68

Small Business Connections: Marketing Meets Microfinancing-NYC

Embed Size (px)

DESCRIPTION

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.

Citation preview

Page 1: Small Business Connections: Marketing Meets Microfinancing-NYC
Page 2: Small Business Connections: Marketing Meets Microfinancing-NYC

In the US, small firms represent 99.7 percent of all employer firms

SOURCE: SBA.GOV/ADVOCACY

FRAMING THE ISSUE

Page 3: Small Business Connections: Marketing Meets Microfinancing-NYC

Small businesses employ 57% of the country’s private workforce

SOURCE: UNITED STATES SMALL BUSINESS ASSOCIATION OFFICE OF ADVOCACY

Page 4: Small Business Connections: Marketing Meets Microfinancing-NYC

Small businesses create 13x more patents per employee than large patenting companies

SOURCE: UNITED STATES SMALL BUSINESS ASSOCIATION OFFICE OF ADVOCACY

Page 5: Small Business Connections: Marketing Meets Microfinancing-NYC

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...

Page 6: Small Business Connections: Marketing Meets Microfinancing-NYC

NYSE — CENTER OF COLLABORATION

Issuer Companies

Small Business/ Start Up Community

Page 7: Small Business Connections: Marketing Meets Microfinancing-NYC
Page 8: Small Business Connections: Marketing Meets Microfinancing-NYC

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

Page 9: Small Business Connections: Marketing Meets Microfinancing-NYC

Small Business Connections: Social Media & the World of Online Reviews

Page 10: Small Business Connections: Marketing Meets Microfinancing-NYC

10

Darnell Holloway Manager of Business Outreach @darnelljustin #NYSEBigStartUp

Page 11: Small Business Connections: Marketing Meets Microfinancing-NYC

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?

Page 12: Small Business Connections: Marketing Meets Microfinancing-NYC

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

Page 13: Small Business Connections: Marketing Meets Microfinancing-NYC

13

LinkedIn is B2B Social Networking

Page 14: Small Business Connections: Marketing Meets Microfinancing-NYC

Marketing Your Professional Skills

Page 14

Page 15: Small Business Connections: Marketing Meets Microfinancing-NYC

Connecting With Other Professionals

Page 15

Page 16: Small Business Connections: Marketing Meets Microfinancing-NYC

A Few Success Stories

Page 16

Page 17: Small Business Connections: Marketing Meets Microfinancing-NYC

17

Twitter is Micro Blogging

Page 18: Small Business Connections: Marketing Meets Microfinancing-NYC

The Sprinkles Example

Page 18

Page 19: Small Business Connections: Marketing Meets Microfinancing-NYC

Aggregate Your Information

Page 19

Page 20: Small Business Connections: Marketing Meets Microfinancing-NYC

20

Facebook Emphasizes Social Connections

Page 21: Small Business Connections: Marketing Meets Microfinancing-NYC

Create a Facebook Page for Your Business

Page 21

Page 22: Small Business Connections: Marketing Meets Microfinancing-NYC

Food Porn

Page 22

Page 23: Small Business Connections: Marketing Meets Microfinancing-NYC

Demographic Information

Page 23

Page 24: Small Business Connections: Marketing Meets Microfinancing-NYC

24

Yelp is Transactional Social Media

Page 25: Small Business Connections: Marketing Meets Microfinancing-NYC

$864

Yelp by the Numbers

Page 26: Small Business Connections: Marketing Meets Microfinancing-NYC

$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

Page 27: Small Business Connections: Marketing Meets Microfinancing-NYC

Consumers on Yelp are Affluent, Educated Adults

Page 28: Small Business Connections: Marketing Meets Microfinancing-NYC

28

Unlock Your Free Tools

Page 29: Small Business Connections: Marketing Meets Microfinancing-NYC

Page 29

Biz.yelp.com

Claim your page here

Log in here

Page 30: Small Business Connections: Marketing Meets Microfinancing-NYC

Understanding Yelp Metrics & Free Tools

Page 31: Small Business Connections: Marketing Meets Microfinancing-NYC

Improve your business page. That’s FREE.

Page 32: Small Business Connections: Marketing Meets Microfinancing-NYC

Page 32

Connect With Your Customers. It’s FREE too!

Page 33: Small Business Connections: Marketing Meets Microfinancing-NYC

33

Myth: Most Yelp Reviews are Negative

Page 34: Small Business Connections: Marketing Meets Microfinancing-NYC

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: Small Business Connections: Marketing Meets Microfinancing-NYC

Page 35

Quality Control: Why Some Reviews Come Down

All businesses are equal in this regard. (Advertisers & non-advertisers treated equally; filtered reviews viewable.)

Page 36: Small Business Connections: Marketing Meets Microfinancing-NYC

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.”

Page 37: Small Business Connections: Marketing Meets Microfinancing-NYC

37

Engage Diplomatically

Page 38: Small Business Connections: Marketing Meets Microfinancing-NYC

Page 38

Don’t: Freak Out

Page 39: Small Business Connections: Marketing Meets Microfinancing-NYC

Page 39

Case Studies in Freaking Out

Page 40: Small Business Connections: Marketing Meets Microfinancing-NYC

Page 40

The Right Way To Do It

Page 41: Small Business Connections: Marketing Meets Microfinancing-NYC

We Offer Paid Upgrades As Well

Removal of Competitor’s Ads

Video Player and Photo Slideshow

Page 42: Small Business Connections: Marketing Meets Microfinancing-NYC

Page 42

Search Advertising

Page 43: Small Business Connections: Marketing Meets Microfinancing-NYC

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.

Page 44: Small Business Connections: Marketing Meets Microfinancing-NYC

44

§  Q & A §  Biz.Yelp.Com §  www.yelp.com/contact

THANK YOU

Page 45: Small Business Connections: Marketing Meets Microfinancing-NYC

BUSINESS GROWTH THROUGH MARKETING

Page 46: Small Business Connections: Marketing Meets Microfinancing-NYC

46

WHO IS ACCION?

Page 47: Small Business Connections: Marketing Meets Microfinancing-NYC

47

ACCION IN NEW YORK

Page 48: Small Business Connections: Marketing Meets Microfinancing-NYC

48

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

Page 49: Small Business Connections: Marketing Meets Microfinancing-NYC

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

Page 50: Small Business Connections: Marketing Meets Microfinancing-NYC

50

•  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?

Page 51: Small Business Connections: Marketing Meets Microfinancing-NYC

51

WHAT ABOUT MARKETING? •  Update your website, packaging, or marketing materials?

•  Attend a trade shows, host an event?

•  What else?

Page 52: Small Business Connections: Marketing Meets Microfinancing-NYC

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

Page 53: Small Business Connections: Marketing Meets Microfinancing-NYC

53

BROOKLYN TACO BRAND ON YELP

Page 54: Small Business Connections: Marketing Meets Microfinancing-NYC

Kelvin Natural Slush Co.

Page 55: Small Business Connections: Marketing Meets Microfinancing-NYC

BACKGROUND

55

•  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!

Page 56: Small Business Connections: Marketing Meets Microfinancing-NYC

THE INSPIRATION

56

•  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”

Page 57: Small Business Connections: Marketing Meets Microfinancing-NYC

A KELVIN SLUSH

57

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)

Page 58: Small Business Connections: Marketing Meets Microfinancing-NYC

IN THE MEDIA

58

Page 59: Small Business Connections: Marketing Meets Microfinancing-NYC

KELVIN NATURAL SLUSH CO.

59

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)

Page 60: Small Business Connections: Marketing Meets Microfinancing-NYC

VENDY AWARD WINNER

60

•  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

Page 61: Small Business Connections: Marketing Meets Microfinancing-NYC

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

Page 62: Small Business Connections: Marketing Meets Microfinancing-NYC

BUSINESS MODEL

62

• 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

Page 63: Small Business Connections: Marketing Meets Microfinancing-NYC

ACCION

63

•  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

Page 64: Small Business Connections: Marketing Meets Microfinancing-NYC

SOCIAL MEDIA

64

•  Yelp •  4.0 stars (121 reviews)

•  8,413 views in past 24 months

•  Twitter •  6,288 followers

•  Facebook

•  1,337 likes •  YouTube

•  2,503 video views

Page 65: Small Business Connections: Marketing Meets Microfinancing-NYC

QUESTIONS

65

Feel free to contact us:

[email protected]

@kelvinslush

Page 66: Small Business Connections: Marketing Meets Microfinancing-NYC

66

HOW IS MARKETING INTEGRATED IN MY BUSINESS?

Page 67: Small Business Connections: Marketing Meets Microfinancing-NYC

67

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

Page 68: Small Business Connections: Marketing Meets Microfinancing-NYC

68

Please contact us: §  Erica Dorn §  646-833-4533 §  [email protected]

§  Rachel Greenwald §  646-833-4551 §  [email protected]

THANK YOU

Every $1M invested creates

another 1,000 jobs