Entrepreneurial Marketing and Personal Branding

Entrepreneurial Digital Marketing ENTR6034 Lisa Harris 7 th January 2010

Topics to cover
Video – Did you know?
Online marketing trends overview
Exercise 1
Punch Above Your Weight
Personal branding
WAYN online community case study
Exercise 2

Trends Overview

How many of these activities are you developing…?

“ Change we can believe in ”
$28m average raised per month in online donations during 2008
92m views of display ads per month
2.2m site visitors per month
9.8m video views on YouTube
5,455,665 supporters of the Obama Facebook Group
285,467 followers on Twitter

Internet technology has changed the world
Years it took to reach an audience of 50 million:
US Dept Commerce Radio 50 years TV 13 years Internet 4 years iPod 3 years 2 years 2 years 1 in 8 marriages in US now as a result of online dating.

Internet usage European average source: EIAA 2009 Time spent online per week Hours 12 Hours 8.8 Hours Proportion of heavy users (16+ hours per week) Percent 28% 17% Weekend use Percent 51% 39% +36% growth +65% growth +31% growth

Digital marketing isn’t just the Internet Microprocessors are going into many different devices ...and 3 screens are now becoming mainstream... When I want it and Where I want it.

Touch screen mobiles are becoming popular ...and so will Internet video on mobile devices...
Its not so much the iPhone but the large touch screen that has produced the first
usable Internet
browsing mobile
device...
...and 3G “all you can eat” connections. UK phone networks forecast that half of UK will have large screen Internet mobile phones within four years.

Digital is different...it’s interactive ... Product, Content, Advertiser & Consumer Broadcast Interactive Single platform Multiple media platforms Publisher timetable My timetable Passive Engaged Mass Targeted Interrupt Relevant Advertiser control Consumer control 30 seconds Extended time Digital interaction is changing marketing from a top down process into a bottom up process. Currently UK Marketing spend through digital channels is 25% of total Marketing budget. source: eConsultancy 2009 In the next two years 50% of spend is digital: GM will dedicate half of its $3 billion budget to digital and one-to-one marketing in the next two years...

Consumers are way ahead of businesses… John “ ...I have ordered stuff from America just to save £2."

The Internet has changed purchase behaviour
Google’s UK ad revenue was £1.9 billion in 2008 – ITV’s TV ad revenue was £1.5 billion
Google has the highest awareness of any brand in the world (Nielsen 2009) – without any advertising
3.9 billion Internet searches in the UK in a month (ComScore June 2008)
1999 Google.co.uk 2009 Google.co.uk

Online Retail Trend Choice... “ ...the activity and processes for creating, communicating and delivering offerings that have value for customers...” High Street store typically stocks 800 lines Good Online Retailer in 2009 typically stocks 18,000 lines Good Online Retailer in 2010 will stock 30,000 lines

Online Retail Trend Returns are a differentiator..

Trends in marketing spend 2008 -9

Online advertising spend overtakes TV (October 2009)
Spending on online advertising grew 4.6% in the first half of 2009 compared with the same period last year to reach £1.75bn, driven largely by search engine advertising.
By contrast, overall advertising spending fell 16.6 % As a result, online’s share of the total grew from 18.7% in the first half of last year to 23.5%, ahead of TV’s 21.9%
Recession has accelerated this trend

EMC Community

Growing influence of WOM Source: Rubicon Consulting, Sept 2008

Google adds social networks to search
The experimental Google Social Search service adds opinions from friends and others to information provided on products and services
"We came up with a way to have social networks influence your search results. If you're signed into Social Search, you get content from your friends.”
Google also disclosed that it had inked a real time search deal with Twitter.
“ Social Search can mine your own circle of contacts for information, whether it's for recommendations on a handyman or a pointer to a company that's hiring. It will also encourage people to expand their networks, since more friends and a wider range of friends mean more useful information."
Google Social search is a good example of networks becoming more valuable as they get larger.
Users will be able to fill out a Google Profile, which links to friends on Facebook, LinkedIn, MySpace and other social networks.
Opt-in basis to mitigate privacy concerns

Opportunity or threat?
Allow interaction and engagement between business and customers
Allow customers to engage with each other
Customers now more likely to take recommendations from a stranger than one directly from the supplier
Companies can no longer control the content of their message, but can influence the dialogue to some extent

Exercise 1
http://www.youtube.com/watch?v=-hxX_Q5CnaA (Jeff Bezos)
http://www.ustream.tv/recorded/2832830 (Tony Hsieh)
Why do you think these entrepreneurs have been so successsful?

Punch Above Your Weight

The ‘Punch Above Your Weight’ Research Project
We are studying how small firms are maximising their marketing effectiveness with Web 2.0 tools
Builds upon the 2006 ‘Abandoned Heroes’ project involving 400 SMEs in London and South East
30 follow up F2F interviews in took place in 2007
Project output to date is 3 academic papers, a CPD training course and e-book
Our current phase of the project (2008/9) is examining
12 detailed case studies of SME “collaborative gangs”
Online and offline networking styles in SMEs

Entrepreneurial marketing: the reality
It’s about generating leads
You need a strong story that connects you to your customers
You have only so much time available for sales and marketing – 12 hours per week on average
But it can’t be too expensive and take up too much time
Use the Internet to generate ‘warm leads’. If you’re clever you can get a significant boost in enquiries

Average marketing activity in SMEs is 12 hours per week
Our current research tells us that:
25% do more than 8 hours a week online
In that time you can write one blog article and keep an active presence on a social network
Conventional face to face activity with a bit of PR and Adwords spend seems to be the norm
But here are some examples of what some more adventurous souls have done…

Really Simple Syndication (RSS)
‘ A way to format regularly changing content, enabling it to be shared with individuals and other Web sites'.
A cheap and easy way of delivering relevant content (such as blogs) to the desktop of customers, prospects, suppliers or employees who have set up the link (“pull” not “push”)
Enables expertise in diverse locations around the web to be integrated and showcased

RSS (really simple syndication)
Allows you to pull the latest content from specific sources as it is created
http://www.google.co.uk/ig
http://uk.youtube.com/watch?v=0klgLsSxGsU
Allows you to keep up to date with content as related to dissertations, projects, etc

English Cut Thanks to his blog, London Tailor Thomas Mahon is one of the most well publicised tailors in Savile Row. The blog is full of talk about how suits are made and marketed. Mahon is offering his wisdom on his industry and publicly talks about the secrets of his trade.

Ellis Pratt – CherryLeaf
Technical communication company based in Brighton, Heathrow and Thame
Expertise in single sourcing (reusing content) and online Help.
www.cherryleaf.com/blog.htm
www.twitter.com/ellispratt (450 followers)
Over 500 connections on LinkedIn

LinkedIn
30 million members worldwide
How does it work? http://www.youtube.com/watch?v=IzT3JVUGUzM
Recent addition of partner applications such as Slideshare and Wordpress add significant value, see www.linkedin.com/in/lisajaneharris
http://grads.linkedin.com/ (see video)

LinkedIn
Recent timely increase in functionality through partnerships with companies offering Web 2.0 based services:
Work collaboratively by sharing files with your network through private workspaces offered by the Huddle application
Share information and keep up to date with your network – for example what you are reading through the Amazon application and where you are travelling through TripIt.
the Google Docs application allows presentations to be embedded on a profile
SlideShare allows sharing and commenting on presentations within a network
WordPress allows a blog to be showcased.
Company Buzz allows conversations about a prospective employer to be monitored.
By actively updating a LinkedIn profile, the likelihood that people will see that profile displayed when they are searching for someone to hire is increased (Google Juice)
In order to progress job applications to interview stage, a ‘complete’ LinkedIn profile is now a prerequisite for many recruiters. A ‘complete’ profile displays a minimum of three testimonials from past employers, full details of the person’s employment, affiliations and educational background.
Our interviewee Ellis Pratt runs a business specialising in technical authoring. He has over 500 LinkedIn connections and 42 public referrals from satisfied customers and business partners.
Job applicants who are active on LinkedIn can also use the testimonial system to check out their prospective line manager

Personal Branding

What is personal branding?
According to Olins (2003), a brand is “ a symbolic embodiment of all the information connected to a company, product or service ”.
Chris Brogan ( www.chrisbrogan.com ) notes that a strong personal brand is a mix of reputation, trust, attention, and execution:
“ A personal brand gives you the ability to stand out in a sea of similar products. In essence, you’re marketing yourself as something different than the rest of the pack.”

Personal Branding: Rationale
Finding a job and managing career progression increasingly involves understanding how today’s networks work and how to deploy them effectively, both online and offline.
Building and maintaining a personal brand in this way is becoming a critical activity for a prospective employee or entrepreneur
It is essential to make sure that the nature of the information an individual displays online is going to encourage rather than discourage a potential employer

Change, change, change
The nature and content of many jobs is also fundamentally changing
new cultures, mindsets and skills required
In 2008, Business Week voted the accounting firm Deloitte as the best company in the USA with which to launch a career:
Recognise that the need for change is not just about facilitating social networking.
‘ reverse mentoring‘ uses younger employees to advise and coach their older colleagues in new styles of communication and collaboration
helps to break down the traditional hierarchical barriers between the generations at work.

Personal Branding 101
Dan Schawbel is a 26 year old who has carved out his niche as a personal branding expert. Read his introductory guide here: http://mashable.com/2009/02/05/personal-branding-101/
To receive regular updates, you may wish to join him on Facebook, Twitter or another of his many networks.
http://www.youtube.com/watch?v=9qqZbU8rc6A
http://unstrappd.com/2009/12/29/top-young-entreprener-blogs-2009/

How can you stand out from the crowd?
The CBI and Universities UK have recently published a report on graduate employability called 'Future Fit' .
The survey of 581 employers identified entrepreneurship and enterprise as being particularly important attributes that they looked for in their prospective employees. The report defines these skills as: "An ability to demonstrate an innovative approach, creativity, collaboration and risk taking. An individual with these attributes can make a huge difference to any business.”
78% of employers responding to the Future Fit survey cited an entrepreneurial mindset as important, and 72% said a "positive attitude" mattered. The University attended was given consideration by just 8% of employers, and a graduate's degree results by just 28%.

Twitter: Examples
@courosa
@tuesdaytweetup
@mpntod
@ruskin147
There are also some useful Twitter guides which can be linked from: http://www.twitip.com/personal-brand-how-to-build-yours-in-twitter/

Rapid Growth
High profile real time coverage of major events, eg Mumbai attacks, Hudson river plane crash, #uksnow
Celebrity endorsement (@wossy, @stephenfry, @barackobama…)
User controls who and how many people to follow
Now 4th most popular social network in UK, and 21 st in full website list (Hitwise)
Recent F2F ‘Twestivals’ in major world cities raised over $1M for charity

Exponential growth…

Personal Branding with Twitter
Provide feedback . Become known as a reliable and informative source of help to your network
Get Feedback . Ask for advice and you’ll receive ‘collective intelligence’ from your network
Direct traffic . Include links in a tweet to direct traffic to your blog or to the recommended posts of others.
Read News . subscribe to feeds for specific websites/conferences, or from content providers such as the BBC.
Make New Friends . Twitter allows you to befriend and track the messages of other users.
Network for benefits . Interact with other like-minded people, or experts in your field. Develop relationships for future mutual benefits such as testimonials or peer recommendations.
Find Prospects. Twitter can be used as a means to find potential customers or clients online. Do a search for keywords related to your product on Twitter Search and then follow users.
Provide Live coverage . For example to provide real time coverage of conference keynotes
Set Up Meetings . An informal and casual way of arranging adhoc meetings.

‘ Givers gain’
Ask not what the community can do for you, but what you can do for the community…
The best long term way to build brand influence is to be seen as a ‘giver’ of good quality practical information and advice.
An authentic personal brand therefore delivers both a track record and a promise of the ongoing delivery of value.
How exactly will *you* deliver value??

Gary Vaynerchuk
Gary’s Internet celebrity can be attributed to his pioneering, multi-faceted approach to personal branding and business building.
Over 6 years, Gary and his father Sasha rebranded the family business as Wine Library and transformed it from a local store doing $4 million in annual sales to a $50 million national industry leader.
In 2006, Gary launched Wine Library TV (WLTV), a free daily video blog in which Gary tastes and reviews wines in a creative way.
In 2008, Gary became increasingly known throughout the Web 2.0 community through F2F conference speeches and his hyperactive online networking.
Gary’s rationale is that with the proper utilisation of social media, brand building is simply a matter of passion, effort, and time.

Wine Library TV

More stuff about Gary…
http://www.nytimes.com/2009/03/12/business/smallbusiness/12social.ready.html?_r=2
http://www.howtomakemyblog.com/blogging/how-gary-vaynerchuk-built-a-multi-million-dollar-empire-around-a-video-blog/
http://garyvaynerchuk.com/2008/07/01/the-personal-brand-gold-rush-is-going-on-where-are-you/

Erik Qualmann
http://socialnomics.net/2009/11/12/social-media-roi-examples-video/
The comments on the Socialnomics blogpost which includes the above video are very revealing. The author, Erik Qualmann, produced an earlier video which had many inaccuracies and he was heavily criticised. He has therefore changed his approach and the new video is excellent. One of the biggest critics has commented on this blog post stating that he has now been converted to a supporter because his feedback was responded to in a positive manner.

Personal branding challenges
Ongoing time and effort is required to develop and maintain online profiles, learn new tools and ascertain when best to integrate them into the mix.
F2F brand building elements should not be forgotten – Harris and Rae (2009) show that it is not a zero sum game, because good online networkers also tend to be effective communicators offline.
As with most things in life, you get out what you put in, and persistence pays off.
It is critical to be authentic. If personal branding is developed at only a superficial level, for example by basing it simply on ego, spin or piggybacking off the work of others, then it will not be enduring.

Online communities
Social networks (Facebook, MySpace)
Business networks (LinkedIn, Ecademy)
Macro communities (Get Satisfaction)
Industry level communities (CIM)
Company-specific communities (Dell, Amazon)
See our article on Blackboard for background information: “ Communication, collaboration and aggregation: how online communities are transforming marketing strategy for entrepreneurial small businesses” published in Journal of Business Strategy

The 1:9:90 rule
1% are content CREATORS (aka make a lot of noise)
9% will COMMENT (aka make some noise)
90% will CONSUME (aka say nothing, but presumably still obtain value)

What is WAYN? >> The largest travel and lifestyle social networking community in the world with over 13 million members >> Community based website where users can log their trips, see who’s where and make new friends >> A forum to interact, share experiences, keep track of friends and meet people from around the world >> A platform that combines social interaction and user generated content with location based services ©2002-2007 Where Are You Now? Limited. All Rights Reserved

>> Customize profile >> Interact with friends >> Log trip information >> Chat to members online >> Upload and share photos >> Advanced search tools >> Create custom blog >> Search / book travel deals >> Add / review towns & places >> View trips on map & plan routes >> Much more… What is WAYN? ©2002-2007 Where Are You Now? Limited. All Rights Reserved

The story so far… ©2002-2006 Where Are You Now? Limited. All Rights Reserved
Sep ‘02 – Jan ‘03
Incorporated
company and
developed WAYN
Concept
Feb 2003
Secured initial
investment from
Steve Pankhurst
May 2003
WAYN website
launch
May ‘04
Began marketing
WAYN on Google
Jun ‘04
Secured further
investment from
Steve Pankhurst
Oct ‘04
Reached over
2 million page
impressions per
month
Dec ‘04
Realised Google
campaign was
unsustainable and
stopped campaign
Mar ‘05
Launched new
version of WAYN
with contact upload
facility
WAYN had 45,000 members
Jul ‘05
WAYN reaches 1 million
members, over 12m UK
impressions and over
10k registrations per
day
May ‘03 – May ‘04
Developed
WAYN proposition
Nov ‘05
Reached 2 million
members, 50m
page impressions,
3m uniques and
Dec ’05 – Jan ‘06
WAYN hardware reaches
capacity and further
investment required.
Temporary slow-down in
advertising campaigns
Nov ‘06
Secured $11M
Series A funding
from Esprit, Brent
Hoberman & other
leading advisers
Jun 2007
8M Members
100M Page
Impressions

Travel 2.0 - the new wave of social networking & the opportunities ahead >> This is how we moved from a traditional “Web 1.0” model to a more proactive / “Web 2.0” model… Information Wave Distribution & Communication Wave The Social Networking Wave Search Read Buy Trade Talk Publish 1994 1998 2000 2003 2006 Users 77M 400M 500M 1000M WEB 1.0 WEB 2.0 Source: Travolution / ABTA Travel Conference 2006 ©2002-2007 Where Are You Now? Limited. All Rights Reserved

Travel 2.0 - the new wave of social networking & the opportunities ahead REUNION COMMUNITIES SOCIAL NETWORKING ‘ EARLY ADOPTERS’ SOCIAL NETWORKING ‘ NEW GENERATION’ TRADITIONAL TRAVEL BOOKING PLAYERS TRAVEL CONTENT ‘ EARLY ADOPTERS TRAVEL COMMUNITIES ‘ NEW GENERATION’ >> We are now observing similar trends from the generalist players to industry specialists ©2002-2007 Where Are You Now? Limited. All Rights Reserved

Exercise 2
http://www.youtube.com/watch?v=MRydkeZm9kI&feature=related (short interview with Peter discussing WAYN’s upgrade in 2009)
Based on today’s session, note some key points that you consider important for the WAYN assignment and be prepared to share them with the group

Summary
Online marketing appears to be less affected by recession than traditional marketing, and may even benefit from reduced marketing budgets and the consequent switching that occurs
Trend is towards interaction and engagement between business and customers, facilitated by web 2.0 tools.
This also allows customers to engage with and learn from each other
Companies can no longer control the content of their message, but can influence the dialogue to some extent
Growth of RSS facilitates ‘pull’ rather than ‘push’

Background Reading
Bhargava, R. (2008) Personality not included: why companies lose their authenticity and how great brands get it back, McGraw-Hill Professional, New York
Li, C. and Bernhoff, J. (2008) Groundswell: winning in a world transformed by social technologies, Harvard Business, Boston.
Schawbel, D. Personal Branding Blog, http://personalbrandingblog.wordpress.com
Schawbel, D. (2009) “Me 2.0: Build a Powerful Brand to Achieve Career Success”
Qualmann, E. (2009) “Socialnomics: How social media transforms our lives and the way we do business” Wiley Publishing

Thank you!
You are welcome to follow me on any of my social media sites:
www.lisaharrismarketing.com
www.delicious.com/lisaharris1
www.twitter.com/lisaharris
www.linkedin.com/in/lisajaneharris
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Entrepreneurial Marketing and Personal Branding

by lisa harris on Dec 29, 2009

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