November 17, 2016
Seattle Startup Week just featured a panel on digital media marketing packed with representatives for four major social media networks — Facebook, Twitter, LinkedIn and Yelp. Hosted by Tech.Co’s own CEO Frank Gruber, the event dug deep into the various strategies, plans, and data that any brand-new startup needs to know about in order to ensure their survival in the bustling reputation economy.
The names and titles on display: Neil Hiltz, Global Head of Financial Services Strategy for Facebook; Mickey Mantas, Global Agency and Partner Education Lead at LinkedIn in Chicago; Christian Eberhardt, who leads Twitter’s Direct Sales team; and Cara Lageson, marketing and community director for Yelp Seattle. Here’s a list of takeaways that we learned at the panel.
Start With the Audience
All the panelists agreed: Your digital media journey starts with locking down your audience. Figure out their demographic details and their needs so that you’ll know on what platform to find them. Twitter lets an audience know what’s happening around them, while LinkedIn is the world’s largest B2B platform.
Then Define Your Business
Assess what your business is, at least on social media. What’s your service rate? Platform? Page layout? Are endorsements right for you? How do you build out your page?
“As a small business owner, you have a lot of options in terms of what you might want to set up. You might be looking for talent. If you looking for prospects and really understanding who they are, [LinkedIn has] tools for that, if you want to plan out what that message might look like.”
And from Cara:
“The next step is assessing who your business is. Find the best platform that maps out your connections, the endorsements on your page, your skills… it all tells your story.”
Promote Organic Content That Works
One cool tip from Christian for anyone interested in getting attention on social networks: Use your organic content. Feature employee profiles, good reviews from happy customers, or video of your product in use. Then, when something does particularly well, single it out for extra promotion. As Christian explained:
“Embrace the basics. From that point, it then becomes, ‘okay, what content is working.’ I can promote that content. Now you’re reaching your target audience instead of your organic followers.”
Know Your CAC Number
That’s the “Customer Acquisition Cost” and refers to the cost of getting a customer in relation to the lifetime value of that customer. You don’t want just anyone. You want customers who will be truly valuable to your company.
Close the Reputation Gap
“We’re firmly in a reputation economy. A reputation economy demands authenticity. [Think about] what you say, and what the community reflects back to you should be very close to that. If it’s not, you want to diagnose what you think you are and what people are telling you who are, and try to close those gaps.”
There’s No Time like the Present
Explore the free marketing services available to you: The barrier to entry is lower than ever. It’s an exciting time to get into the marketing industry if you keep your eyes open and listen to the metrics available.
Still Want More?
Check out a complete Facebook video of the panel and Q&A session, from Tech.Co’s page.
This article is part of a Startup Week content series brought to you by CHASE for BUSINESS. Startup Week is celebration of entrepreneurs in cities around the globe.CHASE for BUSINESS is everything a business needs in one place, from expert advice to valuable products and services. Find business news, stories, insights and expert tips all in one place at Chase.com/forbusiness. Read the rest of our Startup Week series here.
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