The engagement rate on Instagram is an important metric for influencer marketing in 2023, as it helps measure the effectiveness and impact of influencers' content and their ability to drive engagement from their followers. It's an important metric that brands use to evaluate the potential return on investment when working with influencers, which is why it's imperative that you know how to improve your engagement rates on Instagram in 2023.
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A high engagement rate means that influencers have a following that is actively engaging with their content. This suggests that they have a strong influence on their followers and are more likely to drive conversions and sales for brands. Clearly, you want to work with a Key Opinion Leader (KOL) that has a high engagement rate.
It’s also interesting to note that the engagement rate helps brands identify the most effective influencers for their brand. As the influencer marketing industry becomes increasingly saturated, brands are looking for ways to differentiate themselves and find influencers who can really drive results for their business. Accordingly, read about the rise of nano-influencers as they are key partners for a collaboration in 2023.
In addition, the engagement rate is important for measuring the success of your influencer marketing campaigns. By tracking engagement rates before and after a campaign, brands can measure the impact of the campaign and make adjustments to their strategy as needed. This is how you measure the performance of your influencer marketing campaign and find out if you identified the right influencers, if your campaigns were effective, and to finally evaluate the potential return on investment.
Engagement rate on social media, especially on Instagram, is a metric that measures the level of engagement a particular post or account receives. It is an important key performance indicator (KPI) that helps everyone (brands, influencers, and users) understand how well their content is resonating with their audience.
A high engagement rate is generally considered a positive indicator of quality content and the level of connection between an account and its audience. It shows that the content is relevant, valuable, and resonates with the audience. A high engagement rate is also indicative of a strong community, where users not only follow an account but actively engage with it.
The engagement rate is a particularly important metric for businesses and brands, as it is directly related to the reach and visibility of their content. A higher engagement rate means that more people are likely to see their content, which in turn increases the chances of conversions and sales. It also helps build brand loyalty and trust, as followers’ active engagement with a particular brand’s content reflects the trust and loyalty they have for the brand.
In addition, the engagement rate on Instagram is also used as a benchmark to compare the performance of different accounts or posts within a particular industry or niche. Thus, you can use benchmarking in general for social media strategy. Furthermore, it helps identify best practices and strategies that work for others in the same industry, which in turn can be used to improve the performance of your own account. Overall, the engagement rate is an important metric that helps understand the audience, create relevant content, and measure the overall performance of an Instagram account.
It is calculated by dividing the total number of likes, comments, shares, and other forms of engagement (for example, views of posts or profiles) by the total number of followers. The result is then expressed as a percentage. For 2023, the basic formula for calculating engagement rate on Instagram is:
Engagement rate = (total engagements / total followers) x 100
To calculate engagement rate, the first step is to add up the total number of likes, comments, shares, saves, and other forms of engagement for a given post or account. Then, this number is divided by the total number of followers on the account. Here, “total engagement” includes the sum of likes, comments, shares, saves, and other forms of engagement, such as story views or profile visits, and “total followers” refers to the number of followers on an account. Finally, multiply the result by 100 to express the engagement rate as a percentage.
We want to point out that Instagram engagement rate calculations may vary depending on the tools or platforms you use, as some providers consider different metrics or use different formulas. However, the basic formula remains the same.
Also, it’s important to keep in mind that the engagement rate is not the only metric to evaluate the success of an Instagram account or a campaign. Other metrics such as reach, website clicks, or conversion rate may also be relevant to a particular goal or campaign. However, the engagement rate is a good starting point to understand the overall performance of an account.
Improving engagement rates on Instagram in 2023 can be a difficult task because there is so much content out there, but here are some strategies and tips that can help you increase engagement and get results for your account.
1. Post regularly: Consistency is key when it comes to building and maintaining engagement on Instagram. By posting regularly you can ensure that your followers see your content and are constantly reminded of your brand. It’s recommended to post at least once a day or several times a week, depending on your goals and audience.
2. Use relevant hashtags: Hashtags are an effective way to increase the visibility of your content and reach new followers. Use relevant hashtags that are specific to your industry or niche and make sure you use them in your captions and comments. Read how you should use hashtags on TikTok, among other things.
3. Use Instagram Stories: Instagram Stories are a great way to increase engagement and reach a larger audience. Use Instagram Stories to show behind-the-scenes content, promote products or services, or host polls and quizzes. Giveaways and challenges are other ideas that can be promoted on Instagram Stories.
4. Interact with your followers: Interacting with your followers and fans is a great way to build a strong community and increase engagement. Respond to comments, messages, and direct messages, and make sure to share and connect with other users and accounts in your niche.
5. Use Instagram Live: Instagram Live is a great way to increase engagement as it allows you to interact with your audience in real time. Use Instagram Live to answer questions, conduct Q&A sessions, or showcase products or services. Discover further: The basics of live streaming for influencer marketing.
6. Collaborate with other influencers and brands: Collaborating with other influencers and brands is a great way to increase engagement and reach new audiences. Look for influencers or brands that are relevant to your niche and work together to create content that resonates with your followers.
7. Use Instagram Insights: Instagram Insights is a powerful tool that allows you to track your account’s performance and understand your audience. With Instagram Insights, you can track engagement rate, reach, website clicks, and other metrics, and adjust your strategy as needed.
8. Encourage user-generated content: User-generated content is a great way to increase engagement because it gives your audience the opportunity to engage with your brand and feel connected to your account. Encourage your followers to share their own content and make sure you post it on your account.
By following these tips, you can improve your engagement rate on Instagram in 2023 and increase results for your account. Remember that improving engagement rates takes time and effort, so be patient and persistent in your efforts. Keep testing and experimenting with different strategies and tactics to find what works best for your audience.
Kolsquare is Europe’s leading Influencer Marketing platform, offering a data-driven solution that empowers brands to scale their KOL (Key Opinion Leader) marketing strategies through authentic partnerships with top creators.
Kolsquare’s advanced technology helps marketing professionals seamlessly identify the best content creators by filtering their content and audience, while also enabling them to build, manage, and optimize campaigns from start to finish. This includes measuring results and benchmarking performance against competitors.
With a thriving global community of influencer marketing experts, Kolsquare serves hundreds of customers—including Coca-Cola, Netflix, Sony Music, Publicis, Sézane, Sephora, Lush, and Hermès—by leveraging the latest Big Data, AI, and Machine Learning technologies. Our platform taps into an extensive network of KOLs with more than 5,000 followers across 180 countries on Instagram, TikTok, X (Twitter), Facebook, YouTube, and Snapchat.
As a Certified B Corporation, Kolsquare leads the way in promoting Responsible Influence, championing transparency, ethical practices, and meaningful collaborations that inspire positive change.
Since October 2024, Kolsquare has become part of the Team.Blue group, one of the largest private tech companies in Europe, and a leading digital enabler for businesses and entrepreneurs across Europe. Team.Blue brings together over 60 successful brands in web hosting, domains, e-commerce, online compliance, lead generation, application solutions, and social media.
