Social Media Benchmarks: How to Compare and Measure Success

Social media has become a cornerstone of digital marketing, enabling businesses to connect with audiences, build brand awareness, and drive engagement. But with countless platforms, evolving algorithms, and changing user behaviours, how do you know if your social media efforts are genuinely effective? Are your number of likes on a post a good result? Or could it be better?

The answer depends on a variety of factors, including your industry, target audience, and the type of content you're sharing. This is where social media benchmarks come into play. By comparing your social media performance to industry-specific data, you gain valuable insights into whether your efforts are on track or need improvement.

In this blog, we’ll dive into the concept of social media benchmarks, why they matter, and what the latest 2024 benchmarks tell us about social media trends across different industries. We'll explore key metrics such as audience growth rates, engagement rates, and number of posts, to help you compare performance and set informed goals.

What Are Social Media Benchmarks?

A social media benchmark is a standard or average result against which you can measure your own social media performance. Essentially, it’s a point of reference that shows how well businesses in the same industry are performing on social platforms. Benchmarks provide you with insights into what’s “normal” or expected for metrics like engagement rates, follower growth, and impressions.

Benchmarks help you contextualise your social media KPIs (key performance indicators) in relation to the larger industry landscape. For instance, getting 100 likes on a post might seem great, but if competitors in your industry are averaging 500 likes per post, you may need to reconsider your strategy.

Benchmarks vary by industry because different sectors have unique audience behaviours and engagement patterns. For example, the entertainment industry typically has higher engagement rates than more niche sectors like healthcare or manufacturing. Understanding these nuances helps you set realistic goals and adjust your strategy accordingly.

Why Social Media Benchmarks Matter

Tracking your social media metrics is crucial for measuring progress, but benchmarks offer added value by providing context. Here are some key reasons why social media benchmarks are important:

1. Realistic Goal Setting: Benchmarks help you set achievable goals based on industry standards. Instead of aiming for arbitrary numbers, you can develop realistic expectations for growth and engagement.

2. Contextualise Performance: By comparing your social media data to benchmarks, you gain a clearer picture of how you’re performing relative to others in your field. This can highlight strengths and uncover areas that need improvement.

3. Measure ROI: When you invest time and money into social media marketing, you want to see a return. Benchmarks offer a way to gauge whether your investment is yielding results in line with industry norms.

4. Identify Opportunities: Benchmarks not only help you spot underperforming areas but also identify where you're excelling. If you're outperforming industry averages in a particular metric, this could be a strength you capitalise on.

5. Improve Strategy: By aligning your performance with benchmarks, you can make more informed decisions about your content, posting frequency, and overall social strategy.

3 Key Social Media Metrics for Benchmarking

To effectively compare your social media activity to industry benchmarks, you’ll need to track several key metrics. Let’s explore the 3 common benchmarks businesses use to understand performance and opportunities:

1. Audience Growth Rate

This metric measures how your follower count changes over time, expressed as a percentage of your existing audience. It’s a better measure of success than simply counting new followers, as it accounts for the size of your existing base. For example, gaining 100 new followers may be a big deal for a small business with 500 followers but may not move the needle for a brand with 50,000 followers. A steady growth rate indicates that your content resonates with new audiences and attracts more followers.

2. Engagement Rate

Engagement rate is one of the most telling metrics when it comes to evaluating the success of your social media efforts. It measures the interactions your content generates—likes, shares, comments, and clicks—as a percentage of your total followers. High engagement rates typically indicate that your content is resonating with your audience, while low engagement may suggest the need for a shift in strategy. Industry benchmarks help you see whether your engagement is on par with competitors, offering clues about whether your content is engaging enough or needs improvement.

3. Posts per Month

Posts per month refer to the frequency of content you publish on social media platforms. This metric is critical because consistency is key to staying top of mind with your audience. Posting too infrequently can lead to audience disengagement, while over-posting might overwhelm followers. The ideal posting frequency varies by industry, platform, and audience behaviour. Regularly tracking how your posting frequency compares to competitors ensures you maintain visibility and engagement while not exhausting your content resources or audience's attention.‍

Social Media Benchmarks by Industry for 2024

Let’s take a closer look at some industry-specific social media benchmarks based on data from 2024. This will give you a clearer idea of what to aim for in your own social media strategy.

Automotive

• Facebook:
  Growth Rate: 0.67% | Engagement Rate: 1.15% | Posts: 15/month
• Instagram:
  Growth Rate: 1.67% | Engagement Rate: 6.88% | Posts: 24/month
  

Computer Software and Electronics

• Facebook:
  Growth Rate: 0.51% | Engagement Rate: 0.67% | Posts: 20/month
• Instagram:
  Growth Rate: 2.09% | Engagement Rate: 9.01% | Posts: 22/month
  

Entertainment

• Facebook:
  Growth Rate: -0.99% | Engagement Rate: 0.84% | Posts: 111/month
• Instagram:
  Growth Rate: 1.24% | Engagement Rate: 35.28% | Posts: 36/month
  

Financial Services and Banks

• Facebook:
  Growth Rate: 0.41% | Engagement Rate: 1.03% | Posts: 18/month
• Instagram:
  Growth Rate: 3.54% | Engagement Rate: 6.64% | Posts: 23/month
  

Food and Beverage

• Facebook:
  Growth Rate: -0.52% | Engagement Rate: 0.59% | Posts: 5/month
• Instagram:
  Growth Rate: 1.74% | Engagement Rate: 6.61% | Posts: 22/month
  

Government

• Facebook:
  Growth Rate: 1.01% | Engagement Rate: 3.19% | Posts: 8/month
• Instagram:
  Growth Rate: 2.74% | Engagement Rate: 6.74% | Posts: 31/month
  

Online Media

• Facebook:
  Growth Rate: -0.11% | Engagement Rate: 0.68% | Posts: 463/month
• Instagram:
  Growth Rate: 0.93% | Engagement Rate: 15.34% | Posts: 163/month
  

Pharmaceuticals and Healthcare

• Facebook:
  Growth Rate: -0.01% | Engagement Rate: 0.57% | Posts: 32/month
• Instagram:
  Growth Rate: 3.58% | Engagement Rate: 7.83% | Posts: 18/month
  

Professional Services

• Facebook:
  Growth Rate: 0.34% | Engagement Rate: 0.72% | Posts: 19/month
• Instagram:
  Growth Rate: 4.06% | Engagement Rate: 5.86% | Posts: 20/month
  

Retail

• Facebook:
  Growth Rate: 0.05% | Engagement Rate: 0.61% | Posts: 16/month
• Instagram:
  Growth Rate: 0.89% | Engagement Rate: 6.40% | Posts: 33/month
  

Schools and Education

• Facebook:
  Growth Rate: 0.20% | Engagement Rate: 1.17% | Posts: 42/month
• Instagram:
  Growth Rate: 4.44% | Engagement Rate: 12.25% | Posts: 21/month
  

Travel and Tourism

• Facebook:
  Growth Rate: 0.22% | Engagement Rate: 0.78% | Posts: 15/month
• Instagram:
  Growth Rate: 2.25% | Engagement Rate: 15.09% | Posts: 36/month

General Trends

- Instagram Dominates: Across almost all industries, Instagram consistently shows higher engagement and growth rates compared to Facebook. Particularly for Entertainment (35.28% engagement rate) and Online Media (15.34% engagement rate), Instagram leads as the platform for visual content and audience interaction.

- Posting Frequency Varies Widely: Industries such as Online Media and Entertainment post heavily, likely driving higher engagement. On the other hand, industries like Food and Beverage and Professional Services keep a much lower posting frequency but still maintain engagement, showing that quality content matters just as much as quantity.

- Lower Facebook Performance: Many industries report negative or near-zero growth rates on Facebook, indicating a possible plateau or shift in user preferences away from Facebook and toward more visually driven platforms like Instagram.

Conclusion‍

In conclusion, social media benchmarks provide a vital foundation for assessing your brand’s digital performance, helping you understand where you stand relative to industry trends. However, the true power lies in profiling competitors with a similar business size and follower base. At B3 Marketing, we track these metrics weekly and monthly, allowing for deeper insights and fine-tuning of your strategy.

By regularly reviewing competitors' data, you can stay ahead, optimise your content, and set realistic, growth-oriented goals. Contact us today to take your social media strategy to the next level with our benchmarking and marketing campaign services.