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Yelp and Accion have teamed up with the NYSE Big Start-Up to host a series of free workshops that provide small business owners across the U.S. with resources to help finance their entrepreneurial dreams and increase their online marketing power by learning best practices for engaging with online review sites. This presentation was delivered by Yelp and Accion staff members to over 100 business owners in New York on August 23rd, to the New York Stock Exchange at 11 Wall Street.
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In the US, small firms represent 99.7 percent of all employer firms
SOURCE: SBA.GOV/ADVOCACY
FRAMING THE ISSUE
Small businesses employ 57% of the country’s private workforce
SOURCE: UNITED STATES SMALL BUSINESS ASSOCIATION OFFICE OF ADVOCACY
Small businesses create 13x more patents per employee than large patenting companies
SOURCE: UNITED STATES SMALL BUSINESS ASSOCIATION OFFICE OF ADVOCACY
Real job creation doesn’t kick in until those small businesses survive and grow into larger operations.”
JARED BERNSTEINNew York Times, October 23, 2011
“BUT...
NYSE — CENTER OF COLLABORATION
Issuer Companies
Small Business/ Start Up Community
American corporations want to and must be
part of the solution. Small businesses and
entrepreneurs are our neighbors, our customers,
and our futures. It is time to harness the
unparalleled innovation and creativity of
American business to find collective solutions
even more powerful than the economic
challenges we face.”
“
DUNCAN L. NIEDERAUER
Chief Executive Officer of NYSE Euronext
Small Business Connections: Social Media & the World of Online Reviews
10
Darnell Holloway Manager of Business Outreach @darnelljustin #NYSEBigStartUp
The Social Media Landscape
Page 11
• Why is it important to have a strong online presence?
• What are the basics you should know about each major social media platform?
• How can you engage with existing customers and attract new business?
Now more than ever, consumers rely on online reviews
Source: Search Engine Land Local Consumer Review Survey (2012)
85% of Consumers Use The Internet to Find Local Businesses
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LinkedIn is B2B Social Networking
Marketing Your Professional Skills
Page 14
Connecting With Other Professionals
Page 15
A Few Success Stories
Page 16
17
Twitter is Micro Blogging
The Sprinkles Example
Page 18
Aggregate Your Information
Page 19
20
Facebook Emphasizes Social Connections
Create a Facebook Page for Your Business
Page 21
Food Porn
Page 22
Demographic Information
Page 23
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Yelp is Transactional Social Media
$864
Yelp by the Numbers
$864
• Yelp mobile app is used on 7.2 million unique mobile devices (Q2 2012) • Approximately 40% of all searches on
Yelp come from our mobile apps.
• Every second, a consumer generated directions to or called a business from a Yelp app. • A photo was uploaded at least every 30 seconds from the Yelp app.
Yelp Mobile
Consumers on Yelp are Affluent, Educated Adults
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Unlock Your Free Tools
Page 29
Biz.yelp.com
Claim your page here
Log in here
Understanding Yelp Metrics & Free Tools
Improve your business page. That’s FREE.
Page 32
Connect With Your Customers. It’s FREE too!
33
Myth: Most Yelp Reviews are Negative
Page 34
80% of Yelp Reviews are Three Stars or Higher
Negative reviews play an important role too • A variety of experiences are consistent with real life • You can’t please 100% of your customers 100% of the time
Page 35
Quality Control: Why Some Reviews Come Down
All businesses are equal in this regard. (Advertisers & non-advertisers treated equally; filtered reviews viewable.)
Keeping Our Content Useful For Consumers
Page 36
“Yelp runs its reviews through an anti-fraud filter, with impressive results; every fake review the Texan bought was flagged by Yelp’s algorithms, though his fraudulent reviews remain up on the seven other sites.”
37
Engage Diplomatically
Page 38
Don’t: Freak Out
Page 39
Case Studies in Freaking Out
Page 40
The Right Way To Do It
We Offer Paid Upgrades As Well
Removal of Competitor’s Ads
Video Player and Photo Slideshow
Page 42
Search Advertising
Page 43
Summary
1. The most successful businesses on Yelp focus on providing great
customer service, not soliciting reviews. Word of mouth will take care of
itself.
2. Don’t over-focus on any single review.
3. Start using Yelp’s FREE tools today (biz.yelp.com). Your business page will look better, and this can drive new customers.
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§ Q & A § Biz.Yelp.Com § www.yelp.com/contact
THANK YOU
BUSINESS GROWTH THROUGH MARKETING
46
WHO IS ACCION?
47
ACCION IN NEW YORK
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MORE THAN A LOAN
§ One-on-one: We provide coaching throughout the loan process on credit, cash flow and record keeping
§ Events: Free webinars and monthly newsletters with useful tips and frequent coaching events
§ Partnerships: We team up with other organizations to leverage resources and maximize strengths
49
*Credit cards, Microloans and Bank Loans build a credit history.
Friends & Family Crowdfunding Personal Savings
Credit Cards
ACCION MICROLOANS
Bank SBA Loans
Equity and Investments
OVERVIEW OF CREDIT CONTINUUM
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• Would a new mixer, computer, or vehicle help you get the job done better and faster?
• Do you have any potential unexpected expenses?
• Would you like to build your credit along with your business?
IS MY BUSINESS READY FOR DEBT FINANCING?
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WHAT ABOUT MARKETING? • Update your website, packaging, or marketing materials?
• Attend a trade shows, host an event?
• What else?
52
BUILD A BRAND
§ With a $5,000 microloan, Erica and Jesse of Brooklyn Taco implemented a new unique look and feel for their taco business
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BROOKLYN TACO BRAND ON YELP
Kelvin Natural Slush Co.
BACKGROUND
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• Alex & Zack met on the first day of work at a large NYC law firm in 2006
• Both grew up drinking Slurpees • But it turns out …
you can’t drink Slurpees as an adult in a law office!
THE INSPIRATION
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• This was the inspiration for Kelvin Natural Slush Co. • Redefine the convenience store slush
with a premium all natural slush in sophisticated flavors
• Create a new category of frozen beverages
• Launched as a food truck in NYC in 2010 as “proof of concept”
A KELVIN SLUSH
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Step 1: Choose your slush flavor: tea, citrus or ginger Step 2: Choose your “mix-in” (e.g. real fruit purées, fresh chopped mint
& basil)
IN THE MEDIA
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KELVIN NATURAL SLUSH CO.
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Like “nothing you’ve ever slurped before”, this “friendly” truck’s “addictive” “grown-up” slush drinks “cool you down” with “innovative” combos that blend “perfectly frozen” base flavors (ginger, citrus or tea) with “wonderful” fruit purées and other “refreshing” mix-ins; you’ll “wish it were summer every day.” -- Zagat 2012 (Food Rating: 25 out of 30) To properly cool off, I needed something purer. I needed ice. So I called the Slush Phone, the 24-hour number for the Kelvin Natural Slush Company, whose grown-up Icees are made with filtered water, cane sugar and fresh fruit purées. I was revived by a brew of spicy ginger stirred with white peach and a handful of fresh mint, although I couldn’t help thinking how great it would taste with bourbon. -- The New York Times (New York’s New Frozen Treats – 7/9/11)
VENDY AWARD WINNER
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• 2010 Vendy Award Best Dessert Winner • NYC’s annual competition for the title of Best Street
Food Vendor – called “the Oscars of food for the real New York” by Chef Mario Batali
The line for the Kelvin slush truck at the 2010 Vendy Awards
ACCOLADES
61
• Zagat: 25 food rating (out of 30) • Yelp: 4.0 Star rating • QSR Magazine: America’s Top 20 Food Trucks • NY Post: NYC’s Best Icy Desserts • CBS New York: New York’s Best Food Trucks • Midtown Lunch: Most Popular Dessert Truck 2010 (Editor’s
Choice) • Serious Eats: Favorite New-School Food Truck 2010
(Nominee) • Relish.com: America’s Top 15 Street Food Vendors • About.com: Best NYC Food Truck (Readers' Choice Awards
2012) • Thrillist: Favorite 5 Food Trucks (NYC) • Brooklyn Magazine: 10 Best Frozen Desserts in Brooklyn • Zagat: New York’s 8 Best Food Trucks
BUSINESS MODEL
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• Retail • Original business model – single product quick service
retail (QSR) concept like: • Jamba Juice, Pinkberry, Rita’s Ice, Cold Stone
But it turns out our slush tastes great with booze …
• Wholesale • Recent “pivot” to include wholesale business model
• Partner with select restaurants and bars to create Kelvin branded “frozen cocktails”
• Try to redefine traditional generic frozen margaritas to create a premium branded product in a new category
• In discussions with national grocery store chain and several stadium concession operators
ACCION
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• Introduced to Accion through NYS Small Business Development Center at Baruch College
• Simple and well organized loan application and underwriting process
• Provided $30,000 loan to finance construction of new cart
• For Kelvin, we believe using debt to finance capital equipment to grow is attractive
SOCIAL MEDIA
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• Yelp • 4.0 stars (121 reviews)
• 8,413 views in past 24 months
• Twitter • 6,288 followers
• 1,337 likes • YouTube
• 2,503 video views
QUESTIONS
65
Feel free to contact us:
info@kelvinslush.com
@kelvinslush
66
HOW IS MARKETING INTEGRATED IN MY BUSINESS?
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BECOME ACCION LOAN-READY
§ Get smart about marketing your business! § Decide how a loan will help your business
grow-specific purposes § Know your credit score and keep improving it § Meet one-on-one with an Accion Loan
Consultant
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Please contact us: § Erica Dorn § 646-833-4533 § edorn@accionusa.org
§ Rachel Greenwald § 646-833-4551 § rgreenwald@accionusa.org
THANK YOU
Every $1M invested creates
another 1,000 jobs
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