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Thursday was a good PR day for the social buying site Blippy . They were featured in two New York Times articles . But Friday wasn't so great, as the major technology blogs reported that credit card information from its users were found on Google. An hour later, Blippy responded with a post on its blog, explaining that the leak was months old and affected only four beta users, not current Blippy users. Later, they amended the blog post to include an apology. News of more credit card leaks continued on Saturday. Of course, Blippy is by no means the only startups to suffer from potential public relations disasters, and it remains to be seen what, if any, impact this has on the site. Blippy's response, including the need to re-edit its official announcement, demonstrates the importance in responding quickly and correctly to a crisis. Sponsor As Jacob Morgan writes in a post on "The Social CRM Process," it's important to have both a macro and a micro response to this sort of situation, addressing both the individuals involved and the public-at-large. "Remember the whole Southwest Airlines and Kevin Smith debacle, where they kicked him off the flight for being too fat? Southwest Airlines took both a micro and a macro response. They interacted with Kevin Smith directly via Twitter, email, and telephone; a micro response. In addition Southwest Airlines also wrote a public post on their blog which addressed their community as a whole, a macro response." Some advice: Make a public announcement as soon as possible. Offer full disclosure. Be clear and concise. Say you're sorry. Of course, sometimes companies opt to do nothing, and hope that the bad press is quickly forgotten. Others hope that it's true that all publicity is good publicity. Nevertheless it's best to try to cultivate some good publicity, as trust and credibility are vital for a startup's success. Transparency and openness are important, even if it means riding out a difficult news cycle. Discuss
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What to Do When a PR Disaster Strikes Your Startup
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Building strong networks and developing meaningful relationships are cornerstones to business success. Although it may be a cliche, "who you know" can be incredibly important for startups. With the growth of social networking sites, it seems easier than ever to develop a sizable network of connections: Facebook friends, Twitter followers, your Google social circle, your LinkedIn connections. But having a large social media network means little if you do not maintain these connections. It is important continue to meet new people, cultivate existing relationships and to emphasize the quantity rather than the quality of your connections. Sponsor Last week, in a post on the blog Journalistics, Jeremy Porter wrote, "Too many people think networking is about collecting business cards - whether actual or virtual - in an effort to demonstrate how many people they 'know'." Porter listed tips on how to strengthen your network. Here are some things, based on some of his suggestions, to consider as you expand your network: Establish goals: What are the types of people you want to build relationships with? For example, do you need to meet journalists or venture capitalists? Set goals and deadlines for reaching out to make some of these connections. Keep score: If you set goals, track your progress. If you aren't meeting the people you want and/or building your network how you want, revise your strategy. Make the most of face-to-face opportunities: Some events, such as conferences, are geared towards networking. Make an effort not only to attend these sorts of events but to maximize the networking opportunities there. Have a good opener: As we noted with our tips for crafting your elevator pitch, you need a hook. When you introduce yourself, you should be able to answer the "What do you do?" question consistently and memorably. Here's my card: It might seem obvious or even outdated, but do not undervalue the importance of the business card - whether electronic or paper. While social networking does make it easy to locate people, having a business card is an invitation for a follow-up. Follow up: It's easy to toss business cards in a drawer where they're never to be seen again. Follow up a first meeting with an email or phone call within 48 hours. If you skip this step, you might as well toss the cards. Stay in touch: Don't let your relationships die off. Keep in touch with people. Porter writes, "Some job hunters I met back in the late 90s are now directors at big brands. When you keep in touch with contacts over the long haul, you'll be surprised how many interesting connections you'll have down the road. You'll quickly become one of those people that knows somebody that 'does that' or "works there." Of course, you want to stay in touch with people so they'll remember you too. People forget who you are and what you do - you have to remind them regularly if you want to get value from your network." Share: Give value to your participation in a network and make it so that people value your connection. If you come across interesting information, share it. If somebody asks for help, offer it. Porter says, "Don't miss the opportunity to pay it forward, you'll feel great and will find people often reciprocate." Look in the mirror: Regular self-assessment is good. Ask yourself if you are both gaining from and contributing to your network. Reciprocity is important. Build relationships when you don't need them: It's a mistake to only network when you need something (such as financing, a new job, a new team member). Be an active part of your network before you make your pitch to it. Start with one new connection today: Meeting new people and building your network might be one of the most important investments - personally and professionally - you can make. Discuss
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Tips for Networking (Beyond Just "Social Networking")
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The elevator door opens. And there stands your ideal investor. It's the chance of a lifetime. But that chance only lasts as long as the elevator ride - you have less than a minute to make an impression. Hopefully, you've got a well-crafted elevator pitch ready to give. The elevator pitch is not the hurried presentation of a full-blown business plan. It's an introduction, an overview and a pitch - and a short one at that - meant to capture the attention of a potential investor. Of course, an elevator ride is a short one. Guides for elevator speeches that say you have one minute surely overestimate the amount of time it takes for an elevator to move from floor to floor. Of course, an elevator speech isn't restricted to elevators. Rather, it comes in handy for any occasion where a concise presentation is appropriate. Sponsor When crafting your pitch there are two key things to keep in mind: its content and its form. In other words, it's not just what you say but how you say it. Here are a 10 tips to keep in mind as you craft your elevator pitch. 1. Keep it short . Be succinct. According to Wikipedia , an adult's attention span is eight seconds, so be sure to give just enough information (and more importantly perhaps the right information) so that after only hearing a sentence or two, someone knows what you do - and if it's a pitch, what you need. 2. Have a hook. As Mel Pirchesky advises , "The objective of the first ten or fifteen seconds is to have your prospective investors want to listen to the next forty-five or fifty seconds differently, more intently than they would have otherwise." 3. Pitch yourself, not your ideas. As Chris Dixon writes , "The reality is ideas don't matter that much. First of all, in almost all startups, the idea changes - often dramatically - over time. Secondly, ideas are relatively abundant." Instead of talking about ideas, highlight what you've done - the concrete accomplishments or skills - rather than some intangible concept or a future goal. 4. Don't forget the pitch. It's easy to get so caught up in the details of who you are that you neglect to mention what you need. What amount of financing are you seeking, for example? 5. Don't overwhelm with technical or statistical terminology . While being able to tout one or two amazing and memorable phrases or figures can be useful, don't fill your elevator speech with numbers or jargon. 6. Practice . Rehearse your elevator pitch so that when the opportunity to give it comes, you can deliver it smoothly. 7. Use the same tactics for print. You can hone your elevator skills by practicing them in writing. Babak Nivi describes the email elevator pitch here . 8. Revise. As your startup moves through various stages, be sure to update and refresh your pitch. 9. Be involved in the startup community before you pitch. Business Insider suggests "Engaging in online discussions, writing insightful blog posts, and participating in the relatively small startup community can earn you a 'strong presence' that gets you noticed by potential investors." Building relationships with investors before pitching to them will help your success. 10. Listen. When seeking to build strong networks, remember it can be just as important to listen as it is to talk. Do you have any other suggestions on crafting an elevator pitch? Feel free to add your tips in the comments below. Discuss
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The Art of the Elevator Pitch: 10 Great Tips
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Although the median age of CEOs is 54, one of the fasted growing demographics of entrepreneurs is young people. According to a survey by JA Worldwide almost three-quarters of high school students indicate an interest in becoming entrepreneurs. Although there are a few college programs dedicated to entrepreneurship, even with the preparation from a college degree program many young entrepreneurs can flounder . To help remedy this, Under30CEO.com has collected advice from its users and offers "Young Entrepreneur Advice: 100 Things You Must Know!" Sponsor Many of the tips echo the idea that it's a cold, hard world out there, and that young entrepreneurs would do well to hire great people, to delegate administrative tasks to others, and to develop strong professional and personal networks, not just of potential customers but of others more established in their field. Some of the notable themes: Know Your Market : "I wish I'd know how much easier it is to build a business around an established market that's already looking for a solution to its problems rather than trying to build the market around the business I wanted to start." - John Crickett Money Matters : "Finding the right Accounting / Financial Manager right up front was our biggest learning and biggest mistake. Completely changed our financial performance and caused us to hit a wall we should have avoided." - Mike Cleary Don't Worry too Much about Education : "It is OK to trust your instincts - even when they are not necessarily backed up by years of finance/accounting or business school credentials" - Jenn Benz Learn to Manage People : "I wish I would have known that the hardest part of owning and operating my own business would NOT have been how to create revenue on a monthly basis. I wish I would have hired a full time IT guy and a shrink to manage with my sales force!" - Bradley W. Smith Have a Business Plan that Includes an Exit Strategy : "Have a serious exit strategy & plan prior to opening doors. As an entrepreneur I was ready and willing to take the plunge to open my own company, but didn't realize I had to structure my company around the exit strategy (i.e. make it sellable and transferable, and self sustaining without my everyday presence)." - Christopher N. Okada Cultivate Strong Support Networks : "I wish that early on I had sought out more business leaders in my field. It wasn't until I was a bit older that I realized the value of the knowledge to be learned from veteran industry players and how it could help me grow my business." - Jim Janosik Take Care of Yourself : "You can't put your life on hold while waiting for your venture to hit. I have tremendous regret around all of the family events, vacations, and time with friends that I missed because I was working on getting my film/company off the ground." - Pamela Peacock You can read the full post here . What advice would you add to this list? Discuss
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Entrepreneurs Under 30: Advice From Your Peers
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It is widely accepted that social media has transformed the landscape of marketing radically, and no longer can businesses - no matter their size or stage of development - afford to avoid social media. While the importance of developing one's brand online remains paramount - most obviously through the registration of a domain name - the proliferation of social media platforms can be overwhelming, and startups might feel compelled to register and interact with every service in order to quicken the spread of their name. Sponsor The multitude of social media platforms allow new businesses to establish their online presence, develop a brand and a message, and grow fans and followers - and of course customers - all without extensive investment in elaborate or costly marketing campaigns. The danger, however, lays in the proverbial "spreading oneself too thin" by attempting to make sure one's startup has a presence in every social media network. While new businesses should certainly take advantage of social networking, here are a few tips to help avoid social media overload: Avoid social-media-for-social-media's sake : Social media endeavors should always be in service of clear business goals, not merely an abstract notion of "user engagement." Develop a social media plan that supports your business plan. Use the services which which you're most comfortable : Take advantage of social media networks to which you already belong and in which you are already active. It is preferable to develop a robust presence on one or two platforms than to create profiles on every possible site, particularly if these are in danger of becoming unused and out-of-date. Engage : Despite the far-reaching power of social media networks, these services are not bullhorns. Use them to engage in dialogue with potential investors and customers, not merely to push information out to them. While social media can be a great place to share information, promote a service, and so on, it is important to be responsive - listen, engage. Track, evaluate, and adapt : Many services offer analytics tools in order to ascertain traffic levels and engagement. Be sure to check these regularly to evaluate the ROI of a platform. And as the field of social media is ever changing, be prepared to adapt. For example, just because a service like Foursquare is popular now does not mean that you should be forever wedded to location-based marketing. Although it is tempting to register for every social media site and to try to adopt every new tool, the drawback may be that in an attempt to network everywhere, your startup fails to network anywhere. Discuss
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Social Media Marketing Overload? Some Tips for Startups
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