Welcome to the definitive 2024 Instagram Stories Benchmark Report. This extensive analysis offers deep insights into pivotal metrics like retention rate, exit rate, replies, and more. The report is an invaluable resource for brands aiming to understand and enhance their Instagram strategy effectively.
Key Takeaways from the Report
- Rising Story Frequency: This year, brands have increased their focus on Instagram Stories, reaching an all-time high in the number of Stories published.
- Elevated Reach Rates: A positive trend has emerged, with both Stories and posts achieving a broader reach, engaging a larger portion of followers than in previous years.
- Consistent Retention Rates: Despite challenges like lower tap-back and reply rates, the reach increase has contributed to maintaining a stable retention rate.
- Posts vs. Stories: Instagram posts continue to outperform Stories in terms of reach, indicating the need for a balanced approach that utilizes both for effective audience engagement.
Days with an Instagram Story:
- Increased Posting Frequency: The median frequency of posting Stories is approximately 13 times per month.
- Top Active Brands: The most engaged 25% of brands are publishing around 20 Stories monthly.
- Less Active Brands: The least active quartile tends to post about once a week, highlighting varying engagement strategies.
Frames Per Day Analysis:
- Short Story Dominance: Approximately 60% of brand activity on Instagram Stories involves 1-3 frames, indicating a preference for concise storytelling.
- Extended Storytelling: Around 10% of Stories extend to 7 or more frames, showcasing a lesser-used strategy of in-depth narrative building.
Retention Rate Insights:
- Stability in Viewer Engagement: The overall retention rate has remained relatively constant.
- Significant Drop after the First Frame: The transition from the first to the second frame often sees the largest decline in viewer retention.
- Sustained Engagement: Retention remains above 75% for Stories extending up to 7 frames, demonstrating sustained audience interest.
Story and Post Reach Rates:
- Boost in Small Brand Reach: Smaller brands (under 10K followers) have seen a 35% increase in Story reach rate.
- Steady Reach for Mid-Size Brands: Mid-size brands (50K-200K followers) experienced a stable reach rate at 1.6%.
- Increased Post Visibility: Smaller handles witnessed a 17% increase in post reach rate, emphasizing the growing visibility of their content.
Analyzing Post Engagement per Impression:
- Enhanced Engagement Across All Sizes: Brands across various follower ranges have seen increases in post engagement per impression, with the most significant rise observed in smaller brands.
Media Type Reach Rate:
- Growth in Image Reach: The reach rate for images has seen a significant uptick of 27%.
- Modest Improvement for Reels: Although Reels showed a smaller rate of improvement, the trend is upward.
Understanding Tap-Forward and Tap-Back Rates:
- Consistent Tap-Forward Rate: Indicates steady viewer interest in moving through the content.
- Slight Decline in Tap-Back Rate: Suggests a minor decrease in viewers re-engaging with previous content.
Exploring Replies and Exit Rates:
- Decline in Reply Rates: The notable decrease in reply rates per 1K impressions may indicate changing user interaction patterns with Stories.
- Slight Increase in Exit Rates: Though exit rates have risen marginally, they remain relatively low, implying that viewer interest in Stories is still strong.
Conclusions and Outlook for the Future:
The 2024 Instagram Stories Benchmark Report underscores the evolving landscape of Instagram marketing. It reflects the importance of adapting strategies to leverage both Stories and posts effectively. This dynamic environment offers brands a plethora of opportunities to engage creatively with their audience and craft compelling narratives that resonate.
Methodology and Metrics Glossary:
The report is based on the analysis of over 125K Instagram Stories and 539K+ frames from June to November 2023. It includes data from 1470 Instagram handles across diverse industries, focusing on handles with at least 100 views per frame and a minimum of 1K followers.
Glossary of Instagram Metrics
Engagement: Interaction on Instagram Stories and posts, including likes, comments, replies, and shares.
Exit Rate: Percentage of impressions that exit a Story.
Frame: A single photo or video in an Instagram Story.
Impressions: Total number of views of a frame in a Story.
Post Engagement per Impression: Likes, comments, and saves per post impression.
Post Reach Rate: Percentage of followers who saw a post.
Reach: Unique viewers of a frame in a Story or a post.
Reply Rate: Percentage of Story viewers who replied.
Retention Rate: Percentage of viewers who saw all frames in a Story.
Story Viewers: Number of people who viewed a Story.
Tap-Back Rate: Percentage of viewers who tapped backward in a Story.
Tap-Forward Rate: Percentage of viewers who tapped forward in a Story.
Extended Analysis and Future Trends:
As we delve deeper into the data, additional findings emerge:
- Varied Engagement Strategies: The disparity in posting frequency among brands highlights diverse engagement strategies. The top quartile’s increased activity suggests a more aggressive approach to audience engagement.
- Longer Storytelling Trends: Although less common, the use of 7+ frames indicates a niche approach to storytelling, providing an opportunity for deeper narrative exploration.
- Shifts in Audience Behavior: The slight changes in tap-back and reply rates may reflect shifts in how audiences interact with Stories, possibly influenced by broader social media trends and user preferences.
- Potential for Reels: The modest improvements in Reels suggest untapped potential in this format, possibly indicating future areas of growth and exploration for brands.
This comprehensive report aims to arm marketers with the insights needed to navigate the evolving landscape of Instagram effectively. By understanding these trends and metrics, brands can optimize their presence on this crucial platform, ensuring their stories not only reach their audience but also resonate and engage them deeply.