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Why benchmarking is critical for every independent retail business


If you can’t measure it, you can’t improve it.” Peter Drucker, “the founder of modern management

Never is this more true than when it comes to retail social media. For many small businesses, understanding the impact of their social media efforts is challenging. Are their results in line with their sector, with their competitors, with other independent retail businesses? Without the context of performance measurement, it’s impossible to know if the time invested in social media is delivering the returns they should. 

Social media benchmarking from Maybe* allows Bira members to put their social media results into context. 

Launching soon for Bira members, Maybe* is releasing a Bira social media index, comparing the social media performance of all Bira members. Members will also be able to create their own indexes, allowing them to compare their social media performance against competitors, peers, or against any other businesses that affect results. 

 

How to increase your rank in the Bira index 

Businesses that post content to Facebook, Twitter, and Instagram with regularity typically see a higher rank in their index.  Additionally, businesses that post content that engages their audience usually see a higher rank. An example of this type of content is posting a picture of a product and asking “What do you think?”.  This invites your audience to connect and engage. 

Understanding the types of content that excite your audience is essential to success. The Maybe* platform offers Bira members the opportunity to see which words their audience uses most frequently when they talk about your independent business online. Comparing these against the words you use will highlight the content that resonates most with your audience. By creating more of this successful content, members will see their rank in the Bira index increase. 

Using Bira member Keith Scarrott as an example, below are the words and phrases most commonly used by the luxury shoe retailer, compared against the words their audience use when talking about them on social media. 

social media benchmarking

benchmark your business

Keith Scarrott post most commonly about their products (their shoes are all named after women) and their audience frequently talk about different retailers or events the brand has partnered with. This presents a great opportunity for Keith Scarrott to promote their partnerships as their audience engages with it willingly.

Using the information that the Maybe* platform provides Keith Scarrott have been able to significantly  increase their sales instore and online.

All Bira members have free access to the Maybe* platform for 30 days, followed by a 20% discount. 

Sign up today to see what’s being said about your business and be amongst the first to be notified when the Bira index is live.

Sign up today

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