It looks like social media engagement rates are dropping across top networks

Created on March 14, 2023 at 2:08 pm

As a marketing professional, I understand the importance of social media in achieving business success. However, the definition of success can vary depending on various factors such as industry, target audience, and content strategy. That’s why I found Rival IQ’s annual Social Media Benchmark Report for 2023 extremely helpful, as it compares the social media performance of brands in 14 industries against other brands in the same competitive landscape.

The report covers social media engagement on Facebook, Instagram, TikTok, and Twitter for 2,100 companies across various industries, ranging from food & beverage to tech. The data set includes companies with a Facebook following of 25,000 – 1,000,0000, and all have over 5,000 followers on Instagram, TikTok, and Twitter.

So, what are the key insights that marketing professionals should know from the report?

Firstly, all industries have seen a drop in overall engagement on Facebook, Instagram, and Twitter between 2019-2022. Facebook and Twitter only showed a slight change in engagement, while Instagram saw a much larger drop. However, unlike Facebook and Twitter, weekly posting on Instagram has increased over time.

Secondly, the best types of posts on each social network vary by industry. Photo and video posts drive the most engagement on Facebook, while link and status posts have the least. For Instagram, the report indicates that businesses should focus content creation efforts on Reels, carousels, and photos. Video posts not uploaded as Reels tend to have the least engagement. On Twitter, posts with photos, videos, and statuses show the most engagement, while Tweets with links tend to have the least.

Thirdly, hashtags vary significantly across industries and platforms. Holiday hashtags tend to generate the most engagement across all industries, while contests and giveaways have dropped in popularity compared to previous years.

Lastly, it’s important to note that each industry’s audience is slightly different. For example, food & beverage brands see the best engagement with Instagram Reels, while higher education brands see the best engagement with Instagram carousels. Therefore, to get the most out of your social media strategy, find ways to transform your content into the format that gets the best engagement on each of the top social networks.

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