If you think short-form video is the avenue for you, hire an expert who is already successfully producing and getting results on TikTok, Reels or YouTube. I say “IF you’re dependent” because producing short-form video is nowhere near as simple as pointing, clicking and posting. If you are dependent on Instagram for producing traffic to your store and visitors to your website, you should consider introducing short-form video to your marketing mix. As a result, it is prioritizing Reels over every other type of content in its feeds. Instagram is counting on Reels - for now - to keep it relevant to younger social media users. Of these three, the primary culprit-du-jour is Instagram’s introduction of Reels. Analysis by several advertising industry monitoring firms show that these declines are related to three factors: the introduction of Instagram Reels, suggested content in the main home feed, and less overall scrolling by users. Most heavy users of Instagram for business are reporting reduced likes, comments, shares, saves, views, link clicks and DMs. If you are experiencing low Instagram engagement for your traditional posts, you’re not alone. But since Facebook’s acquisition of Instagram in 2012, it’s become far more difficult to gain followers, and constantly changing algorithms and platform dynamics make it challenging to stay in front of those followers. Your league table will provide interesting reading and a catalyst to seeing where performance has improved and where it has dropped off.IT WAS EASY to build massive followings in the early days of Instagram if you had an eye for good graphics and a fun story to tell. Which year has been your best performer, Covid impact aside? Is this the same year that performed best on gross profit margin? If not, it may show the impact of expenses increasing or decreasing, and it may be time to focus on this area of performance. A growing business has a constantly improving bottom line. Rank your performance year by year and see which year tops the table on this statistic. Ideally, your wage bill should be consistent relative to sales achieved. What is your cost of employees relative to sales achieved? Again, take Covid impacts out of the mix. How does this look when comparing each year? Does the “league table” for departments change each season? If so, why? Have some of your departments lost their impact on your overall sales performance? What are your top-selling departments? A review of each year will enable you to see which departments have been the greatest contributors to sales. A healthy growth in GP will allow you to weather the impact of adverse events on your business and build a more profitable future. This is gross profit represented as a percentage of sales. Have your numbers been growing year on year? Take out the impact of Covid by disregarding this period if it has severely impacted your trading days. How have these trended? A healthy business shows a steady trend of growth in sales, ideally in excess of the rate of inflation. Set up a spreadsheet and rank the performance by year across each of the categories listed below. To do this, grab your printouts for the last five years (YTD by department) along with your financial statements for the equivalent period. After all, there is no clearer evidence of what can be done than from those who are already doing it! Often the issue with this is finding a business that has enough similarities to yours to make comparisons relative there is no point in a business heavily dependent on repairs looking at a larger store that specializes in diamonds if there is little overlap in similarities.įortunately, it’s easy to find a business that has exactly the same relevant statistics, product lines, even customers as yours – of course I’m referring to self-comparison against past performance. ONE OF THE most effective ways of benchmarking your performance is to compare it to other performances achieved.
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