let others work for you - how small businesses can grow with user generated content
DESCRIPTION
Many business experts agree one of the best ways to grow a business is with "OPM" (Other people's money). The idea is to reduce your risk and multiply the impact of your capital with loans from banks or resources from investors. The influx of capital helps accelerate the growth of a business. In a way, this same strategy can apply to your online marketing. To accelerate the expansion of your brand you need "OPC" (Other people's content). In marketing circles the technical term is user generated content (UGC).TRANSCRIPT
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LET OTHERS WORK FOR YOUUnlocking the Potential of User Generated Content
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REVIEWSWhat do other people think?
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We Trust UGC
•68% leisure travelers research online before they decided where or how to travel3
•85% consumers are more likely to open their wallets when online recommendations support offline advice4.
Source: 3: GoogleSource 4: Cone Inc
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Peers More than Pros
Source 1. : Lab42
• 85% smartphone social media users trust online reviews from diners more than pro food sites.1
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Underutilized
72% of marketers do not recognize and leverage
customer referral value
(Source:Loyalty360)
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Ask for the Review
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Respond to Feedback
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Reviews Drive Business• A one-star increase in Yelp rating
leads to a 5-9% increase in revenue. 2
Source 2. Harvard Business School
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SOURCE MATERIALIdeas, Answers and Opinions
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• Who needs writers when you have fans?
Crowd Sourcing
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Authenticity You Can’t Fake
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CONTESTS
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Make it Fun and Easy
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Make it Viral
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Promote Off Line
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Make it Relevant
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Let Others Tell Your Story
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EVENTS
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Give People Props
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Leverage Influencers
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Simple Success Tips
• Invite people to participate– Online and offline
• Make it easy– Tell people what you want
• Make it fun– Encourage unexpected activities
• Respond - Say thank you– Show people how you use their input
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