Why is it important to calculate engagement rate?
The growth of social media as a marketing tool has provided the average person with the opportunity to grow a following and become an influencer. This is great in terms of there being plenty of people to pick from to help brand your business. However, it’s not so great when you are trying to find the perfect influencer for you. By calculating the engagement rate, you can evaluate how successfully engaging an influencer’s posts are. Of course, the last thing you want is to be stuck with an influencer whose engagement rate is less than impressive. Remember, the reason you want to collaborate with influencers is to create brand awareness and get as many people as possible engaging with your business.
How exactly do you calculate engagement rate?
Calculating engagement rate is easy. You take the engagement volume and divide it by the base volume.
What is engagement volume?
Engagement volume is simply the number of likes, shares, and comments that a post has received.
What is the base volume?
There are actually three types of base volume metrics you can use in your calculation
1) Followers: this is the number of people that follow the influencer and are therefore potentially going to be exposed to and, hopefully, engaging with your content
2) Reach: unlike followers who represent the potential target audience, reach represents the number of people who have actually been exposed to the content on an influencer’s page.
3) Impressions: this is the number of times your content was displayed on on anyone’s screen – whether on their feed by following you, through the ‘explore’ page or promotions.
The base volume that you use should depend on what engagement rate you want to evaluate.
Which base volume is the perfect option?
Using followers as your base volume will tell you the engagement rate per follower. It’s easy to calculate, however it is vital to keep in mind that a post can reach beyond an influencer’s follower base via viral or paid amplification.
Engagement reach will tell you the engagement per individual who saw the post. This is effective for assessing the quality of a post. However, the metric can give a misleading view of performance because it doesn’t differentiate between posts that have similar engagement rates but varying reaches.
Impressions are the most useful. This will tell you the engagement rate per view. It’s very uncommon for a person to engage with the same content twice. This makes engagement rate the better choice for assessing a post’s performance. Remember that if a post is a paid campaign the engagement will be much higher.
What to do once you have calculated the engagement rate
After calculating the engagement rate of an influencer’s account you will have a much better idea of how their content is being responded to. If their engagement rate is positive and they seem to follow similar brand ethics as your business, use Swayy chat to speak to them about a collaboration. Alternatively, if their engagement rate is slightly lower than what you were hoping for, don’t worry. At Swayy we have plenty of influencers to choose from and the perfect one will be waiting in our database.