Social Media Has Ruined Your Business

Social Media Has Ruined Your Business May 12, 2010 Courtesy of

they say you need to be on social media

but why ?

to build a farm for your company? Image from techieglue.com

or to be compared to an onion ring?

and facebook’s just the beginning Tumblr Wakoopa Yelp YouTube Vimeo foursquare Flickr Google Buzz Bebo Blip.fm Twitter Last.fm LinkedIn MyBlogLog Myspace Delicious Digg FriendFeed Flixter iLike

it’s a lot of effort just to be “Liked”

and ads reach more people than status updates

so why bother ?

because the times, they are a-changin’ Image from The Selvedge Yard

the old rules no longer apply

Generation Y now outnumbers baby boomers 96% of those under 30 are on social networks Stat from Forrester

we no longer find the news, the news finds us 24 of the 25 largest newspapers have declining circulation Stat from socialnomics.net

90% of shoppers seek opinions online first 78% trust recommendations; 14% trust ads Stat from socialnomics.net

70% trust recommendations of people they don’t know one online conversation = the impact of 200 tv ads Stats from Nielsen, BuzzAgent

97% of consumers use online media to shop locally 58% report using an online coupon in their local area Stats from BIA/Kelsey Group

one customer? one influencer? what’s more valuable to you?

People on Facebook 400,000,000 Stat from Facebook

Active Users That Login Daily 50% Stat from Facebook

Average Friends per User 130 Stat from Facebook

Average Clickthrough Rate on Banner Ads 0.2%

Average Clickthrough Rate on Wall Posts 6.5%

More Likely to Buy After Becoming a Fan 51% Stat from Chadwick Martin Bailey

More Likely to Recommend After Becoming a Fan 60% Stat from Chadwick Martin Bailey

Stat from Facebook

People on Twitter 75,000,000 Stat from themetricsystem.rjmetrics.com

More Likely to Buy After Following 67% Stat from Chadwick Martin Bailey

More Likely to Recommend After Following 79% Stat from Chadwick Martin Bailey

Stat from Facebook

People on LinkedIn 65,000,000 Stat from LinkedIn

Fortune 500 Companies with Executives on LI 100% Stat from LinkedIn

People on YouTube 120,000,000 Stat from YouTube

Internet Bandwith That Goes to YouTube 10% Stat from AllFacebook

YouTube Traffic that Arrives Directly 54% Stat from YouTube

People on foursquare 1,000,000 Stat from foursquare

Number of Checkins 40,000,000 Stat from foursquare

Number of Checkins Five Weeks Ago 22,000,000 Stat from foursquare

getting set up

set up google alerts

set up google analytics

get profiles on relevant networks

claim your business

start tracking your reputation

the top 10 things to know before you start Stat from Forrester

1. Have a Purpose have goals behind your strategy and work to achieve them

2. Be Authentic nobody cares about your pitch, they care about communication

3. Be Transparent be honest, be open and tell the truth

4. Understand and Allow Community if given the opportunity your community will monitor itself

5. Always Offer Value your customer doesn’t owe you anything

6. Dollars and Time Aren’t Free like all advertising you get what you put into it

7. Challenge Yourself jump in; only you or your competitor can be first

8. Steal From Your Customers sometimes they have the best ideas, use them as a focus group

9. Online Isn’t an Island treat social as an outpost; an extension of offline efforts

10. Track Results set yourself up for success and track your ROI

socially engaged companies are more successful 12-month revenue growth, wallflowers: -10% 12-month revenue growth, mavens: 18% Stat from Altimiter ENGAGEMENTdb

“ The ROI of social media is that you will still exist in 3 years .” Stat from socialnomics.net

social media has ruined your business

and can build you a new one

Thanks! Rick Jessup [email_address] 416.727.4017 @RickJessup www.rickjessup.com www.58ninety.com Thanks to for the invite!

why listen to Rick?

who is this guy
Online in 1990
Web design in 1995
Blogging in 1996
Speaking on digital in 1997
Over 20 years of web experience
Over 15 years managing strategy

Social Media Has Ruined Your Business

by Rick Jessup on May 17, 2010

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Social Media Has Ruined Your Business — Presentation Transcript