small business connections: marketing meets microfinancing-memphis
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 35 business owners at EmergeMemhpis in Memphis on October 9.TRANSCRIPT
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
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Yelp by the Numbers
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• 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
Claim your page here
Log in hereLog 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
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 AdsRemoval of Competitor’s Ads
Video Player and Photo SlideshowVideo Player and Photo Slideshow
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Search Advertising
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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.
BUSINESS GROWTH THROUGH MARKETING
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STEP 1: KNOW YOUR NUMBERS
It’s all about numbers and if you know your financials you know where you are:
STRONG and WEAK Do you have a strategy to
strengthen your financial position?
Here are a few ways to grow: Reduce costs and debt Increase sales Diversify
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STEP 2: UNDERSTAND THE 2 C’S
CUSTOMERS!
COMPETITION!
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Secured approach:
Rather than unsecured debt, Accion small business loans assist in building credit, have fixed rates with no penalties.
Proactive approach:
Business loans are leveraged with equity and owner’s capital to proactively tackle stagnation and growth.
STEP 3: DETERMINE FINANCIAL NEEDS
STEP 4: FIND SOLUTIONS
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The mission of Accion in theDelta is to providecredit and service to small businesses that do not have access to loans from commercial sources, and to provide leadership and service to the micro lending field on a national level.
HELPING LOCAL BUSINESSES
Aaron Dauner started his parts manufacturing business with a $10,400 loan.
HELPING LOCAL BUSINESSES
Fresh out of college,
Gavin O’Neill was able to purchase inventory for his first men’s vintage retail store, Hello Boys.
Loan: $4,195
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Daniel WatsonVision’s Enterprise LLC
WHAT ARE YOUR MARKETING STRATEGIES?
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Discuss!
OUR PRODUCTS
Microloans• $500 to $50,000
• 10.5 to 18% interest rate
Small Business Loans• $50,001 to $250,000
• SBA 7a
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OUR COMMITMENT
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• Over 24,000 small businesses served• Committed to startup and emerging
businesses• Started serving Tennessee in 2011.
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Our Contact Information
Nathanial Owen [email protected] Direct: 870.519.9171 Office: 888.215.2373
THANK YOU!