social media for startups

Social Media for StartupsWendy FeltonSocial Media Manager,Lubin School of Business

Let's get social.

● What social media sites are you already using?

● Social media for startups = mostly social media you're already using

● Key sites: Twitter, LinkedIn, Facebook

But before social media...

...there was the garage.

Who started in a garage? Among others:

● Steve Jobs● Bill Gates● Jeff Bezos of Amazon.com● Google● HP

Do you still need the garage?

Yes! Inventors and entrepreneurs still need space to create. But what comes after that?

● Finding investors● Hiring employees● Marketing their products

They all managed to do it. You'll have to do it, too.

But what's your advantage?

You may not be a genius...

...but you have the advantage of social media.

What's the key advantage of social?

Do the math.

On any given day, 66% of adult internet users visit 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

Social media gives you REACH.

Here's an example from LinkedIn:

133 people = 3.5 million potential contacts =

3.5 million+ potential customers

Also, it provides ACCOUNTABILITY.

What do you do before you visit a new restaurant or buy from a new website?

Social accounts build TRUST.

Which person would you trust more?

So why does this matter?

Because you'll need to rely on your existing network and build a larger, stronger one in order to launch your startup.

Let's talk ideas.

A large, trustworthy network is a big help with:

● Testing business ideas

● Finding beta testers

● Offering suggestions

Even big companies do this.

You can do it, too.

You have an idea. You need cash.

Social media can help you find funding, whether you're looking for cash to build a prototype or full funding to launch your startup as a company.

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?

Yes! Let's crowdfund!

How crowdfunding works.

1. Create a page explaining your project. Video is a good way to go here.

2. Set a fundraising goal and a time limit.

3. ??????

4. Profit!

How crowdfunding actually works.

1. Create a page explaining your project. Include video and photos. (The more high-tech the project, the more people expect.)

2. Set a fundraising goal and a time limit.

3. Campaign among your friends and network to meet your funding goal.

4. Profit!

A great Kickstarter video.

And how did Ouya do?

Very, very well.

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

What do donors get?

They don't 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!)

What's 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 Amazon's payment system; Indiegogo uses Paypal.

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 don't meet your goal?

● Are you prepared to complete your project and fulfill the perks you offered to donors?

Then what?

Or...

The inventor of the Super Rope Cinch convinced Walmart to carry his product once they saw his social media campaigns and press releases.

What about a startup?

There's a site for that, too!

Another option for funding

Person-to-person lending generally offers better rates than banks.

Now you need staff.

Find your people.

● LinkedIn:○ Search by skill, company

● PartnerUp:○ Search by keyword

● AngelList:○ Search by role, market, location

Also, NYC offers a great resource.

mappedinny.com

Next? Customer service.

Build social media into your customer service model.

55% of customers expect a same-day response to a social media complaint.

Only 29% receive one.

A customer service case study:

Uber is accessible.

Continued...

Uber is accountable.

Still more Uber...

Uber is fun.

Why social media service matters.

Two closing caveats:

1. Build your network before you need your network.

Two closing caveats, continued:

2. Once you have a company name, grab your domain name and social media handles.

Questions?

Thanks!

Wendy Feltonwfelton@pace.edulinkedin.com/in/wendyfeltonslideshare.net/LubinSchoolofBusiness

@lubinbschool

/lubinschool