In 2023, Rival IQ released its Social Media Benchmark Report, analyzing the performance of 2,100 companies across 14 industries on Facebook, Instagram, TikTok, and X, formally known as Twitter. The report shows a decrease in overall engagement across all industries on Facebook, Instagram, and X between 2019-2022.
Instagram saw the largest drop, from 1.22% to 0.47%, but weekly posting increased from 4.3 to 4.5 posts per week. Facebook and X only revealed a slight change in engagement, dropping to 0.06% and 0.01%, respectively.
Facebook Engagement Rates
Across all industries, the median engagement rate per post by followers on Facebook is 0.06%, with companies posting a median of 5.04 times per week. Media companies publish the most, with a median of 73.5 posts per week.
Instagram Engagement Rates
The median engagement rate per post by followers on Instagram across all industries is 0.47%. The median number of weekly posts across all industries is 4.6, with sports teams publishing the most at 15.6 times weekly.
TikTok Engagement Rates
Across all industries, the median engagement rate per post by followers on TikTok is 5.69%, with a median of 1.75 videos per week. Media companies post the most, with a median of 4.2 videos per week.
X Engagement Rates
The median engagement rate per post by followers on Twitter across all industries is 0.035%. The median number of weekly tweets across all industries is 3.91, with media companies tweeting the most at 70.2 times weekly.
Top Post Types and Hashtags
The optimal post types and hashtags on each platform differ by industry. On Facebook, photo and video posts are the most engaging, while Reels, carousels, and photos are the best for driving engagement on Instagram. Twitter users engage the most with posts featuring photos, videos, and statuses.
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Key Takeaways
Each industry’s audience is unique, and businesses should tailor their content to each platform accordingly. By transforming content into the format that gets the best engagement on each platform, businesses can reach the most probable customers with the content they enjoy consuming.
In conclusion, social media engagement rates are declining across major platforms, and businesses must adapt their content strategies accordingly. The bottom line is that each industry’s audience is different. Businesses must discover ways to transform their content into the structure that gets the most suitable engagement on each platform.
Consider analyzing your engagement rates and adjusting your content strategy to enhance your social media presence. This may include experimenting with different post types and hashtags, increasing or decreasing posting frequency, and exploring new platforms such as TikTok.
Ultimately, by understanding your audience and tailoring your content to their preferences, you can increase your social media engagement and reach more potential customers. So start analyzing your social media performance and experimenting with new strategies today to achieve social media success in 2023 and beyond.
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