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Marketing

Published September 25th 2014

How to Benchmark on Social Media #brandwatchtips

Competitive benchmarking can be a long & tedious task, whether it's regularly updating Porters 5 Forces or adding to a never ending spreadsheet. Benchmark

Keeping track of your competition is vital to any business. Tracking your competition allows you to properly judge your performance and analyse your industry.

However, competitor benchmarking can be a long and tedious task, whether it’s regularly updating Porters 5 Forces or adding to a seemingly never ending spreadsheet. 

Fortunately, the Brandwatch interface makes competitive benchmarking simple; simple to set up, simple to monitor, and simple to maintain. Here’s how:


Get Started

 

To start monitoring your competitors you must set up a Query. A full example of how to create a killer Query can be found in a previous #brandwatchtips video here.

For the purpose of this blog, we’ll take a slightly different (for some more interesting, for some mind-numbing) look at competitor benchmarking – comparing last season’s top 7 Premier League football clubs.

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Compare

 

As mentioned in the video, the best way to compare to different sets of Queries is by adding them to a Group. Simply pick the Queries you wish to use, go to a dashboard, click “Add Component” and select your Group.

To break up different data within one Query use the categorisation tool. This allows you to assort different competitors – in our case clubs – and compare them against one another.

Screen Shot 2014-09-23 at 10.42.41 AM

 


Analyse

 

Now comes the fun part – Brandwatch will automatically slice and dice your data allowing you to compare each competitor over a whole host of metrics.

To dig down into the huge range of data available use the filter tool found in the right hand column of your dashboard and choose your preferred filters. Here are a few examples of what you can compare:

 

Share of voice –

Screen Shot 2014-09-23 at 10.48.17 AM

 


Sentiment –

Screen Shot 2014-09-23 at 10.52.40 AM

 


Mentions by hour –

Screen Shot 2014-09-23 at 10.56.39 AM

…And so much more – the gender of fans, the location of each tweet, and the common topics being discussed.

Remember, you can click into any of these metrics to find the individual mentions behind the stats. We’d love to show you more, but to really discover the power of Brandwatch, go try a free demo. 

Competitor benchmarking is just one of the few thing Brandwatch can do for you. Next week we will be taking you through how to find online influencers.

In the meantime, why not check out some of our previous #brandwatchtips videos!


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Crimson Hexagon has merged with Brandwatch. You’re in the right place!

From May 8th, all Crimson Hexagon products are now on the Brandwatch website. You’ll find them under ‘Products’ in the navigation. If you’re an existing customer and you want to know more, your account manager will be happy to help.