Hootsuite has released its Q2 2024 social media benchmarks report, which provides marketers with insights into performance across multiple industries and platforms.

The company’s research methodology involves collecting and anonymously compiling data from social accounts connected to their platform, grouped by industry and social network. 

Each benchmark is based on at least 100 social accounts, with no data traceable to individual accounts.

The key takeaway? Social media marketers focus on engagement rate as the key metric for benchmarking success in 2024.

Engagement rate, calculated by dividing total engagements (likes, comments, saves, shares) by the total audience and expressed as a percentage, emerges as a critical measure of content resonance and audience interaction. 

Credit: Hootsuite

This metric allows marketers to assess performance relative to their audience size, providing a more nuanced view than raw engagement numbers.

The report reveals significant variations in engagement rates across industries and platforms.

On Instagram, the government sector leads with an average post-engagement rate of 2.31%, followed closely by education at 2.21%. The financial services industry matches the education sector at 2.00%.

Facebook shows a different pattern, with education taking the top spot at 1.45% of the average post-engagement rate, followed by the government at 1.54%. 

Credit: Hootsuite

Despite having the highest number of impressions, the entertainment and media sector shows a lower engagement rate of 0.99% on Facebook.

These figures provide context for marketers to evaluate their performance. 

Hootsuite’s Analytics tool now includes a benchmarking feature that allows users to compare their accounts’ performance against industry averages.

The report also highlights other key metrics:

• Profile Impressions: Entertainment and media lead on Facebook (5.4 million) and Instagram (3.2 million) over 30 days. In contrast, real estate shows the lowest impressions on both platforms (283,000 on Facebook and 159,000 on Instagram).
  
• Audience Growth Rate: Most industries show negative growth on Facebook, with food and beverage experiencing the steepest decline at -12.39%. Instagram presents a mixed picture, with education showing strong growth at 7.42%, while financial services face a 5.91% decline.
  
• Posting Frequency: Entertainment and media post most frequently on both platforms (1.78 posts/day on Facebook, 1.25 on Instagram). Financial services post least often on Facebook (0.25 posts/day), while real estate posts the least frequently on Instagram (0.46 posts/day).

The benchmarks cover eight industries: education, entertainment and media, financial services, food and beverage, government, healthcare and wellness, real estate, and retail. 

Hootsuite’s tool provides data for additional industries and platforms, including X (formerly Twitter), LinkedIn, and TikTok.

The company emphasizes the importance of benchmarking for several reasons:

1. Contextualizing performance: Benchmarks help marketers understand whether their industry’s metrics are strong or weak.
2. Setting realistic goals: Industry-specific data aids in establishing attainable targets.
3. Identifying strategies: By recognizing industry leaders, marketers can analyze successful approaches.
4. Spotting trends: Benchmarks can reveal shifts in platform effectiveness for different sectors.

The company advises that while benchmarks provide valuable insights, they should serve as a starting point for strategy development rather than strict rules.

The full data is available here.