Bucharest, 7th February 2024
With social media engagement slowly decreasing year over year, as many studies have highlighted by now, in an attempt to help digital marketers put their own data into context and benchmark their brand’s average engagement to the industry standard to get an in-depth understanding of how effective their social media marketing strategies are, Socialinsider launched its 2024 social media benchmarks study, indicating what’s the average engagement rate in 2024 across multiple social networks for 21 business lines.
In regard to last year’s rumors about the possibility of TikTok getting banned in the US, especially within this platform, engagement has dropped exponentially, with social media users considering returning their attention to previously existing platforms, like Instagram or Facebook. The report’s data confirmed this hypothesis by showing, on the one hand, that Instagram’s and Facebook’s engagement rates remained flat - scoring an average of 0.70% and, respectively, 0.15%. Moreover, the study also highlighted that several business verticals, like education, NGOs, and airlines, have increased their average engagement rates on Instagram, while others, such as travel, retail, telecom, and airlines as well have also increased their average engagement rates on Facebook.
On top of that, all these industries mentioned have registered a fall-off in their average engagement rates on TikTok.
From an engagement rate perspective, the statistics have indicated a decrease of 35% YoY in TikTok’s average engagement rate when calculated by followers and a drop of 20% YoY when calculated by views. At the moment, TikTok’s engagement rate is located at an average of 2.65% (by followers), respectively 4.07% by views.
"TikTok has entered a new phase where it is becoming more suitable for community building acceleration, rather than just brand awareness," says Adina Jipa, Founder & CMO at Socialinsider. "TikTok is setting the tone for other social media feeds, Instagram including."
This study also included social media industry benchmarks across all platforms, and it offerssome regional insights that would help brands gain a broader perspective of the social media landscape and provide guidance on what the most resourceful and paying off markets are nowadays.
Based on the Socialinsider data, the education industry seems to be the highest engaging business line on social media for now, scoring an above-the-average engagement rate on TikTok - of about 4.90% and equally on Instagram - of 1.40% on average and being the only industry that attained double the values.
On TikTok, other industries that achieved above-the-average values in terms of engagement were the FMCG - beverages sector, with an average engagement rate of 3.00%, and the hotels & accommodation industry, with an average engagement rate of also 3.00%.
In Instagram’s case, education, NGOs, and the airline industry were the ones that registered engagement rates that exceeded the platform’s average - of 1.40%, 1.07%, and 1.00%, proving to have found successful marketing strategies for this network for the present time, and being some good inspiration sources for those brands aiming to improve their content on Instagram.
Furthermore, the data including Facebook, the best-performing industries in terms of engagement rates are arts & crafts - with an average of 0.42%, and the FMCG sector (for both foods and beverages), with a 0.40% engagement rate on average.
As for the regional statistics, according to the study, the Northern European states rank first in the most engaging social media countries' top, outperforming the highest economic powers such as the UK, Australia, and even the US.
These findings confirm the importance of building small communities for the brand instead of focusing marketing efforts on trends and memes.By harnessing the power of small and engaging communities, businesses can boost their engagement rates and enhance their online visibility.
The study aims to help marketers in gathering competitive insights and benchmarks while analyzing their brands' social campaigns and KPIs for social media strategy optimization.
Socialinsider is a cutting-edge social media competitive intelligence and analytics tool designed to assist marketers in gathering competitive insights and benchmarks, analyzing brand performance, and tracking key performance indicators (KPIs) on social media platforms. Socialinsider provides advanced analytics, listening insights and competitive data, visualizes content performance, and campaigns on social media, and offers access to brands' performance metrics across multiple social media networks.
Top global companies, including TBWA, VMLY&R, Booking.com, Rolls-Royce, Volvo, and Mitsubi, use Socialinsider to enhance their social media performance. Users can experience the benefits of Socialinsider's comprehensive features and analytics firsthand with a 14-day free trial.
To learn more about Socialinsider and how it can help businesses improve their social media strategies, visit www.socialinsider.io.