social media has ruined your business
DESCRIPTION
Given to an audience of Prince Edward Island entrepreneurs at the 2010 Atlantic Entrepreneurship Expo. An introductory look at why you should think about social media as part of your marketing mix and what to keep in mind as you get started. Includes a collection of great stats and tips on Facebook, foursquare, Twitter, LinkedIn, YouTube and social media in general.TRANSCRIPT
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Social Media Has Ruined Your BusinessMay 12, 2010
Courtesy of
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they say you need to be on social media
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but why?
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to build a farm for your company?
Image from techieglue.com
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or to be compared to an onion ring?
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and facebook’s just the beginning
TumblrWakoopa
YelpYouTube
Vimeo
foursquareFlickr
Google Buzz BeboBlip.fm
TwitterLast.fmLinkedIn
MyBlogLogMyspace
DeliciousDigg
FriendFeedFlixteriLike
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it’s a lot of effort just to be “Liked”
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and ads reach more people than status updates
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so why bother?
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because the times, they are a-changin’
Image from The Selvedge Yard
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the old rules no longer apply
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Generation Y now outnumbers baby boomers
96% of those under 30 are on social networks
Stat from Forrester
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we no longer find the news, the news finds us
24 of the 25 largest newspapers have declining circulation
Stat from socialnomics.net
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90% of shoppers seek opinions online first
78% trust recommendations; 14% trust ads
Stat from socialnomics.net
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70% trust recommendations of people they don’t know
one online conversation = the impact of 200 tv ads
Stats from Nielsen, BuzzAgent
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97% of consumers use online media to shop locally
58% report using an online coupon in their local area
Stats from BIA/Kelsey Group
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one customer? one influencer?
what’s more valuable to you?
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People on Facebook
400,000,000
Stat from Facebook
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Active Users That Login Daily
50%
Stat from Facebook
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Average Friends per User
130
Stat from Facebook
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Average Clickthrough Rate on Banner Ads
0.2%
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Average Clickthrough Rate on Wall Posts
6.5%
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More Likely to Buy After Becoming a Fan
51%
Stat from Chadwick Martin Bailey
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More Likely to Recommend After Becoming a Fan
60%
Stat from Chadwick Martin Bailey
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29Stat from Facebook
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People on Twitter
75,000,000
Stat from themetricsystem.rjmetrics.com
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More Likely to Buy After Following
67%
Stat from Chadwick Martin Bailey
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More Likely to Recommend After Following
79%
Stat from Chadwick Martin Bailey
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34Stat from Facebook
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People on LinkedIn
65,000,000
Stat from LinkedIn
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Fortune 500 Companies with Executives on LI
100%
Stat from LinkedIn
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People on YouTube
120,000,000
Stat from YouTube
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Internet Bandwith That Goes to YouTube
10%
Stat from AllFacebook
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YouTube Traffic that Arrives Directly
54%
Stat from YouTube
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People on foursquare
1,000,000
Stat from foursquare
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Number of Checkins
40,000,000
Stat from foursquare
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Number of Checkins Five Weeks Ago
22,000,000
Stat from foursquare
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getting set up
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set up google alerts
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set up google analytics
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get profiles on relevant networks
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claim your business
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start tracking your reputation
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the top 10 things to know before you start
Stat from Forrester
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1. Have a Purpose
have goals behind your strategy and work to achieve them
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2. Be Authentic
nobody cares about your pitch, they care about communication
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3. Be Transparent
be honest, be open and tell the truth
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4. Understand and Allow Community
if given the opportunity your community will monitor itself
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5. Always Offer Value
your customer doesn’t owe you anything
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6. Dollars and Time Aren’t Free
like all advertising you get what you put into it
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7. Challenge Yourself
jump in; only you or your competitor can be first
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8. Steal From Your Customers
sometimes they have the best ideas, use them as a focus group
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9. Online Isn’t an Island
treat social as an outpost; an extension of offline efforts
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10. Track Results
set yourself up for success and track your ROI
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socially engaged companies are more successful
12-month revenue growth, wallflowers: -10%
12-month revenue growth, mavens: 18%
Stat from Altimiter ENGAGEMENTdb
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“The ROI of social media is thatyou will still exist in 3 years.”
Stat from socialnomics.net
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social media has ruined your business
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and can build you a new one
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Thanks!
Rick Jessup
[email protected]@RickJessup
www.rickjessup.comwww.58ninety.com
Thanks to for the invite!
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why listen to Rick?
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who is this guy
• Online in 1990
• Web design in 1995
• Blogging in 1996
• Speaking on digital in 1997
• Over 20 years of web experience
• Over 15 years managing strategy