Administration Updates: Ensuring You Are Getting the Best ROI From Brandwatch
By Nick TaylorOct 15
How has living through a pandemic changed consumer behavior and perceptions?
Let’s say your brand is mentioned online 500 times in a week.
Is that good?
There’s no way of knowing, because it’s not an insight.
You need to benchmark that number against the past, against competitors, and against dozens of other metrics.
That used to take hours. It used to involve tricky excel formulas. And many of you told us you simply didn’t bother.
That’s why we’ve built Benchmark:
There are hundreds of insights to be found with Benchmark, but here are five common data points that everyone should measure:
Benchmark doesn’t just reveal the number of authors talking about you and your competitors. It also shows how that number has changed over time.
This adds valuable context that changes the way you look at your data.
Take this example of soft drink brands. Based on volume alone, you’d incorrectly assume that Red Bull is performing well because it’s the third most talked about brand.
With Benchmark, we quickly see that their conversation has dropped while all other competitors have seen increases in mentions compared to the previous week.
Most social teams have targets based on the amount of posts and replies they publish on their social channels.
Benchmark lets you quickly monitor how this has changed over time.
Below is data around the volume of posts, replies, and shares from @ATT. Immediately, we can see that engagement from their owned handle has decreased dramatically compared to the previous 200 days.
Apple generated 42,000 positive online mentions over the last 200 days.
Microsoft generated 19,000.
You might assume Apple performed better based on this data, but you’d be wrong. Benchmark helps add context to these figures.
Benchmark reveals that Apple’s positive conversation dropped by 36% while Microsoft’s grew. Worryingly, Apple’s negative conversation grew at 9x the rate of Microsoft (mainly due to its association with the NRA).
Great marketing starts with understanding your audience.
Benchmark helps you understand the interests your audience has and how these interests change over time.
Here we can see how Netflix’s audience has changed over the last 200 days:
With Benchmark, you can instantly see how major trends affect an industry.
Take fast food. These brands are up against new desires for vegan, vegetarian and gluten-free options. From March – May 2018, conversation around vegan options for fast food brands grew by 134%.
Benchmarking this data alongside competitors helps brands understand how they compare.
Every Brandwatch customer can access this new visuazliation today!
Simply log in, add a new component to your dashboard, and select the Benchmark visualization.
We’re also hosting a webinar in a few weeks, where we’ll walk through 5 important insights you can measure using this new component. Sign up here.
If you’re not a Brandwatch customer, but what to see how Benchmark could work for you, click the button below to demo the product.