Rival IQ Announces the 2023 Social Media Industry Benchmark Report

Rival IQ's report features the most important insights and metrics to measure your social media success against your competitors on Facebook, Twitter, and Instagram, and for the first time, TikTok

SEATTLE, Feb. 22, 2023 /PRNewswire/ -- Rival IQ, a NetBase Quid company, today announced their 2023 Social Media Industry Benchmark Report detailing everything a marketer needs to measure social media success against their competitors on Facebook, Twitter, Instagram, and TikTok across 14 major industries. The report features insights into how social media engagement has changed over the last year for these industries enabling the optimization of a company's marketing strategy in 2023.

TikTok is King

In this year's report, Rival IQ has included TikTok data for the first time, as the platform is making a significant impact on brands' social presence. The top revelation every marketer needs to know is that despite brands posting less frequently on TikTok than on any other channel, brands on TikTok saw higher engagement rates per post (5.69%) compared to all other channels (less than 1%).

In addition to Rival IQ's social media industry breakdowns, the report also compares all the industries together providing a comprehensive view across the board.

Key takeaways:

• Brands are seeing less organic engagement this year. Engagement rates are on the decline for Instagram for the third year in a row, but holding steady for Facebook and Twitter.
• Posting frequency is on the decline. Post frequency is flat on Instagram but took a 20+% dive on Facebook and Twitter.
• It's all about the holiday hashtags. Brands in almost every industry earned top engagement rates from holiday-hashtagged posts, while contests and giveaways were less popular than in other years.
• Reels have officially entered the chat on Instagram, dethroning ever-popular carousels for many industries in the race for the most engaging post type.
• TikTok is topping the charts. With a median engagement rate of 5.69%, TikTok was every industry's best friend this year.

"Amid an increase in the number of social media channels, brands are under immense pressure to master their performance on these channels and engage audiences," said Seth Bridges, Founder and Head of Product and Marketing, for Rival IQ. "Engagement rate per post is the ultimate metric marketers use to measure content performance and this year's report serves as a guidebook to achieving success beyond likes alone."

In its seventh year, Rival IQ's Social Media Benchmark Report report analyzed thousands of companies from 14 industries including alcohol, fashion, financial services, food & beverage, health & beauty, higher education, home decor, influencers, media, nonprofits, retail, sports teams, technology & software, and travel.

To download the full report, please visit: https://www.rivaliq.com/blog/social-media-industry-benchmark-report/

Methodology

Rival IQ analyzed engagement rates, posting frequency, post types, and hashtags on the top four social channels: Facebook, Instagram, Twitter, and TikTok. Within this report, Rival IQ provides a representative sample of organic and boosted posts from national and international companies in each industry by selecting 150 companies at random from each industry in its database of over 200,000 companies. Companies selected had active presences on Facebook, Instagram, Twitter, and TikTok as of January 2022, and had Facebook fan counts between 25,000 and 1,000,000 and minimum Instagram, Twitter, and TikTok followers of 5,000 as of the same date. Rival IQ used median performance from the companies selected for each industry to compile the data for this report.

About Rival IQ

Rival IQ, a NetBase Quid company, is a social media analytics company in Seattle that helps social media professionals maximize their impact with competitive benchmarking, comprehensive analytics, and automated insight generation. Their intuitive software simplifies the analysis and acquisition of billions of social posts, placing social performance in context, and providing answers to the most important social media questions. NetBase Quid acquired Rival IQ in December 2021, to expand and deepen its suite of owned and earned social media analytics and competitive benchmarking. Rival IQ is a trusted partner to brands and agencies around the globe including L'Oréal USA, Ogilvy, Ruder Finn, Save the Children, and Team Canada. Learn more at www.rivaliq.com.

SOURCE NetBase Quid