Insurance Industry: Social Media Impact and Benchmarks Report
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The report analyzes the B2C social media landscape, highlighting that apparel, insurance, and entertainment industries excel in audience growth and engagement, with automakers having the most engaged audiences. Insurance brands possess the largest median audience size on Facebook and show significant engagement on Instagram and Pinterest. Notably, food and beverage brands experienced a decline in followers during the study period, attributed to factors like Facebook account cleanups and negative sentiment towards large soda brands.
Insurance Industry: Social Media Impact and Benchmarks Report
- 1. Insurance Industry Benchmarks: B2C Social Media Impact Report 1
- 2. THE B2C SOCIAL MEDIA LANDSCAPE: HOW DO B2C INDUSTRIES STACK UP ON SOCIAL MEDIA? Which industries drive the greatest ROI from social media? The graph to the right provides a high-level answer for B2C marketers. This graph plots the average follower growth and content engagement — measured across Facebook, Twitter, LinkedIn, Instagram, and Pinterest — by industry. Industries with the greatest average follower growth per brand score highest along the Y-axis. Industries with the greatest engagement ratio — measured as the average number of interactions per post per 1,000 followers — score highest along the X-axis. The size of the bubble reflects the median total audience size for a brand in each industry on Facebook, Twitter, LinkedIn, Instagram, and Pinterest combined. Analysis based on social media accounts from 213 B2C brands across Facebook, Twitter, Instagram, Pinterest, and LinkedIn from January 2015-October 2015. 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.50 5 10 15 20 25 30 35 40 45 50 Apparel Automakers Consumer Products Food Beverage Hospitality Insurance Restaurants Retailers Telco & Cable Entertainment FOLLOWER GROWTH VS. ENGAGEMENT RATIO FOR B2C INDUSTRIES: JANUARY - OCTOBER 2015 ENGAGEMENT RATIO (Average Interactions Per Post Per 1000 Followers) %FOLLOWERGROWTH SOCIAL MEDIA AUDIENCE SIZE 4
- 3. B2C Social Media Landscape: Key Takeaways APPAREL, INSURANCE, AND ENTERTAINMENT BRANDS ARE IN THE SOCIAL MEDIA SWEET SPOT. Brands in these industries have both substantial audience growth and content engagement on social media, indicating highly impactful social content. The Apparel industry’s 18.62% average follower growth per brand is especially impressive given the large overall social following. WHEN IT COMES TO SOCIAL ENGAGEMENT, AUTOMAKER BRANDS RULE THE ROAD. Across the B2C landscape, automakers have the most engaged social media audiences with an average engagement ratio of 5.62. Insurance brands are a distant second (2.43). HOSPITALITY BRANDS ARE ADEPT AT GROWING THEIR AUDIENCES. Across the B2C landscape, brands in the hospitality sector see the highest social media audience growth, with 53.34% follower growth on average, despite the fact that their engagement level is just middle-of-the-pack compared to the rest of the B2C industries. FOOD & BEVERAGE AUDIENCES ARE SHRINKING. Food & Beverage is the only industry with negative follower growth across the period of study (-0.06%). Across the industry, large beverage brands — including Coca- Cola and Dr. Pepper — experienced a decline in Facebook followers across 2015. This could be due to Facebook’s cleanup of inactive accounts, as well as due to the brewing backlash against big soda. 5
- 4. Insurance KEY TAKEAWAYS • Insurance brands have the largest median audience size on Facebook (123K Page Likes), as well as a sizeable LinkedIn audience (81K followers). • Instagram is the social network with the highest engagement ratio for Insurance brands (48.6). Pinterest is the second most effective channel (20.29). • On Instagram , Property & Casualty Insurance brands out-engage Life Insurance brands on average (48.8 versus 28.7 engagement ratios). Analysis based on the top 18 insurance brands in the Global 500 and leading insurance brands on social media as identified by the TrackMaven platform. MEDIAN SOCIAL MEDIA AUDIENCE SIZE IN THOUSANDS TOP CHANNEL: INSTAGRAM ENGAGEMENT RATIO (AVERAGE INTERACTIONS PER POST PER 1000 FOLLOWERS) PROPERTY & CASUALTY INSURANCE LIFE INSURANCE 43.8 28.7 INSTAGRAM SUBSECTOR ENGAGEMENT RATIO 123 2 81 0.3 16 TWITTER FACEBOOK INSTAGRAM PINTEREST LINKEDIN TWITTER 0.36 LINKEDIN 0.65 FACEBOOK 2.67 PINTEREST 20.29 INSTAGRAM 40.60 17
- 5. How Do B2C Industries Stack Up By Audience Size? The graph below displays the median social media audience size for B2C brands by industry across Facebook, Twitter, LinkedIn, Pinterest, and Instagram. Analysis based on social media accounts from 213 B2C brands across Facebook, Twitter, Instagram, Pinterest, and LinkedIn from January 2015-October 2015. B2C SOCIAL MEDIA AUDIENCE SIZE BY INDUSTRY MEDIAN AUDIENCE SIZE BY CHANNEL By millions of followers 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Twitter Pinterest Linkedin Instagram Facebook Insurance Entertainment Hospitality Retail Food & Beverage Telco & Cable Consumer Products Restaurants Automakers Apparel 6
- 6. Want to learn more from the best B2C brands? Go to trackmaven.com/b2c-report to get your free copy of our complete 2016 Social Media Impact Report: B2C Industry Edition. You’ll learn: • Which B2C industries get the greatest impact from social media marketing; • The most effective strategies for social in each industry; • How disruptive brands build loyal audiences on saturated social networks. 22