Social Media for Entrepreneurs

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A Presentation by Raj S. Murthy and John Angelis at the RIT Entrepreneurs Conference on 19th October 2012. Key strategies for using Social Media in an Entrepreneurial Context.

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Social Media for Entrepreneurs

  1. 1. Social Media for Entrepreneurs 19th October 2012Raj S. Murthy Ph.D John N. Angelis Ph.DAssistant Professor of Marketing Assistant Professor of Decision SciencesSaunders College of Business Saunders College of BusinessRochester Institute of Technology Rochester Institute of Technology
  2. 2. What do you want from Social Media?• Visits?• Customers?• Lead Users?• Advocates?• Sales?• Community?• Tastemakers?• Legitimacy?• Feedback?
  3. 3. Social Media Functions
  4. 4. Discuss @heyshugas • What do you like and dislike? • How, if at all, would you reward positive mentions of your product? • How, if at all, would you interact with negative mentions of your product?
  5. 5. The 5 Types of Social Media Strategies
  6. 6. Creating Media Spectacles - Justin.tv
  7. 7. Is There No Such Thing as Bad Publicity? Digsby
  8. 8. Creating an Ecosystem for New Industry• Create your own “Big Bang” via social media (WSJ: Goldstein 2004) to trigger mass adoption• Court a King• Advocate an Ecosystem of Similar Companies• Create co-operation among competitors
  9. 9. Social Media – Gaining Legitimacy
  10. 10. Join a Network or Build your own Community
  11. 11. Social Media is more than just Selling
  12. 12. Take Bacon, Add Sausage, Blog
  13. 13. Exercising your Network Raj Murthy Ph.D. 2012 © www.rajmurthy.com
  14. 14. Tweetin’ Trucks
  15. 15. Social Media is more than just Selling
  16. 16. MassDrop - innovation
  17. 17. Orabrush – Aggregating Customers
  18. 18. Measure Everything
  19. 19. Need to Create Visual, Shareable Content• Experiential Goods – Pinterest – Instagram – Tumblr• Has your product been reviewed? – Expotv.com vs. Yelp• Visual revolution in social media
  20. 20. Social and Search
  21. 21. Social and Search• Social is the discovery stage prior to Interest, it precedes “awareness”• Content leads the way, always.• Content comes in different forms• Social helps in search – Content visibility – Brand visibility – Authority – Even Community
  22. 22. Social and Content
  23. 23. Test Everything and Then Test Everything• 72% overall increase in conversion after 1000 trials• Changing button text from “Signup for Free” to “Get Started Now”• Changing the button color from green to red http://dmix.ca/2010/05/how-we-increased-our-conversion-rate-by-72/
  24. 24. Avoid Tech Traps• Automated emails• Responding to all mentions• Overly specific pitches that rely on personal information• Stalking• Removing or hiding negative interactions• Automating the release or scheduling your posts without oversight• Ctrl C and Ctrl V
  25. 25. Classic Social Media Errors• Not synching publicity and content • Color photo-sharing app, Google Plus• Confusing business with personal life • Lack of value, or unneeded controversy• Building too many micro-relationships • Should entrepreneurs respond to each incoming Tweet?• Highly customized service offering and providers • Lifestyle brand• Verifiable high Q-rating
  26. 26. The Future of Social Media and Entrepreneurs  Self-Produced and Network-Produced Reality TV Shows (Beyond Shark Tank)  Organic Self-Organized Communities (Word-of-Mouth)  Backlash against traditional methods of social media (Innovation needed to stand out)  Emphasis on selectivity and exclusivity (Quora)  Micro Networks  Mashups using location based services  More visual based and a move to video as technology catches up
  27. 27. QUESTIONSJohn N. Angelis Ph.D Raj S. Murthy Ph.DAssistant Professor of Decision Sciences Assistant Professor of MarketingSaunders College of Business Saunders College of BusinessRochester Institute of Technology Rochester Institute of Technology @johnangelis @rajsmurthyhttp://blogs.scb.rit.edu/jangelis http://www.rajmurthy.com

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