What’s the difference between a ping pong ball and Uranus? Sounds like a strange question, perhaps, but take a look at the image below. can you tell which it is?
The answer is most likely no. Unless you have some point of reference or benchmark, this question is impossible to answer. The very same is true when if comes to measuring the effectiveness of social media strategy. Without comparative benchmarking most metrics are completely meaningless. Digital marketers must compare benchmarks with other online activity, industry averages and channels and historical data. Now take a look at this second image.
When operating a social media strategy, it is important to understand the value of benchmarks regarding where you are at and where you want to be. If you do not set these benchmarks in the initial stages, you will fail to have accurate and measurable impact.
But before you set your benchmarks, you must of course identify your KPI’s. In social media, there are three parameters for setting KPI’s:
- Social Media Platform
- The 4 A’s – Awareness, Appreciation, Action and Advocacy
- Soft Metrics and Hard Financials
Once you have Identifies your KPI’s you will then be able to set your benchmarks which will help identify how to capture related sites and entities around specific keywords and brand terms.
These benchmarks will be used continually through your campaign in order to provide a method of monitoring progress, proving value and maximiser return on investment.