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Social Media for Startups

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The basics of social media for entrepreneurs and startups. Prepared for the Lubin School of Business Entrepreneurship Lab at Pace University.

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Social Media for Startups

  1. 1. Social Media forStartupsWendy FeltonSocial Media Manager,Lubin School of Business
  2. 2. Lets get social.● What social media sites are you already using?● Social media for startups = mostly social media youre already using● Key sites: Twitter, LinkedIn, Facebook
  3. 3. But before social media...
  4. 4. ...there was the garage.Who started in a garage? Among others:● Steve Jobs● Bill Gates● Jeff Bezos of Amazon.com● Google● HP
  5. 5. Do you still need the garage?Yes! Inventors and entrepreneurs still needspace to create. But what comes after that?● Finding investors● Hiring employees● Marketing their productsThey all managed to do it. Youll have to do it,too.
  6. 6. But whats your advantage?You may not be a genius......but you have the advantage of social media.
  7. 7. Whats the key advantage of social?
  8. 8. Do the math.On any given day, 66% of adult internet usersvisit a social media site.● 12% of online adults say they use Pinterest● 12% use Instagram● 5% use Tumblr● 66% use Facebook● 20% use LinkedIn● 16% use Twitter
  9. 9. Social media gives you REACH.Heres an example from LinkedIn: 133 people = 3.5 million potential contacts = 3.5 million+ potential customers
  10. 10. Also, it provides ACCOUNTABILITY.What do you do before you visit a newrestaurant or buy from a new website?
  11. 11. Social accounts build TRUST.Which person would you trust more?
  12. 12. So why does this matter?Because youll need to rely on your existingnetwork and build a larger, stronger one inorder to launch your startup.
  13. 13. Lets talk ideas.A large, trustworthy network is a big help with:● Testing business ideas● Finding beta testers● Offering suggestions
  14. 14. Even big companies do this.
  15. 15. You can do it, too.
  16. 16. You have an idea. You need cash.Social media can help you find funding,whether youre looking for cash to build aprototype or full funding to launch your startupas a company.
  17. 17. Is crowdfunding right for you?● Is this project interesting to anyone else?● Do you have a large enough network to fund the project?● Are you willing or able to execute a social media campaign?● Is your fundraising goal realistic?
  18. 18. Yes! Lets crowdfund!
  19. 19. How crowdfunding works.1. Create a page explaining your project. Videois a good way to go here.2. Set a fundraising goal and a time limit.3. ??????4. Profit!
  20. 20. How crowdfunding actually works.1. Create a page explaining your project.Include video and photos. (The more high-techthe project, the more people expect.)2. Set a fundraising goal and a time limit.3. Campaign among your friends and networkto meet your funding goal.4. Profit!
  21. 21. A great Kickstarter video.
  22. 22. And how did Ouya do?Very, very well.
  23. 23. How do creators get funding?● Use Twitter and Facebook to contact friends and family● Use social media to talk to reporters and bloggers● Become featured projects on either site● Create blogs and videos to promote their work
  24. 24. What do donors get?They dont get stake in the company. Instead,they get rewards set by the project creator.These can include:● The project itself (DVD, book, etc.)● Promotional items● Public thanks● Other services/goods from project creators● A handwritten thank you note (true story!)
  25. 25. Whats the difference?● Indiegogo has no approval process; Kickstarter does.● Indiegogo allows you to receive funding even if you don’t meet your goal; Kickstarter only funds projects that meet their full goals.● Kickstarter uses Amazons payment system; Indiegogo uses Paypal.
  26. 26. A few cautions● Both sites will take a small percentage of the funds you raise.● Are you willing to kick in the rest of the funds if you dont meet your goal?● Are you prepared to complete your project and fulfill the perks you offered to donors?
  27. 27. Then what?
  28. 28. Or...The inventor of the Super Rope Cinchconvinced Walmart to carry his product oncethey saw his social media campaigns and pressreleases.
  29. 29. What about a startup?Theres a site for that, too!
  30. 30. Another option for fundingPerson-to-person lending generally offersbetter rates than banks.
  31. 31. Now you need staff.
  32. 32. Find your people.● LinkedIn: ○ Search by skill, company● PartnerUp: ○ Search by keyword● AngelList: ○ Search by role, market, location
  33. 33. Also, NYC offers a great resource.mappedinny.com
  34. 34. Next? Customer service.Build social media into your customerservice model.55% of customers expect a same-day responseto a social media complaint.Only 29% receive one.
  35. 35. A customer service case study:Uber is accessible.
  36. 36. Continued...Uber is accountable.
  37. 37. Still more Uber...Uber is fun.
  38. 38. Why social media service matters.
  39. 39. Two closing caveats:1. Build your network before you need yournetwork.
  40. 40. Two closing caveats, continued:2. Once you have a company name, grab yourdomain name and social media handles.
  41. 41. Questions?
  42. 42. Thanks!Wendy Feltonwfelton@pace.edulinkedin.com/in/wendyfeltonslideshare.net/LubinSchoolofBusiness @lubinbschool /lubinschool