Social Media and Startups

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Presentation to Pitch & Mix at Idea Space on 23 September, 2010

Text of Social Media and Startups

  • 1. Social media & startups
    Presented at Pitch & Mix at IdeaSpace
    Cambridge, 23 September 2010

2. Eric Swain
Managing Director
3. if
Businesses need an Internet presence
and
The Internet is increasingly social
then
Businesses must have a social element
David Gillespie
4. What
social networks
social media
social business
5. Dont focus on the tools!
6. Its about people having conversations, connecting and engaging online.
7. Unsocial /Social
unsocial
social
advertise
attention
target
televised
one to many
impressions
campaigns
control
entertain
participation
content
friended
one to one, many to many
expressions
movements
leverage
8. Connected 2.0 Principle
9. Connected 2.0 Principle
10. 90-9-1 Principle
10
In social groups, some people actively participate more than others Social participation tends to follow a 90-9-1 rule:
11. 12. Social media and startups
challenges
opportunities
resources
unknown
noise
not your customers
no brand
resources
need speed
access to passion
idea
reach
networks
fresh brand
freedom
build real relationships
13. Why
social networks
social media
social business
14. Be found when and where your customers are looking
This means on the Internet and the lips of friends
The new marketing is about being found by customers when they are looking tobuy what you are selling.
15. A recommendation from a friend would make 71% of people more comfortable with a product or service more so than advertising (15%) or even personal experience (63%)
MediaLab
Startup Ideas
16. Vertical engagement
Between the org and people
Campaign-based, valuable but limited
This is your engagement activity
17. lateral engagement
Between people
For startups, this starts with the Idea
We have to share this
18. 2/3
Of the global Internet population visit social networks
http://blog.nielsen.com/nielsenwire/nielsen-news/social-networking-new-global-footprint
19. The power of social media lies in people using these tools the creation of self-organised communities of like-minded people making it a good way for businesses to understand, inform and connect with the people who buy their products and services.
20. Re-thinking marketing
old marketing
new marketing
telemarketing
print ads
direct mail
trade shows
tv/radio ads
spam
interruption!
seo/search marketing
blogging
social media
rss
viral videos
word of mouth
permission
Startup Ideas
21. My customers dont use social networks
22. Why
Relationship
Authority
Discovery
23. relationships
24. authority
25. Discovery - 75/25 Google Principle
Search click rates
SEO
Google weighs external links over on-site keywords 75/25
25%
75%
26. Discovery Social search
27. Why? - ROI
Cost Reduction
Ops efficiency
Reduced marketing spend
Shorten sales cycles
Cheaper customer service
Market research
Business intelligence
Revenue Increase
More transactions
Higher yield
Net new customers
Customer loyalty
28. ROI f.r.y.
Frequency
Increase how often customers buy from us
Reach
Increase net number of transacting customers
Increase net number of transactions per customer
Yield
Increase average spend per transaction
FRY from Olivier Blanchard
My illustration
29. Gary Vaynerchuk grew his family wine shop from $4 million to $50 million using social media.
30. $15k Direct Mail = 200 new customers
$7.5k Billboards = 300 new customers
$0 Twitter = 1,800 new customers
$0 Twitter = 1,800 new customers
31. b2b
Content
Network
Expert
Connections
Show (not) Tell
Knowledge base
Relationships
Story
Tools
Trust
Soften & Support
Framework
32. What
social networks
social media
social business
33. Use Cases of Social
Social Business/Social CRM
Marketing
Sales
Service & Support
Innovation
PR
CustomerExperience
Marketing Insights
Social Sales Insights
Support Insights
Innovations Insights
Reputation Management
Seamless
Customer Experience
Brand Managment
Rapid Social Marketing Response
Rapid Social Sales Response
Rapid Social Response
Crowdsourced R&D
VIP Experience
Enterprise Collaboration
Social Campaign
Proactive Lead Generation
Peer-to-Peer Unpaid Armies
Social Event Management
Altimeter Group
34. Marketing Case Study grasshopper.com
Video and boxes of chocolate covered grasshoppers
Connection via social networks not promotion, just conversation, photos, user videos, etc
http://bit.ly/unr2v
1st month:

  • 93% increase in website clicks

35. 187,000 video views 36. 1,461 Tweets to 1M+ followers 37. More buzz than previous 6 yrs