Social Media Has Ruined Your Business

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Social Media Has Ruined Your BusinessMay 12, 2010

Courtesy of

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they say you need to be on social media

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but why?

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to build a farm for your company?

Image from techieglue.com

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or to be compared to an onion ring?

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and facebook’s just the beginning

TumblrWakoopa

YelpYouTube

Vimeo

foursquareFlickr

Google Buzz BeboBlip.fm

TwitterLast.fmLinkedIn

MyBlogLogMyspace

DeliciousDigg

FriendFeedFlixteriLike

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it’s a lot of effort just to be “Liked”

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and ads reach more people than status updates

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so why bother?

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because the times, they are a-changin’

Image from The Selvedge Yard

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the old rules no longer apply

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Generation Y now outnumbers baby boomers

96% of those under 30 are on social networks

Stat from Forrester

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we no longer find the news, the news finds us

24 of the 25 largest newspapers have declining circulation

Stat from socialnomics.net

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90% of shoppers seek opinions online first

78% trust recommendations; 14% trust ads

Stat from socialnomics.net

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70% trust recommendations of people they don’t know

one online conversation = the impact of 200 tv ads

Stats from Nielsen, BuzzAgent

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97% of consumers use online media to shop locally

58% report using an online coupon in their local area

Stats from BIA/Kelsey Group

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one customer? one influencer?

what’s more valuable to you?

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People on Facebook

400,000,000

Stat from Facebook

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Active Users That Login Daily

50%

Stat from Facebook

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Average Friends per User

130

Stat from Facebook

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Average Clickthrough Rate on Banner Ads

0.2%

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Average Clickthrough Rate on Wall Posts

6.5%

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More Likely to Buy After Becoming a Fan

51%

Stat from Chadwick Martin Bailey

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More Likely to Recommend After Becoming a Fan

60%

Stat from Chadwick Martin Bailey

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29Stat from Facebook

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People on Twitter

75,000,000

Stat from themetricsystem.rjmetrics.com

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More Likely to Buy After Following

67%

Stat from Chadwick Martin Bailey

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More Likely to Recommend After Following

79%

Stat from Chadwick Martin Bailey

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34Stat from Facebook

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People on LinkedIn

65,000,000

Stat from LinkedIn

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Fortune 500 Companies with Executives on LI

100%

Stat from LinkedIn

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People on YouTube

120,000,000

Stat from YouTube

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Internet Bandwith That Goes to YouTube

10%

Stat from AllFacebook

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YouTube Traffic that Arrives Directly

54%

Stat from YouTube

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People on foursquare

1,000,000

Stat from foursquare

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Number of Checkins

40,000,000

Stat from foursquare

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Number of Checkins Five Weeks Ago

22,000,000

Stat from foursquare

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getting set up

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set up google alerts

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set up google analytics

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get profiles on relevant networks

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claim your business

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start tracking your reputation

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the top 10 things to know before you start

Stat from Forrester

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1. Have a Purpose

have goals behind your strategy and work to achieve them

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2. Be Authentic

nobody cares about your pitch, they care about communication

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3. Be Transparent

be honest, be open and tell the truth

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4. Understand and Allow Community

if given the opportunity your community will monitor itself

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5. Always Offer Value

your customer doesn’t owe you anything

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6. Dollars and Time Aren’t Free

like all advertising you get what you put into it

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7. Challenge Yourself

jump in; only you or your competitor can be first

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8. Steal From Your Customers

sometimes they have the best ideas, use them as a focus group

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9. Online Isn’t an Island

treat social as an outpost; an extension of offline efforts

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10. Track Results

set yourself up for success and track your ROI

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socially engaged companies are more successful

12-month revenue growth, wallflowers: -10%

12-month revenue growth, mavens: 18%

Stat from Altimiter ENGAGEMENTdb

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“The ROI of social media is thatyou will still exist in 3 years.”

Stat from socialnomics.net

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social media has ruined your business

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and can build you a new one

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Thanks!

Rick Jessup

rick@58ninety.com416.727.4017@RickJessup

www.rickjessup.comwww.58ninety.com

Thanks to for the invite!

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why listen to Rick?

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who is this guy

• Online in 1990

• Web design in 1995

• Blogging in 1996

• Speaking on digital in 1997

• Over 20 years of web experience

• Over 15 years managing strategy