When analyzing your social media performance metrics, you need a level of context to make sense of the numbers and ascertain where you can improve and what’s already working. Comparing the data against your own past stats is the best way to do this, and ensure that you’re aligning with your broader business goals, but it can also be helpful to benchmark your performance against others in your industry, providing further insight into where you’re at, and what you should expect.
That’s where this report comes in. This week, RivalIQ has released the latest version of its annual Social Media Industry Benchmark Report, for which they’ve gathered data on the social platform performance of more than 2,000 brands, incorporating some 5 million posts, tweets and updates.
The full report includes a heap of industry-specific insights, including popular hashtags and specific posting data, but in this post, we’re going to take a look at the overall trends for Facebook, Instagram ad Twitter to get an idea of where “good performance” on each currently stands.
First off on Facebook – according to RivalIQ’s data, the average Facebook Page engagement rate remained flat from its 2019 report at 0.09%
That’s not exactly inspiring – brand engagement rates on Facebook have remained fairly low, overall, for some time, though RivalIQ does note that the “Higher Education”, “Influencers”, and “Sports Teams” categories did see relative increases over the last year.
Of course, most Facebook Page managers would be aware of this, and there are other benefits to Facebook activity beyond organic engagement. But it’s worth noting the comparative benchmarks when analyzing your own Facebook Page performance.
In terms of posing frequency, RivalIQ found that the average Facebook posts per day across all sectors decreased by about 14% in 2019.
It’s difficult to say what would have lead to that decrease – brands seeing less response? Not wanting to flood News Feeds? It’s worth noting that, in the past, Facebook has advised that brands should:
“Post frequently – Don’t worry about over-posting. The goal of News Feed is to show each person the most relevant story so not all of your posts are guaranteed to show in their Feeds.”
So if over-posting is a concern, that’s likely outweighed by the algorithm anyway. But maybe brands are simply making other platforms a bigger focus, and that’s lead to a slightly lower average posting frequency on The Social Network.
Which leads us onto Instagram. The trending platform of the moment, Instagram, and Instagram Stories in particular, seems to be where brands are increasingly turning.
So, what’s the average engagement rate for brands on Insta?
Overall, the engagement rate for brands on Instagram has dropped – as per RivalIQ:
“Every industry in our study took a hit on Instagram this year, and the all-industry median decreased by 23% from 1.60% to 1.22%.”
That’s likely due to that increased focus – with more brands now competing for attention on the platform, everyone takes a bit of a hit. Still, 1.22% is a lot higher than Facebook, pointing to the ongoing opportunity of Instagram for engagement.
In terms of posting frequency, RivalIQ notes that the median posting frequency across all industries declined by 5% in 2019.
Not a huge reduction, but brands are not ramping up their Instagram activity in response to increased usage. This also doesn’t incorporate Stories data, where, as noted, more businesses are now looking.
“Twitter engagement remained consistent for the third year in a row, with Higher Ed and Alcohol staying ahead and Media pulling up the rear because of their high-frequency posting.”
It’s interesting to note the relative variance by sector, and to get some idea of what average tweet performance actually looks like. Maybe your business is doing better than you thought – and maybe, Twitter is a relatively good performer for you, based on the data.
Of course, as with all platforms, there are additional benefits to maintaining a consistent Twitter presence, but having some perspective on this element can be helpful in understanding your results.
In terms of tweets per day, tweeting frequency declined by about 10% this year.
This isn’t a major surprise – with Twitter’s algorithm now highlighting tweets of interest to each individual user, that’s lessened the impetus to tweet so often, to a degree, while in some ways it also acts as a disincentive to such, as your tweets from the previous day can get clustered together in the listing, and potentially overwhelm followers.
Twitter’s also not driving as much referral traffic as it once was, which is also somewhat reflected in the engagement stats. That’s seen some brands re-asses the amount of time they’re spending on the platform. Overall, tweet engagement is up year over year, according to the platform’s official stats, but the re-focus on conversations has seemingly impacted brand tweet engagement, at least to some degree,
Old Navy will update its yearly Fourth of July promotions by saluting the metaverse with an NFT drop, going live June 29.
In honor of the year they were founded, the retailer will release 1,994 common NFTs, each selling for $0.94. The NFTs will feature the iconic Magic the Dog and t include a promo code for customers to claim an Old Navy t-shirt at Old Navy locations or online.
“This launch is Old Navy’s first activation in web3 or with NFTs,” an Old Navy spokesperson told MarTech. “As a brand rooted in democratization and inclusivity, it was essential that we provide access and education for all with the launch of our first NFT collection. We want all our customers, whether they have experience with web3, to be able to learn and participate in this activation.”
Accessible and user-friendly. Any customer can participate by visiting a page off of Old Navy’s home site, where they’ll find step-by-step instructions.
There will also be an auction for a unique one-of-one NFT. All proceeds for the NFT and shirt sales go to Old Navy’s longtime charitable partner, Boys & Girls Clubs of America.
Additionally, 10% of NFT resales on the secondary market will also go to Boys & Girls Clubs.
The Old Navy NFTs will be minted on the Tezos blockchain, known for its low carbon footprint.
“This is Old Navy’s first time playing in the web3 space, and we are using the launch of our first NFT collection to test and learn,” said Old Navy’s spokesperson. “We’re excited to enable our customers with a new way to engage with our iconic brand and hero offerings and look forward to exploring additional consumer activations in web3 in the future.”
Why we care. Macy’s also announced an NFT promotion timed to their fireworks show. This one will award one of 10,000 NFTs to those who join their Discord server.
Old Navy, in contrast, is keeping customers closer to their owned channels, and not funneling customers to Discord. Old Navy consumers who don’t have an NFT wallet can sign up through Sweet to purchase and bid on NFTs.
While Macy’s has done previous web3 promotions, this is Old Navy’s first. They’ve aligned a charity partner, brand tradition and concern for the environment with a solid first crack at crypto.
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About The Author
Chris Wood draws on over 15 years of reporting experience as a B2B editor and journalist. At DMN, he served as associate editor, offering original analysis on the evolving marketing tech landscape. He has interviewed leaders in tech and policy, from Canva CEO Melanie Perkins, to former Cisco CEO John Chambers, and Vivek Kundra, appointed by Barack Obama as the country’s first federal CIO. He is especially interested in how new technologies, including voice and blockchain, are disrupting the marketing world as we know it. In 2019, he moderated a panel on “innovation theater” at Fintech Inn, in Vilnius. In addition to his marketing-focused reporting in industry trades like Robotics Trends, Modern Brewery Age and AdNation News, Wood has also written for KIRKUS, and contributes fiction, criticism and poetry to several leading book blogs. He studied English at Fairfield University, and was born in Springfield, Massachusetts. He lives in New York.