Rival IQ released 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. 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 fact, the 2023 report analyzed notable fashion brands, including Athleta , Good American , House of CB , Lounge , NA-KD , and Stone Island .
When comparing fashion brands against other industries the study found them at or near the bottom of the pack for Facebook, Instagram, and Twitter engagement rates, but earned near-median engagement rates on TikTok.
Advice for Fashion brands: Invest more in TikTok, which is paying more engagement dividends than other channels right now. Try pulling back on post frequency on Facebook and Instagram with an eye towards higher-quality content…
