small business connections: marketing meets microfinancing workshop - tucson
DESCRIPTION
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 40 business owners in Tucson on June 12 at the City of Tucson Resource Campus (Sentinel Building in the Pantano and Santa Cruz rooms), 320 N Commerce Park Loop ,Tucson, AZ 85709.TRANSCRIPT
In the US, small firms represent 99.7 percent of all employer firms
SOURCE: SBA.GOV/ADVOCACY
FRAMING THE ISSUE
Small businesses employ 57% of the country’s private workforce
SOURCE: UNITED STATES SMALL BUSINESS ASSOCIATION OFFICE OF ADVOCACY
Small businesses create 13x more patents per employee than large patenting companies
SOURCE: UNITED STATES SMALL BUSINESS ASSOCIATION OFFICE OF ADVOCACY
Real job creation doesn’t kick in until those small businesses survive and grow into larger operations.”
JARED BERNSTEINNew York Times, October 23, 2011
“BUT...
NYSE — CENTER OF COLLABORATION
Issuer Companies
Small Business/ Start Up Community
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
Small Business Connections: Social Media & the World of Online Reviews
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Darnell Holloway Manager of Business Outreach @darnelljustin #smallbizconnect
Now more than ever, consumers rely on online reviews
Source: Search Engine Land Local Consumer Review Survey (2012)
85% of Consumers Use The Internet to Find Local Businesses
The Social Media Landscape
Page 12
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LinkedIn is B2B Social Networking
Marketing Your Professional Skills
Page 14
Connecting With Other Professionals
Page 15
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Twitter is Micro Blogging
The Sprinkles Example
Page 17
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Facebook is Social Networking
Create a Facebook Page for Your Business
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Local Business Example
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Demographic Information
Page 21
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Yelp is Transactional Social Media
Yelp by the Numbers
$864
Page 23
Yelp Mobile
$864
• Yelp mobile app is used on of 6.3 million unique mobile devices (Q1 2012)
• Approximately 40% of all searches on Yelp come from our mobile apps.
• Every second, a consumer generated directions to or called a business from a Yelp app.
• A photo was uploaded at least every 30 seconds from the Yelp app.
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Consumers on Yelp are Affluent, Educated Adults
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Biz.yelp.com
Claim your page here
Log in here
Improve your business page. That’s free!
Page 28
Connect With Your Customers. It’s free too!
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Engage Diplomatically
Page 30
Don’t: Freak Out
Page 31
Case Studies in Freaking Out
Page 32
The Right Way To Do It
Page 33
The Right Way To Do It
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Myth: Consumers are more likely to share negative experiences.
Page 35
80% of Yelp Reviews are Three Stars or Higher
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
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Quality Control: Why Some Reviews Come Down
All businesses are equal in this regard. (Advertisers & non-advertisers treated equally; filtered reviews viewable.)
Keeping Our Content Useful For Consumers
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“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.”
What’s the Secret to a Strong Reputation?
If a yelper mentions “good” customer service in a review, they are over 5 times as likely to give a 5 star review rather than a 1 star.
Source: Based on Yelp reviews as of April 2012, excluding reviews that were filtered or removed.
Similarly, nearly 70% of “bad” customer service experiences are given 1 star, compared to less than 5% that get 5 stars.
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Tip: It’s ok to let people know you’re on Yelp, but don’t solicit reviews.
Page 40
Search Advertising
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Summary
1. 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 (biz.yelp.com). Your business page will look better, and this can drive new customers.
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§ Q & A § Biz.Yelp.Com
§ www.yelp.com/contact § #smallbizconnect
THANK YOU
Every $1M invested creates
another 1,000 jobsSOURCE: ACCION USA
BUSINESS GROWTH THROUGH MARKETING
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KEY TAKEAWAYS
§ How marketing can benefit your business § Purpose of marketing loan capital § Steps to become loan-ready
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WHERE DOES MARKETING FIT IN YOUR DAILY ROUTINE?
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§ Small business loans can be used for much more than equipment, inventory, or working capital (something “tangible”)
BUSINESS LOAN PURPOSE
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BUSINESS GROWTH THROUGH MARKETING
Acquire more customers Persuade customers to buy more products
Identify new product areas Persuade each customer
to buy more profitable products
Identify needs and wants of consumers
Persuade each customer to buy more expensive
products or more products than they originally
planned to purchase
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TRADITIONAL MICROLOAN PURPOSES
§ Purchase inventory or equipment § Pay licensing fees § Working capital § Hire employees § Pay for shared working space (i.e. business or kitchen incubator)
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HOW CAN MARKETING CAPITAL HELP YOUR BUSINESS?
BUILD OR IMPROVE YOUR WEBSITE
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§ With a $6,000 Accion loan, Bianca Neclerio of Sweet n Salty by Design in Brooklyn, NY upgraded her website with new design and products
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BUILD A (DIFFERENT) BRAND
§ With a $5,000 microloan, Jesse of Brooklyn Taco in New York worked with consultants to develop a unique look and feel for his culinary business
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BROOKLYN TACO BRAND ON YELP
PAY FOR ADVERTISING AND PROMOTION
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§ Alexander Smith, owner of Swoop Miami- a free taxi service run on advertising revenue- used a $4,000 loan to promote his business online
WHAT ARE YOU DOING?
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WHO IS ACCION?
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§ We’re a nonprofit microlender that makes loans and provides training to enable emerging entrepreneurs to realize their dreams and be catalysts for positive economic and social change
§ By offering character-based business loans at fair market rates, Accion is
bridging the “credit gap” that allows hardworking visionary entrepreneurs to reach their full potential
ACCION IN NEW MEXICO, ARIZONA COLORADO
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§ Term loans ranging from $200 to $300,000 § Loan products tailored for the needs of established businesses and start-
ups § Since 1994, Accion has issued 5,449 microloans totaling more than $35.9
million to 3,454 businesses in 278 communities in New Mexico, Arizona and Colorado
§ In Arizona, our client businesses have created or sustained an estimated 667 jobs
BUSINESSES WE SERVE IN TUCSON
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BECOME ACCION LOAN-READY
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§ Utilize resources today! § Consult with an Accion staff member about how to access capital to finance
your entrepreneurial dreams § Take advantage of business support resources available from MAC and the other
community organizations present
§ Create a Marketing Plan § Conduct market research and analysis § Determine your product profile
§ Build Your Credit § Learn financial education tips and attend credit-building workshops
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Please contact us: § Roberto Valdez-Beltran § 520-305-2185
THANK YOU
Every $1M invested creates
another 1,000 jobs