small business connections: marketing meets microfinancing-boston
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 40 business owners in Houston on August 22 at Bella Luna Restaurant 284 Amory Street Jamaica Plain MA 02130.TRANSCRIPT
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
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Darnell Holloway Manager of Business Outreach @darnelljustin #NYSEBIgStartUp
The Social Media Landscape
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• 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
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Connecting With Other Professionals
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A Few Success Stories
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Twitter is Micro Blogging
The Sprinkles Example
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Aggregate Your Information
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Facebook Emphasizes Social Connections
Create a Facebook Page for Your Business
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Food Porn
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Demographic Information
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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
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Biz.yelp.com
Claim your page here
Log in here
Understanding Yelp Metrics & Free Tools
Improve your business page. That’s FREE.
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Connect With Your Customers. It’s FREE too!
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Myth: Most Yelp Reviews are Negative
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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
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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
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“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.”
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Engage Diplomatically
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Don’t: Freak Out
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Case Studies in Freaking Out
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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
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WHO IS ACCION?
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ACCION IN BOSTON
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*Credit cards, Microloans and Bank Loans build a credit history.
Friends & Family Crowdfunding PersonalSavings Equity
Loan Shark Pawn Shops
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?
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HOW IS MARKETING INTEGRATED IN MY BUSINESS?
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§ Purchase or Improve Signage: Bob and Anita of Karl’s Sausage Kitchen and European Market in Saugus, MA used a $19,000 loan to purchase new signage
MARKETING LOAN PURPOSE
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KARL’S SAUSAGE KITCHEN ON YELP
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BECOME ACCION LOAN-READY
§ Meet one-on-one with an Accion Loan Consultant
§ Keep good end of month balances § Know your credit score and keep improving
it § Decide how a loan will help your business
grow-specific purposes? § Get smart about marketing your business-
get networked!
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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
§ Online: Free webinars and monthly newsletters with useful tips § Partnerships: We team up with other organizations to leverage
resources and maximize strengths
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Please contact us: § Rodrigo Cerveira § 617-666-7421 § [email protected]
THANK YOU
Every $1M invested creates
another 1,000 jobs