When you engage on social media, you will probably also want to gain insights into your industry and competitors to compare your social media efforts and gain valuable competitor insights. This huge pool of information will help boost your social media engagement.
How are your competitors engaging on social media? In which way can you excel at social media engagement and exceed the expectations of your customers?
Benchmark your own numbers against those of your competitors, and track the right social media KPIs to create your optimal social media engagement strategy.
What is your first step to begin measuring your industry’s level of engagement?
First of all, you need to define the top brands and main competitors within your industry and start monitoring them. Connect the social profiles that are most relevant to your brand (Twitter, Facebook, Instagram, etc.) to get an in-depth overview and start measuring your industry’s engagement level.
Here is a list of 5 key metrics we’ve compiled to measure your how your industry’s performs in regards to engagement:
1. Number of Posts by Profiles
How many tweets or Facebook updates are your competitors publishing on a daily basis?
The number of posts by profiles gives you a clear indication of your social media activity and the time you invest in sharing interesting content with your audience.
2. Number of Replies
What is the percentage of mentions your competitors are actively replying to?
The number of replies is one of the most important indicators of how much time you’re investing in responding to your audience on social media. Replying to all mentions that need an action is clearly not a piece of cake for a lot of brands – especially when they’re dealing with a large volume of incoming social media mentions.
So, how can you make sure to efficiently respond to a large inflow of incoming social media mentions?
The most important solution is creating a social media engagement strategy that allows you to streamline your social media efforts and deliver consistency.
3. Response Time
In this day and age, response time is a crucial metric to help you gain a competitive advantage. Customers want a quick and easy reply to their complaints and questions, and that’s why response time is an important metric to keep an eye on at all times.
4. Type of Replies
Take a sample of around 50 replies and analyze the level of ‘originality’ for each competitor or top brand in your industry. How exactly are they responding? What is their tone of voice? How much time and effort do they invest into how they respond? Determine what really sets each brand apart, and come up with a way to create your own, unique tone of voice. Bear in mind what the industry standards are.
On social media, measuring the sentiment of a mention and defining it as positive, negative, or neutral can never be 100% correct. However, because the margin for error is the same for all brands, this is still a very valuable metric!
For each individual brand, how is the audience responding to their efforts? Take a look at both the positive and negative social media messages and investigate what the common thread is for each brand. See what you can learn from the positive sentiment the brands in your industry are creating and avoid negative buzz around your brand.