historical data and industry averages to set realistic targets. For example, if your Twitter impressions are 10,000 a month, aim for a 10% increase next quarter.

Social Media Benchmarking Tools

To streamline benchmarking, several tools can help you collect and analyze data. Here are some of the best:

• Hootsuite: Tracks performance across platforms and compares metrics.
• Sprout Social: Offers detailed analytics and industry comparisons.
• Buffer: Provides simple yet powerful insights into your social media performance.
• Google Analytics: Tracks how social media drives traffic to your website.
• Rival IQ: Helps compare your performance against competitors.

These tools save time and provide actionable insights. Experiment with a few to find what fits your needs.

Real-world examples of Benchmarking

Benchmarks come alive when applied to real-world scenarios. Let’s look at how businesses use them effectively.

Example 1: E-Commerce Brand

An online clothing store uses benchmarks to improve Instagram engagement. They find that competitors in their niche average a 3% engagement rate. With their current rate at 2.5%, they focus on:

• Posting more user-generated content
• Using better hashtags
• Engaging with comments

Within three months, their engagement jumps to 3.2%.

Example 2: Non-Profit Organization

A non-profit uses benchmarks to measure Twitter impressions. They aim to increase awareness for a fundraiser. By analyzing industry data, they set a goal to reach 50,000 impressions monthly. Using targeted ads and influencer partnerships, they surpass the target in two months.

Common Benchmarks Across Platforms

Each social media platform has unique benchmarks. Here are some averages to guide you:

Facebook

• Engagement Rate: 0.15% - 0.30%
• Click-Through Rate (CTR): 0.9%
• Video Completion Rate: 31%

Instagram

• Engagement Rate: 1.5% - 3%
• Reach Rate: 20% of followers
• Story Views: 5% - 10% of followers

Twitter

• Engagement Rate: 0.5% - 1.0%
• Impressions: 10x your follower count
• CTR: 1.5% - 2%

LinkedIn

• Engagement Rate: 0.35% - 1%
• CTR: 2%
• Follower Growth: 5% quarterly

These are general figures and may vary by industry. Use them as a starting point.

Tips for Improving Social Media Performance

Once you’ve established benchmarks, it’s time to improve. Here are actionable tips:

• Post Consistently: Regular posting keeps your audience engaged.
• Engage Authentically: Reply to comments, ask questions, and interact with followers.
• Use Analytics: Monitor what works and adjust your strategy.
• Leverage Trends: Stay updated on platform changes and trending topics.
• Experiment with Content: Test different formats like videos, reels, or infographics.

Frequently Asked Questions About Social Media Benchmarks

What’s the difference between a benchmark and a goal?

Benchmarking, as stated earlier, is based either on industry or historical standards. A goal is something that you plan to do or wish to accomplish. For instance, the benchmark engagement rate was estimated to be 2%, while the goal engagement rate was 2.5%.

How often should I update my benchmarks?

Update them quarterly or bi-annually. Social media is dynamic, so keeping benchmarks current ensures relevance.

Do small businesses need benchmarks?

Absolutely. Benchmarks help small businesses measure performance and compete effectively.

Conclusion‍

Benchmarking on social media is highly important for growth. They assist you in finding out the extent of achievement, defining chances, and the company’s/market’s strategy adjustments. Both the marketing beginner and the professional need to know how to set a benchmark, how to measure metrics, and how to use social media benchmarking tools to get on the right track.

The road map laid down here can act as a guide for starting with the goals to be set, data gathering, and benchmarking with others. You can easily do this using the Hootsuite or Sprout Social platforms, among others.

For more information on these industry benchmarks, consider using Hootsuite and Sprout Social for assistance. Are you done with the basic levels of social media management and here to go to the next level? Let the benchmarking begin!