Improve your customer engagement strategies
We at Futrli know how important it is for a brand to be engaging. In a digital world, your engagement rate can be used as a business metric and to measure the engagement you have with your audience.
Your business engagement rate - explained
Your engagement rate shows the degree of customer engagement generated by your business's content, campaigns and social media strategy. To calculate the engagement rate, divide the total number of engagements by the total number of your followers. The result will be a decimal so you usually multiply by 100 to give a percentage. An engagement can be a lot of different things - depending on the platform - on Instagram, for example, an engagement rate is often measured by adding up the total number of comments and likes.
Calculating your engagement rate can inform your customer engagement strategy and help retain existing customers as well as attract prospective customers. It is significantly more informative than just quanitities of likes or comments on eg facebook pages. It is highly recommendable for a business to measure customer engagement.
Why calculate your engagement rate?
Absolute figures will only ever provide you with a superficial view of how your company is really performing. The best approach to assess not just the amount of audience engagement and interaction, but also the customer satisfaction with the content you produce, is through engagement.
Simply looking at the number of followers can lead to wrong judgment about how engaged these followers are with your brand during their customer journey. Engaging customers is key in retaining customers, so make sure you keep an eye on your engagement rates.
The only downside to an engagement rate is that it cannot distinguish which interactions are more essential or relevant than others. For example, while a "share" on social media may be far more important than a "like," the engagement rate measures all engagements equally, which isn't going to be the case most of the time.
What is a good engagement rate?
This will be determined by a variety of factors, including your company's objectives and mission statement, as the engagement rate will never be the same for everyone. A lower engagement rate can always be expected for companies that operate on large-ticket items and services. The best approach to figuring out your desired engagement rate is to compare your firm's performance against those in the same industry. However, you should keep in mind that you should only compared your own outcomes to those they were getting at a comparable point in their company's lifecycle.
As a reference point, the average engagement rate on Facebook is around 0.09%. On Instagram, it currently sits at around 0.18% and on Twitter, it’s at around 0.045%.