Social Media ROI: Competitor Benchmarks 2024

Want to crush your social media game in 2024? Here's how to measure up against the competition:

1. Rival IQ: Top-notch for tracking engagement rates, audience growth, and posting frequency. Industry reports set benchmarks across 14 sectors.
2. THAT Agency: Focuses on engagement, follower growth, conversion rates, and CTRs. Uses industry-specific reports and platform-specific benchmarks.
3. Content and Marketing: Offers tools for social media management, growth tracking, and content creation. No built-in benchmarks, but flexible for custom setups.

Quick Comparison:

Choose based on your needs: deep analytics (Rival IQ), balanced approach (THAT Agency), or content creation focus (Content and Marketing).

Remember: Social media success isn't just about likes. It's about growing engagement as you expand your audience.

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1. Rival IQ

Rival IQ is a top tool for tracking social media performance against competitors in 2024. It's a must-have for marketers who want to boost their social media ROI.

ROI Metrics

Rival IQ tracks these key numbers:

• Engagement Rates: It calculates these across platforms. On Facebook, it's (reactions + comments + shares) / total followers x 100. On Instagram, it's (likes + comments) / total followers x 100.
• Audience Growth: The tool monitors follower growth over time. In one case, beauty brand Laneige saw a 32% audience growth in six months, beating competitors despite fewer initial followers.
• Posting Frequency: It analyzes how often you and your competitors post. Rival IQ's 2024 report found that the average beauty brand posts about 31 times per week across channels, with 40% on Instagram.

Benchmark Standards

Rival IQ sets industry standards through its reports:

Their 2024 Social Media Industry Benchmark Report looked at over 5 million posts and 10 billion engagements across 14 industries. It found that TikTok's organic engagement dropped by 50%, while Facebook's slightly increased. On Instagram, Reels are now more engaging than traditional video.

Analysis Tools

Rival IQ offers these features:

• Custom dashboards for competitor-level metrics
• Head-to-head reports against your main competitor
• Scheduled exports for consistent monitoring
• Social Insights API to integrate with your existing tools

Scott Millen from 2 Fish Company, LLC says, "Rival IQ is an essential tool in our toolbox when it comes to creating content for our clients that is compelling and competitive."

Rival IQ's insights have led to an 80% increase in commercial proposals for some users. To boost your social media ROI in 2024:

1. Do a competitive analysis twice a year using Rival IQ
2. Try different posting frequencies and content types based on benchmarks
3. Use holiday-themed hashtags to boost engagement
4. Focus on quality content, learning from top industries like Higher Ed and Sports Teams

As Blair Feehan from Rival IQ puts it: "Social media success is about so much more than getting the most comments or likes: it's about increasing engagement while also growing or maintaining the percentage of your audience that engages as you expand your audience."

2. THAT Agency

THAT Agency takes a no-nonsense approach to tracking competitor ROI in social media. They focus on key metrics, industry benchmarks, and analysis tools to get the job done.

ROI Metrics

THAT Agency tracks these metrics to measure social media success:

• Engagement Rates: Likes, comments, shares, and overall interaction
• Follower Growth: Increase in followers over time
• Conversion Rates: How often social media leads to desired actions
• Click-Through Rates (CTR): Percentage of people clicking on post links

Benchmark Standards

To compare results across industries, THAT Agency uses:

• Industry-Specific Reports: They analyze millions of posts across various sectors
• Platform-Specific Benchmarks: They recognize each platform's unique engagement patterns
• Content Type Analysis: They track performance of different content formats

For example, they found that TikTok's organic engagement dropped by 50% recently, while Facebook saw a slight increase. On Instagram, Reels are now outperforming traditional video content.

Analysis Tools

THAT Agency uses these tools to measure and compare performance:

• Custom Dashboards: Tailored for each client
• Head-to-Head Comparisons: Direct comparisons with main competitors
• Automated Data Collection: Saves time and improves monitoring
• Integration Capabilities: Seamless integration with existing marketing software

Stuart Pereira from WSI Comandix says:

Doing competitor analysis helps us stay in touch with what platforms, ad formats, keyword targeting, and creative ideas the competition is using. We gain insights into our own campaign success or failure, set benchmarks, and stay ahead–if we're doing the best.

THAT Agency recommends:

1. Do thorough competitive analyses twice a year
2. Experiment with posting frequencies and content types
3. Use seasonal trends and themed hashtags
4. Focus on high-quality, engaging content

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3. Content and Marketing

Content and Marketing isn't your typical social media ROI tracker. Instead, it's a treasure trove of tools and services for content creation and marketing. While it's not going head-to-head with Rival IQ or THAT Agency, it's a goldmine for businesses wanting to boost their social media game and ROI.

Analysis Tools

Content and Marketing's toolkit is packed with goodies to measure and compare your social media performance:

Social Media Management Tools These come with built-in analytics. You can track engagement rates, follower growth, and how your posts are doing across different platforms.

Growth Tools Want to know how your audience is growing? These tools have got you covered. They're key for figuring out your social media ROI.

Conversion and Engagement Tools These help you see how your social media efforts translate into real business results. We're talking leads, sales, the whole shebang.

AI Blog Writing and Content Creation Tools While these don't directly track ROI, they can help you create content that pops. Better content often means better social media performance.

By using these tools, you can get a 360-degree view of your social media ROI. Here's a real-world example:

A social media management tool might show that your Instagram videos are getting 50% more engagement than your static posts. Then, a conversion tool could reveal that these high-performing posts are driving 30% more traffic to your website.

Now, Content and Marketing doesn't give you ready-made ROI benchmarks. Instead, it gives you the tools to set your own benchmarks and see how you stack up against the competition. This is great for businesses in niche markets who need more tailored insights.

Want to make the most of Content and Marketing for tracking your social media ROI? Here's how:

1. Don't settle for just one tool. Explore different options in each category to find what works best for you.
2. Mix and match tools to get a complete picture of your social media performance.
3. Keep your toolkit fresh. Regularly check for new tools to make sure you're using the best ones out there.

What Works and What Doesn't

Let's compare Rival IQ, THAT Agency, and Content and Marketing for tracking social media ROI and competitor benchmarks in 2024.

Rival IQ: The Benchmark Champion

Rival IQ is a powerhouse for competitive analysis and benchmarking. Here's what it offers:

• Deep analytics across major social platforms
• Custom dashboards for tailored reports
• Scheduled email exports to keep teams in the loop

But heads up: Rival IQ doesn't do content publishing. That might be a deal-breaker for some.

THAT Agency: The All-Rounder

THAT Agency takes a balanced approach to social media ROI tracking:

• Tracks engagement rates, follower growth, and conversion rates
• Analyzes millions of posts across various industries
• Recognizes different engagement patterns on each platform

It's solid all around, but might not dig as deep into competitive analysis as Rival IQ.

Content and Marketing: The Toolkit Provider

Content and Marketing does things differently:

• Offers a variety of content creation and marketing tools
• Lets users mix and match tools for a custom setup
• Includes tools for audience growth and engagement

The catch? You'll need to set up your own ROI tracking system. There are no ready-made benchmarks here.

Real-World Impact

Let's see these tools in action:

Rival IQ helped boost commercial proposals by 80% for some users. A beauty brand grew their audience by 32% in six months using Rival IQ's benchmarking.

THAT Agency helped businesses adapt to platform changes. When TikTok's organic engagement dropped by 50%, their clients could quickly shift gears.

Content and Marketing's toolkit approach has helped businesses create more engaging content. As Blair Feehan from Rival IQ puts it:

"Social media success is about so much more than getting the most comments or likes: it's about increasing engagement while also growing or maintaining the percentage of your audience that engages as you expand your audience."

Making the Right Choice

When picking a tool for social media ROI and competitor benchmarks, think about:

1. What you need most: analytics, content creation, or both
2. Which social platforms you use the most
3. Your budget and team size

Which Tool Should You Choose?

Picking the right social media analytics tool can make a big difference in tracking your ROI. Let's look at some top options to help you decide.

Rival IQ: For Deep Dives

Rival IQ is great for competitive analysis and benchmarking. It offers:

• Analytics across major social platforms
• Custom dashboards
• Scheduled email reports

Blair Feehan from Rival IQ says:

"Social media success is about so much more than getting the most comments or likes: it's about increasing engagement while also growing or maintaining the percentage of your audience that engages as you expand your audience."

A beauty brand using Rival IQ grew their audience by 32% in six months, beating competitors who started with more followers.

Rival IQ starts at $239/month for tracking 10 companies.

Sendible: Perfect for Agencies

If you're managing multiple clients, Sendible might be your best bet:

• White-label reporting
• Lots of customization options
• Strong collaboration tools

Sendible offers 200 analytics modules to mix and match for tailored reports.

Plans range from $29/month to $750/month, fitting different agency sizes.

Vista Social: Budget-Friendly Option

For small businesses or beginners, Vista Social is user-friendly and affordable:

• Manage multiple accounts
• Basic analytics and reporting
• Content scheduling

Vista Social has a free plan and paid plans starting at $3/month per social profile.

Later: For Visual Content Creators

If you're big on Instagram and Pinterest, Later might be your go-to:

• Visual content planning
• Instagram-specific analytics
• Hashtag suggestions

Later offers a free plan and paid plans from $15/month.

Sprout Social: All-in-One Solution

Need analytics, scheduling, and campaign tracking? Sprout Social has you covered:

• Unified social media view
• Advanced reporting
• CRM integration

The University of North Dakota used Sprout Social to boost their social media game.

Plans start at $249/month, with custom pricing for big businesses.

How to Choose

Think about:

1. Your budget (from free to $750/month)
2. Features you need (deep analytics or visual planning?)
3. Team size (bigger teams might like Sendible or Sprout Social)
4. Which social platforms you use

Most of these tools offer free trials. Give them a test run to see which one fits best.

FAQs

Does social media have a high ROI?

Social media can pack a punch when it comes to ROI, but it's not a one-size-fits-all deal. Let's break it down:

Facebook is the king of the hill. A whopping 95.8% of marketers say it's their top ROI generator. If you're not on Facebook, you're missing out.

But it's not just Facebook. The 2023 Social Media Marketing Industry Report shows that social media marketing is still delivering the goods:

• 86% of marketers saw more exposure
• 76% got more traffic
• 64% generated more leads
• 56% built a loyal fan base
• 55% boosted sales

Different platforms shine in different areas:

Here's a fun fact: Half of Gen Z and millennials shop on social media, compared to 38% of older folks. If you're targeting the young crowd, social media is your playground.

But it's not all sunshine and rainbows. Over half of brands struggle to link social media ROI to company success, and 56% find it tough to crunch numbers from different platforms.

The bottom line? Social media can be a goldmine, but you need to be smart about it. Pick the right platforms, set clear goals, and keep a close eye on your performance. Do that, and you'll be laughing all the way to the bank in 2024 and beyond.

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