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. Social Media for Entrepreneurs
19th October 2012
Raj S. Murthy Ph.D John N. Angelis Ph.D
Assistant Professor of Marketing Assistant Professor of Decision Sciences
Saunders College of Business Saunders College of Business
Rochester Institute of Technology Rochester Institute of Technology
2. What do you want from Social Media?
• Visits?
• Customers?
• Lead Users?
• Advocates?
• Sales?
• Community?
• Tastemakers?
• Legitimacy?
• Feedback?
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?
7. Is There No Such Thing as Bad Publicity? Digsby
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
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
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
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. 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. 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. 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. QUESTIONS
John N. Angelis Ph.D Raj S. Murthy Ph.D
Assistant Professor of Decision Sciences Assistant Professor of Marketing
Saunders College of Business Saunders College of Business
Rochester Institute of Technology Rochester Institute of Technology
@johnangelis @rajsmurthy
http://blogs.scb.rit.edu/jangelis http://www.rajmurthy.com