Small Business Connections: Marketing Meets Microfinancing-NYC

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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 …

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 100 business owners in New York on August 23rd, to the New York Stock Exchange at 11 Wall Street.

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  • 1. FRAMING THE ISSUE In the US, small firms represent 99.7 percent of all employer firms SOURCE: SBA.GOV/ADVOCACY
  • 2. Small businesses employ 57% of the country’s private workforce SOURCE: UNITED STATES SMALL BUSINESS ASSOCIATION OFFICE OF ADVOCACY
  • 3. Small businesses create 13x more patents per employee than large patenting companiesSOURCE: UNITED STATES SMALL BUSINESS ASSOCIATION OFFICE OF ADVOCACY
  • 4. BUT... “ Real job creation doesn’t kick in until those small businesses survive and grow into larger operations.” JARED BERNSTEIN New York Times, October 23, 2011
  • 5. NYSE — CENTER OF COLLABORATION Issuer Small Business/ Companies Start Up Community
  • 6. “ 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
  • 7. Small Business Connections:Social Media & the World ofOnline Reviews
  • 8. Darnell HollowayManager of Business Outreach@darnelljustin#NYSEBigStartUp 10
  • 9. The Social Media Landscape • 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? Page 11
  • 10. Now more than ever, consumers rely on online reviews 85% of Consumers Use The Internet to Find Local Businesses Source: Search Engine Land Local Consumer Review Survey (2012)
  • 11. LinkedIn isB2B SocialNetworking 13
  • 12. Marketing Your Professional Skills Page 14
  • 13. Connecting With Other Professionals Page 15
  • 14. A Few Success Stories Page 16
  • 15. Twitter isMicroBlogging 17
  • 16. The Sprinkles Example Page 18
  • 17. Aggregate Your Information Page 19
  • 18. FacebookEmphasizesSocialConnections 20
  • 19. Create a Facebook Page for Your Business Page 21
  • 20. Food Porn Page 22
  • 21. Demographic Information Page 23
  • 22. Yelp isTransactionalSocial Media 24
  • 23. Yelp by the Numbers $86 4
  • 24. Yelp Mobile•  Yelp mobile app is used on 7.2 million •  Every second, a consumer generatedunique mobile devices (Q2 2012) directions to or called a business from a•  Approximately 40% of all searches on Yelp app. • A photo was uploaded at least every 30Yelp come from our mobile apps. seconds from the Yelp app. $86 4
  • 25. Consumers on Yelp are Affluent, Educated Adults
  • 26. Unlock YourFree Tools 28
  • 27. Page 29 Log in here Claim your page here
  • 28. Understanding Yelp Metrics & Free Tools
  • 29. Improve your business page. That’s FREE.
  • 30. Connect With Your Customers. It’s FREE too! Page 32
  • 31. Myth: MostYelp Reviewsare Negative 33
  • 32. 80% of Yelp Reviews are Three Stars or Higher Page 34 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
  • 33. Quality Control: Why Some Reviews Come Down Page 35 All businesses are equal in this regard. (Advertisers & non-advertisers treated equally; filtered reviews viewable.)
  • 34. Keeping Our Content Useful For Consumers “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.” Page 36
  • 35. EngageDiplomatically 37
  • 36. Don’t: Freak Out Page 38
  • 37. Case Studies in Freaking Out Page 39
  • 38. The Right Way To Do It Page 40
  • 39. We Offer Paid Upgrades As Well Video Player and Photo Slideshow Removal of Competitor’s Ads
  • 40. Search Advertising Page 42
  • 41. Summary Page 431.  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 ( Your businesspage will look better, and this can drive new customers.
  • 42. THANK YOU §  Q&A §  Biz.Yelp.Com § 44
  • 44. WHO IS ACCION? 46
  • 46. MORE THAN A LOAN§  One-on-one: We provide coaching throughout the loan process on credit, cash flow and record keeping§  Events: Free webinars and monthly newsletters with useful tips and frequent coaching events§  Partnerships: We team up with other organizations to leverage resources and maximize strengths 48
  • 47. OVERVIEW OF CREDIT CONTINUUM Equity and Investments Bank SBA Loans ACCION MICROLOANS Credit Cards Friends & Family Crowdfunding Personal Savings *Credit cards, Microloans and Bank Loans build a credit history. 49
  • 48. IS MY BUSINESS READY FORDEBT FINANCING? •  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? 50
  • 49. WHAT ABOUT MARKETING?•  Update your website, packaging, or marketing materials?•  Attend a trade shows, host an event?•  What else? 51
  • 50. BUILD A BRAND§  With a $5,000 microloan, Erica and Jesse of Brooklyn Taco implemented a new unique look and feel for their taco business 52
  • 52. Kelvin Natural Slush Co.
  • 53. BACKGROUND•  Alex & Zack met on the first day of work at a large NYC law firm in 2006•  Both grew up drinking Slurpees•  But it turns out … you can’t drink Slurpees as an adult in a law office! 55
  • 54. THE INSPIRATION•  This was the inspiration for Kelvin Natural Slush Co.•  Redefine the convenience store slush with a premium all natural slush in sophisticated flavors•  Create a new category of frozen beverages•  Launched as a food truck in NYC in 2010 as “proof of concept” 56
  • 55. A KELVIN SLUSHStep 1: Choose your slush flavor: tea, citrus or gingerStep 2: Choose your “mix-in” (e.g. real fruit purées, fresh chopped mint & basil) 57
  • 56. IN THE MEDIA 58
  • 57. KELVIN NATURAL SLUSH CO.Like “nothing you’ve ever slurped before”, this “friendly” truck’s“addictive” “grown-up” slush drinks “cool you down” with “innovative”combos that blend “perfectly frozen” base flavors (ginger, citrus or tea)with “wonderful” fruit purées and other “refreshing” mix-ins; you’ll “wish itwere summer every day.”--Zagat 2012 (Food Rating: 25 out of 30)To properly cool off, I needed something purer. I needed ice. So I calledthe Slush Phone, the 24-hour number for the Kelvin Natural SlushCompany, whose grown-up Icees are made with filtered water, cane sugarand fresh fruit purées. I was revived by a brew of spicy ginger stirred withwhite peach and a handful of fresh mint, although I couldn’t help thinkinghow great it would taste with bourbon.--The New York Times(New York’s New Frozen Treats – 7/9/11) 59
  • 58. VENDY AWARD WINNER•  2010 Vendy Award Best Dessert Winner •  NYC’s annual competition for the title of Best Street Food Vendor – called “the Oscars of food for the real New York” by Chef Mario BataliThe line for the Kelvin slush truck at the 2010 Vendy Awards 60
  • 59. ACCOLADES•  Zagat: 25 food rating (out of 30)•  Yelp: 4.0 Star rating•  QSR Magazine: America’s Top 20 Food Trucks•  NY Post: NYC’s Best Icy Desserts•  CBS New York: New York’s Best Food Trucks•  Midtown Lunch: Most Popular Dessert Truck 2010 (Editor’s Choice)•  Serious Eats: Favorite New-School Food Truck 2010 (Nominee)• America’s Top 15 Street Food Vendors• Best NYC Food Truck (Readers Choice Awards 2012)•  Thrillist: Favorite 5 Food Trucks (NYC)•  Brooklyn Magazine: 10 Best Frozen Desserts in Brooklyn•  Zagat: New York’s 8 Best Food Trucks 61
  • 60. BUSINESS MODEL•  Retail •  Original business model – single product quick service retail (QSR) concept like: •  Jamba Juice, Pinkberry, Rita’s Ice, Cold Stone But it turns out our slush tastes great with booze …•  Wholesale •  Recent “pivot” to include wholesale business model •  Partner with select restaurants and bars to create Kelvin branded “frozen cocktails” •  Try to redefine traditional generic frozen margaritas to create a premium branded product in a new category •  In discussions with national grocery store chain and several stadium concession operators 62
  • 61. ACCION•  Introduced to Accion through NYS Small Business Development Center at Baruch College•  Simple and well organized loan application and underwriting process•  Provided $30,000 loan to finance construction of new cart•  For Kelvin, we believe using debt to finance capital equipment to grow is attractive 63
  • 62. SOCIAL MEDIA•  Yelp •  4.0 stars (121 reviews) •  8,413 views in past 24 months•  Twitter •  6,288 followers•  Facebook •  1,337 likes•  YouTube •  2,503 video views 64
  • 63. QUESTIONSFeel free to contact 65
  • 65. BECOME ACCION LOAN-READY§  Get smart about marketing your business!§  Decide how a loan will help your business grow-specific purposes§  Know your credit score and keep improving it§  Meet one-on-one with an Accion Loan Consultant 67
  • 66. THANK YOU Please contact us: Every$1M §  Erica Dorn invested creates §  646-833-4533 another 1,000 jobs § §  Rachel Greenwald §  646-833-4551 § 68