Entrepreneurs & Social Media

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Thoughts from Entrepreneurs who use social media for their small business.

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  • Source: Erik Qualman YouTube - http://www.youtube.com/watch?v=TXD-Uqx6_Wk&feature=youtu.be
    Video posted: November 7, 2012
  • Entrepreneurs & Social Media

    1. 1. Entrepreneurs & Social Media Thoughts from Entrepreneurs Who Use Social Media for their Businesses Ziggy Chau Communications Management Master’s Program PRL 600 – Social Media August 2013 Syracuse University FOR EDUCATIONAL USE ONLY
    2. 2. Entrepreneurs & Social Media • Background • Literature Review • Entrepreneur Interviews • Challenges of Entrepreneurs • Key Takeaways
    3. 3. Background • What is Social Media? Source: Erick Qualman YouTube
    4. 4. Background (cont.) • What is an entrepreneur? An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. An entrepreneur: Sees an opportunity. Makes a plan. Starts the business. Manages the business. Receives the profits Source: SBA.gov
    5. 5. Literature Review Social media is defined as “a group of Internet- based applications that builds on the ideological and technological foundations of Web 2.0, which allows the creation and exchange of user- generated content.” Kaplan & Haenlein, 2010
    6. 6. Grunig’s Two-Way Symmetrical Model of Public Relations Purpose: Mutual Understanding Nature of Communication: Two-way; balanced effects Nature of Research: Formative; evaluative of understanding Grunig’s Two-way symmetrical model of public relations facilitates communications and dialogue between the public and an organization. Source: L.A. Grunig et al., 2001, chap.8
    7. 7. Meet the Entrepreneurs Wilson Tang Owner of Nom Wah Tea Parlor, New York City www.nomwah.com @Nomwah @DimSumNYC www.facebook.com/nomwah Wilson Tang left his job in finance to take over Nom Wah, from his uncle. Nom Wah is Chinatown, NYC’s longest surviving place for dim sum that first opened its doors in 1920. “Social media is the least expensive and most effective marketing tool that lets people who already like us to learn more about us.”
    8. 8. Nom Wah & Facebook Nom Wah uses Facebook to update customers about restaurant happenings, share articles / photos and respond to customer feedback.
    9. 9. Meet the Entrepreneurs (cont.) Mauria Finley Founder & CEO of Citrus Lane www.citruslane.com @citruslane @MauriaFinley www.facebook.com/citruslanekids Earning her undergraduate and master’s degrees in computer science at Stanford, Mauria began her ecommerce career as a product manager during the early days of Netscape. Throughout her 15+ year career, she’s held leadership positions and handled major product and social media initiatives at leading technology companies all over Silicon Valley, including AOL, Good Technology, PayPal and eBay. She also served on the board of SayNow, a social voice start-up that was acquired by Google. “As long as your reasons for doing social media are related to your brand and mission, then it will come off as authentic. If you only think of social media as a marketing tool, you are missing an opportunity to connect with your customers.”
    10. 10. Citrus Lane & Facebook Citrus Lane uses Facebook to build their customer community of moms that help each other out. They also makes announcements of contests & product shipment dates as well as respond to customer inquires.
    11. 11. Citrus Lane & Twitter • Citrus Lane has 5,165 Twitter followers • Citrus Lane uses Twitter to further promote their brand and run contests such as #HungryBaby for customers to win prizes.
    12. 12. Meet the Entrepreneurs (cont.) Kesha Lambert Owner of Lash to Lens Photo Studios www.lashtolens.com @LashtoLens @imagesbykesha www.facebook.com/keshalambert Lawyer turned photographer. Utilized social media to promote photography business and is one of The Knot’s Best of 2013 photographers. Her work has been published in People Magazine and The New York Times. “Social media is a great way for entrepreneurs to generate new leads with little to no-cost”
    13. 13. Kesha Lambert Photography & Facebook Kesha Lambert Photography (KLP) uses Facebook to promote its services by sharing photos to engage customers and would-be clients for responses. Due to the visual nature of the business, the owner feels Facebook works best to get new clients and referrals. KLP also uses Facebook to run contests and respond to feedback from customers.
    14. 14. Challenges of Entrepreneurs What are the challenges that entrepreneurs face when using social media for their small businesses? • Resources (Time) • Resources (Money) • Resources (Staff)
    15. 15. Questions for the Entrepreneurs • Why do you incorporate social media into your overall business marketing strategy? • What kind of knowledge did you have about social media before applying its use for your business? What resources did you find most useful and easy to understand for your business? • Does your business have a person who is specifically responsible for managing and facilitating social media? What social media platforms and methods does your company utilize to connect with its consumers? • How has the social media strategy at your business changed in the past year? How about in the past 3 years? (Or since your business started.) • What social media platform(s) do you think are most effective in connecting with your company’s audiences? Why?
    16. 16. Key Takeaways • 1. Networking can help to create relationships with other businesses and increases brand exposure. By promoting another business or their product, they may reciprocate. Engaging in social media conversations with customers of your business may help increase your brand’s presence to their audience and has the potential to reach hundreds or thousands of potential customers from customers’ networks. • 2. Use social media to focus on relationships rather than sales. Engage your customers and focus on creating relationships with them. An entrepreneur can show interest in their business’ customers by commenting on feedback, posts or asking questions. Interacting with customers increases the business’s reach. Instead of self-promotion of business, asking for feedback is a great start to communicating and engaging with customers. Over promotion of one’s business is a turn-off on social networking sites. • 3. Business related content promotes interaction amongst social networking sites. Posting content that the audience will find interesting such as links to videos and pictures are more interactive than large amounts of texts. Interactive and multimedia contents encourage audience engagement. • 4. Social media tools are often free and is very time consuming for entrepreneurs to keep up due to limited resources and time. Entrepreneurs often learn by trial and error and by testing social media tools out. If the business is small enough, social media could be manageable. Often times, entrepreneurs lack resources and handle social media by themselves.
    17. 17. Questions? Ziggy Chau @ZiggyChau www.ziggychau.com Entrepreneurs & Social Media For Educational Use Only

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