There's a new Instagram metric in town and it's called the Effectiveness Rate. We have the industry benchmarks.
Measuring marketing performance on social has eluded brands since the dawn of social media for business. Questions about what methods to pursue and how to quantify success have continued to plague even the practice's most prominent players. Engaging in effective marketing on Instagram is a challenge for every company out there, no matter how successful.
If you're on the social media circuit, which you obviously are, then you're well aware of the vital marketing KPI list with all the Instagram metrics you need to be monitoring to track your progress. But to understand the real impact of your content on your audience, it's important to also scrutinize everything you've published by digging into each post's Insta stats. This will allow you to see if you're reaching your set goals or benchmarks through every visual's marketing effectiveness metrics.
That said, the most trying thing about mastering a strategy and measuring ROI on the 'Gram is that the landscape is constantly evolving. If you get comfortable, your chances of having the wind knocked out of you are very high, especially in an algorithmic world.
But you can rest assured as it relates to all those marketing investment metrics you've been analyzing for your business over the last few years. Thankfully, those social marketing indicators used to track the performance of all your great content always remain consistent, no matter the new visual trend or the latest algorithm tweak.
Because things are always changing, our team here at Dash Hudson has recently introduced a new metric to measure content performance and get a better sense of how far your posts are actually going. It's called the Effectiveness Rate.
Great, Tell Me About the New Effectiveness Rate
As someone who works very hard on curating (and maybe even creating) your brand's Instagram feed, it's only normal and fair that you should want to know how much traction it actually gets.
While engagement is the holy grail, representing a certain level of enthusiasm from your audience, not all who see your content interact with it. But that doesn't mean that it's not reaching people effectively, especially for videos, where the main form of engagement is a view versus a double-tap.
Now in your Dash Hudson Instagram marketing dashboard, in all of your owned content global pop-ups, sits the effectiveness metric right there alongside your other trusted figures:
You might be wondering what the difference between engagement rate and effectiveness rate is. Here it is:
Engagement rate measures the percentage of your audience at the time of posting that has taken an action around your content, either through a like or a comment.
Effectiveness rate takes into account your audience size, video views, post saves, likes, and comments—based on your reach.
It's important because it helps marketers understand if a piece of content resonated even if it received inferior engagement. The Effectiveness Rate tracks a different behavioral pattern that cannot be overlooked, especially as Instagram marketing becomes increasingly scrupulous.
But How Do I Know if my Effectiveness Rate Is Good?
Ah, the age-old question of what's the norm is a great one indeed. Like any other good Instagram performance metric, it varies by industry. Some sectors tend to resonate more with IG users than others, but that shouldn't stop you from aiming high every single try.
To help you benchmark your own performance against those of your industry peers, we scraped the effectiveness rates of 500 brands in 7 different sectors to determine their averages along with medians, highest, and lowest rates.
Here they are below on a helpful, easy-to-save card. Drag it onto your desktop to reference your industry's benchmarks when needed:
When it comes to understanding your content performance and how your visual branding resonates with your audience, there's no such thing as going too deep. Dash Hudson's new effectiveness rate is yet another step in solving the Instagram ROI marketing puzzle, adding one more comprehensive layer to decipher the results of what you work so hard on achieving.
Want to learn more about the Dash Hudson tools and how we can help? Hit us up today (right after you sign up for our weekly newsletter👇).