Can You Really Start Your Own Bank or Credit Union?

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I don’t ever go to my bank’s actual location unless something drastic happens. I suspect this is true for many people today. With the advent of online banking systems, we do almost every financial thing with our mobile banking apps.

Which begs the question. Why have physical locations at all?

Of course, a bank is more than a money depository. You have to consider mortgages and other forms of banking. But for most transactions, a physical location is not necessary.

Enter the virtual bank. The first virtual bank came into existence in 1995. It wasn’t very successful during its three years, but it proved that a virtual bank was possible.

Today, virtual banks abound. And it’s entirely possible to create your own. Let’s look at how that’s possible as an entrepreneur.

1. Why Are Virtual Banks So Great?

The best part of virtual banks is convenience. You don’t have to drive to a physical location to talk to your bank or open an account. You merely get online.

And these banks are open 24/7 unless the bank is running website maintenance. And if you need to get ahold of a rep, most places also run a 24 hr customer service.

Better Rates

Infrastructure and overhead are a massive part of any business. But online businesses need fewer employees and less office space (if any). So, traditional banks are at a major disadvantage to virtual banks.

Virtual banks can offer perks other banks can’t. They can pass on the savings they make when eschewing expensive office space to the customer.

This means higher interest rates on savings accounts. They can also charge lower rates on mortgages and other loans. And they can allow accounts with no minimum balance.

Online Banking Services are Better

Because a virtual bank is entirely online, their product is essentially their online presence. Thus, unlike traditional banks, their online functions will be broad. And customers can do more remotely with a virtual bank than with a traditional one.

Virtual banks will often include investment analysis tools, financial planning tools, equity trading platforms and more. They will even offer free tax preparation and tax forms. A virtual bank essentially becomes your one-stop money shop.

2. It’s Possible to Start a Bank, but You’d Better be Flush

Banks aren’t just depositories for money. There is no Scrooge McDuck swimming in piles of gold at your local branch.

Banks are borrowing institutions. You give them your money and they lend it out at a higher interest rate than they give you. At any one time, if you had, say, one million dollars in a savings account, that money would not actually be in the bank.

During the Wall Street Crash of 1929, people learned the hard way that their money wasn’t just sitting in the bank. People panicked and tried to pull money out, money that just wasn’t there.

Today, the government backs a certain amount of your money. But it’s not much.

This is why it’s wise to invest in physical property you can later sell. You will at least have some of your assets outside of the bank and could sell if the bank fails.

But the bank’s schtick is exactly why you might want to consider getting into the banking business if you have enough capital lying about.

People need someplace to store their money and because of the benefits stated above, virtual banks are becoming more popular. There is a market and a need for better and more convenient financial institutions. Why not take advantage if you can?

How Flush do You Need to Be?

The first question you need to ask is: where will I start my bank? A virtual bank can be anywhere, so you’ll want to choose the cheapest location.

In the United States, you’ll need at least $500k if not a million dollars to get started, but you will need to show that you can secure at least $10 million to convince the government that you’re worthy.

In essence, it’s extremely difficult to start a bank in the United States (the land of monopolies and over-regulation).

Offshore banks are a different story. You only need one million dollars in capital to create a bank in some countries outside the United States.

Why do you need so much money? Essentially, you’re showing depositors that you can make investments. If you didn’t have capital, you’re not going to be able to ensure the safety of the depositor’s money.

The Board of Directors

Even if you are starting an online-only bank, you want people by your side who have experience. A board of professional bankers will help you create a strategic plan, review policies, and make sure you comply with regulations.

This could be a group as small as five trusted individuals or thirteen people.

Have a Plan

Not only will regulators want to see that you can succeed, your investors will too. Even if you’re using your own startup capital, you’ll want to ensure that your venture has a high chance of success.

This means research. You will need a five-year business plan with solid projections backed up with real data. A bank isn’t a wing-it sort of entrepreneurial pursuit. You’re playing with other people’s money.

Get Legal Backing

The law constantly ties up money. Whether that’s alimony, inheritance, mortgage regulations, you will need legal advice. Get a crack team together.

Yes, this will cost you money now, but it will save you money in the long run. You want your financial institution to be sound on all four corners. And legal is definitely one of those foundational pillars.

Marketing

When you’re online-only, you won’t have to deal with traditional marketing. Your overhead is much lower even in marketing. But you will need to bring people through your digital doors.

This means setting up online accounts with Google Adwords and Facebook ads. It means hiring writers and SEO agencies to help you with your inbound marketing. You’re starting from scratch, so you’ll need people who know how to navigate the online marketing world.

The Road Ahead Will be Rough but Worth It

Setting up a bank won’t be easy, but it could make you a very rich person. The ROI on lending money is massive. But you’ll need a ton of money to start out.

If you have what it takes, then go for it. If you love learning more about entrepreneurial opportunities, check out more of our awesome content.

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Successful People Always Chase the Impossible – Here's Why

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Vital Stats

• Player: David Hounson


• Company: Sennergi


• What they do: Entrepreneurial inspirational speaking; entrepreneurial events and product manufacturing


• Visit: www.sennergi.co.za

David Hounson believes that there are two types of entrepreneurs in this world, those who roll up their sleeves, and those who don’t. “There’s a different energy between the two, and for me, hands down the winner are the business owners who roll up their sleeves,” he says.

That’s the entrepreneur who is emotionally invested in the journey, which can be a strong success factor. Unfortunately, it also leaves you exposed when things get tough, as David discovered the hard way.

“Entrepreneurship can be an incredibly fulfilling and at the same time painful journey,” he says. “You need to build the mental tools necessary to not only survive, but thrive in this environment.”

David and his wife, Taryn Human, have spent the last three years developing a low GI drink that they will be taking to market in 2018. It’s been a long journey, filled with hardships and heartbreak, and yet through it all, David didn’t give up. Instead, he built the mental tools he needed to keep pushing forward. He’s now sharing those lessons with fellow entrepreneurs, paying it forward in the hope that he will in some small way drive entrepreneurship in South Africa.

Building the tools that will achieve personal success

TOOL 1: Build your confidence

David’s background is in sales and marketing. He was a school drop-up, but built up a career, first in the UK, and later in South Africa, based on his talent for connecting with others. In short, David had a big mouth and could talk his way into — and out of — anything. At first, he just had the gift of the gab, but as the years progressed he learnt the value of authenticity, transparency, and adding value to your clients.

Related: Want To Feel Empowered? Check Out These 17 Quotes From Successful Entrepreneurs And Leaders

By 2012 he had built up a solid reputation, and was approached by a manufacturer who wanted to produce a low GI drink, but needed a sales and marketing partner. The offer sounded good and would include shares. Instead, it was David and Taryn’s first introduction to what it means when you give your power to someone else.

“There were a lot of internal politics that we ignored. We should have listened to our gut, but instead, we saw their money and supposed expertise and took everything they said at face value. Never go into a partnership where you aren’t on an equal footing, even if that footing is completely in the mind. We were insecure, and this created a situation where we could be taken advantage of.

“You need to have confidence in who you are, and what you bring to the table. Know your worth. The greater your confidence, the harder it will be for others to take advantage of you. The great thing about confidence though, is that it’s like a muscle. If you work on it, you will grow it.”

It took David and Taryn time to walk away from their first partners, but they made the tough decision to cut their losses. The partnership would never be equal, promises were not being kept, and they realised they needed to take back their power.

It was an expensive move. They’d put a lot into the business and were now going it alone with a two-year-old toddler at home, bills to be paid and a lot of debt.

It’s not always easy, but sometimes the first step towards success is taking ownership of your destiny and holding yourself accountable. Take back your power, choose to be the architect of your own success, and then gradually build up your confidence.

DO THIS: Focus on your power and where you draw it from. This doesn’t need to be based on money or even academic partnerships, but what you uniquely bring to the table. And then build on this. Confidence is a muscle — you need to work it. Don’t become arrogant; build a quiet surety that believes in your own self-worth.

TOOL 2:  Focus on the long-term rewards

For David, despite over a decade of building a career, reputation and a measure of success, the move took him back to his childhood years when every cent counted.

“As a kid, I was brought up with no money. Everything was scarce. Now I was experiencing this again in my 30s. We’d eat a can of baked beans for dinner. My wife made us stretch everything, which is how we made it — and also how we stuck to the dream and didn’t throw in the towel. We made ends meet, even if it was just barely.”

It was a deeply personal and painful journey for David though, bringing to the surface memories of suffering he’d experienced in his youth and thought he’d left behind.

“When you have a goal, it’s amazing what you’ll do to achieve it, but you have to stay focused, and keep the destination in mind. Taryn was integral to the journey we’ve travelled to reach this point. We’ve invested in developing the drink, and we wouldn’t have been able to do any of it, particularly in the early days, without being uncompromising and rigorous in how we spent our money.

“We were broke, we needed to formulate the product with a credible food technologist — who we paid upfront — we weren’t interested in another partnership, and we needed to pay our personal bills. It was a delicate balance. We could have thrown in the towel, found jobs and given up on the dream. Instead, we chose short-term suffering for long-term reward.”

At the time, David realised that the business needed an additional revenue stream, so he went back to his marketing roots, offering marketing and printing services to local businesses. “We’ve built up some great retainers and we outsource printing, flyers, embroidery and anything else our clients need for their marketing campaigns.” This has grown into a more holistic marketing solution, including entrepreneurial events and helping businesses determine how they access markets and work as teams.

DO THIS: Start at the destination and reverse engineer how you’re going to get there. Focus on every aspect of the journey, and what will take you to the next pivotal moment in your business’s success. This often requires short-term pain for long-term gain. Be clear on what you’re willing to sacrifice to achieve your goals, and then stick to the plan with grit and determination.

TOOL 3:  Patience is a form of action

As a salesman and marketer, much of David’s professional career has been built around targets. Sales is not by nature a patient profession. Entrepreneurship is very different. It’s a long game, and as David discovered first–hand, sometimes you have to give things the time and space they need to happen.

“I learnt that patience is a form of action too. For three years I had to have the patience to let things come to fruition. I had to become mindful of where I am, where I am coming from, and where I am going.”

David used this time for self-reflection and personal growth. “I needed to find self-belief. No one is going to do this for you. You need to build your own resilience, courage and patience.

“We’re all so busy chasing targets, deadlines, goals and sales that we don’t stop and take the time to connect with our inner selves. I discovered that the time I took to really question who I am, why I’m here and what my greater purpose is not only helped me become more focused and centred, but better equipped to handle the rigours and challenges of entrepreneurship.

“We spend so much time focusing on how to build better businesses, that we don’t give ourselves enough attention.

“The reality is that when you do things from an internal space, you’re not just more centred, but you’re aligning the heart with the brain. It’s incredibly powerful. If you can love all of your imperfections, understand yourself and how you react to the world and shape things around you — and why — you’ll not only find alignment in everything you do, and every personal and business relationship you nurture, but you’ll find an incredible untapped resource of power as well.”

DO THIS: External factors are important, but don’t let them drive you without also focusing on the internal factors. Start working on your EQ, or ‘heart energy’ as David calls it. “That’s the power of the heart. 40 000 neuro cells per second travel from the heart to the brain.

“The heart has its own power and intelligence, we just need to learn to listen to what it’s telling us. Take notice of the energy in a room — good or bad — and learn to trust it. Intentionally allow the heart to send signals to the brain for alignment. Intuition, gut feel — this is the heart talking. We need to expand our ideas of the tools available to us, and what we can do with them.”

Related: 10 Things Successful People Tell Themselves Every Day

TOOL 4: Share your journey

When David was near his lowest, practicing patience and trying to envision the success of the low GI drink that he and Taryn had worked so hard to achieve, one of his marketing clients, a car dealership in Krugersdorp, asked him to give a talk to their sales team.

“The marketing manager loved my story, energy and passion. She understood that there were still mountains I was climbing, but she also loved the fact that I had already begun to approach what we were doing from a positive place, and not a place of fear.

“She understood what sales people go through, and asked me to share my story. It was the first time I gave a talk on the lessons I’d been learning, internalising and using in my life. I was open about the fact that I was still on the journey, and didn’t have all the answers, but this was where I was, and what I could share.

“The response was incredible, but I also realised how much value I got out of sharing my story. Entrepreneurship can be lonely. When we share, we not only learn from each other, but add value to each other, and feed our own sense of purpose.

“I started speaking to corporates, sales people and entrepreneurs. Entrepreneurs in particular need assistance, and so I developed corporate-sponsored entrepreneurial events that give brands access to entrepreneurs, and entrepreneurs access to each other. We have two speakers on the evening — myself and a guest profile who has real business successes and lessons to share. They focus on business development and pushing through the hardships, and I focus on the soft skills and emotional intelligence — the inner turmoil entrepreneurs need to work through to find success.

“These events take place in Soweto, the CBD and suburbs, and the goal is to bring entrepreneurs together, share stories, support one another and learn. This isn’t a business driven by profits, but is a purpose-driven passion project. If we can help others find significance, I believe that will help us find our own significance.”

Today David is a coach, mentor and speaker, largely because he’s willing to share his story, and wants to help others find their inner-strength and success.

DO THIS: Find a way to share your journey. Join an association or entrepreneurial forum, or if you’re an employed professional, an industry group where you can share your journey and learn from your peers. The goal is personal growth, and the act of sharing your story and learning lessons from others can help you push the needle. You just need to be open to the idea and willing to network.

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Get started

To get started on your journey of personal development, consider these five tools:

1. Keep a notebook and jot down your emotions throughout the day. Recognise the emotion that keeps popping up — is it fear, risk-taking, money-related? If the same thing keeps coming up, you need to recognise it and face it.


2. Start meditating. Meditation uses quiet time and breathing exercises to help you become mindful. This is the foundation of more focused mindfulness.


3. Exercise daily. Besides the fact that it’s good for you to exercise daily from a health perspective (and healthy entrepreneurs have more energy and focus), this also teaches you discipline, one of the most basic fundamentals of success. Put a system in place and follow it — learn to stick to things and follow routines, and you’ll be amazed by how this will naturally impact your life and business in positive ways.


4. Restrict TV. Watch YouTube instead. It’s an incredible lesson channel. Search by topics and subscribe to TED Talks instead of falling into the trap of randomly watching TV with no clear benefits.


5. Look at your emotions as you would any other muscle. Work it out. Build it up. Focus on it and recognise it as a tool that can help or hinder you. Remember, when you build up an emotional muscle of strength, if someone asks you to do something, the answer always becomes yes, even if you don’t know how it will be achieved. Will you get it done? Yes! How? I don’t know, but I will.

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Why Hire Summer Interns? Because They Know More About Mobile Than You Do.

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It’s the question you probably ask yourself every time summer rolls around: “Should our startup hire summer interns?”

And, to be fair, it’s not an easy question to answer. The concept of hiring interns for a well-established small business is divisive enough. But I’m sure I don’t need to tell you just how integral startups are to the small-to-medium-size business ecosystem.

Related: Looking for a Summer Internship? Here's What You Should Know.

There are a variety of perspectives and viewpoints to consider, and since spring is almost here -- and companies will be debating the annual intern decision -- it's a good time to plan for how you will incorporate summer interns into your company culture.

Incorporate new perspectives.

Every entrepreneur is well aware of the pressure to attract and retain talent. Employing interns offers a strong gateway for your company to land on the radars of eager students and young professionals looking to break into the working world.

The reality of working with interns, however, is that it’s a good fit only if it’s beneficial to both parties. For business owners, the opportunity to obtain an extra set of hands is often welcome. But the nature of internships is changing. While interns may have once been considered as glorified office gophers or baristas, now more companies are asking them to delve into actual client- and consumer-facing work.

Bringing in a fresh perspective at the start of the summer months gives you the chance to rejuvenate the energy circling within your company. Interns, more often than not, bring an infectious enthusiasm and energy that can spark a positive effect among your entire team.

Furthermore, Gen Z interns offer unique perspectives on technological platforms and consumer trends. Millions and millions of dollars across every line of business are dedicated to attempting to break down what it is that this elusive generation wants. While market research can certainly be helpful, employing the actual source material --Gen Z-ers themselves -- offers you unparalleled insights into the types of products and messaging that younger consumers actually crave.

Related: Paying Interns Is a Good Investment In the Future of Your Business

Another perk of hiring interns? They can help you explore the development of technology peripheries you otherwise might be unable to prototype. It should come as no surprise that someone who has grown up with a smartphone permanently (seemingly) in hand is decidedly more proficient at navigating mobile platforms and applications than an employee who's adapted to a mobile lifestyle later in life.

So, if you're in the business of forging connections with consumers and audiences through digital content, the Gen Z interns you bring on board can intuitively determine the strengths and weaknesses of your content and engagement strategies.

Last, but certainly not least, is the underappreciated value of evangelization. When summer interns have a great time working for your startup, they’ll tell their entire community about their amazing experience. And that will involve a lot of social media "likes."

Then, whether these young people become an employee, customer or just a fan of your brand, you’ll be able to rely on their positive experience and the power of their word of mouth.

Just remember: In order for any of this to work, the arrangement has to be just as beneficial to your summer interns as it is for your startup.

Decide whether to pay or not pay.

Intern expectations are largely derived from your business and industry. Unpaid internships have always been common, but in recent years the U.S. Department of Labor has taken a hard look at the internship culture.

A test that went into effect under the Obama administration in which companies had to meet six criteria to offer unpaid internships has recently been revoked. The Obama-issued test prompted companies to rethink their intern strategies -- many then moved to a paid system. Now, the Department of Labor is relaxing those regulations.

Although there is still room for unpaid internships, so long as organizations prove the academic or professional value of the internships they offer, they may actually continue  payment because it incentivizes applications from high-caliber candidates who could become future full-time employees.

Regardless of which route your business takes, it is paramount that you communicate the nature of the internship from the start. Clearly indicating whether or not the position is paid is necessary if you want to avoid legal ramifications.

Prioritize your interns' learning.

Next, it’s important that you actually take the time to discern where an intern will fit into your organization. Figuring out projects on the fly and slotting interns in at random will not likely facilitate a positive working experience. Students and young professionals are coming to your company because they want to learn and establish strong connections in your field; and you will be doing them a disservice by not considering how they can support specific company initiatives.

Additionally, as internships are learning experiences, it is helpful to provide your interns with a mentor who can not only serve as a day-to-day resource, but also offer candid feedback to help them grow.

Related: 5 Ways Your Small Business Will Benefit From Hiring Interns

If you take the time to plan for and support your interns' inclusion in your company, you will be successful at creating a working experience that benefits both the interns as well as your current employees. Remember, summer internship programs offer learning opportunities for both sides, and if implemented strategically, they can spark new ideas to help your company progress. On the interns' side of the equation, these summer jobs can create new inroads for these Gen-Z-ers to pursue professional paths, which just may lead back to your  door.

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Snapchat Rolls Out New Analytics : Social Media Examiner

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Welcome to this week’s edition of the Social Media Marketing Talk Show, a news show for marketers who want to stay on the leading edge of social media.

On this week’s Social Media Marketing Talk Show, we explore Snapchat rolling out new analytics with Carlos Gil, Pinterest updates with Jeff Sieh, and more breaking social media marketing news of the week!

Watch the Social Media Marketing Talk Show

If you’re new to the show, click on the green “Watch replay” button below and sign in or register to watch our latest episode from Friday, February 16, 2018. You can also listen to the show as an audio podcast, found on iTunes/Apple Podcast, Android, Google Play, Stitcher, and RSS.

For this week’s top stories, you’ll find timestamps below that allow you to fast-forward in the replay above.

Snapchat Introduces Analytics for Select Creators: Snapchat creators who are either part of Snapchat’s Official Stories program or have large followings on the platform will start seeing “a slew of view count and demographic analytics on their Snapchat profile” such as data on total views, unique viewers, time spent watching, audience demographics, and more. While TechCrunch reports that this new program will include “tens of thousands” of creators, a spokesperson from Snap Inc. declined to specify what criteria Snap will actually use when deciding which influencers outside of the Official Stories program will be given access to the new analytics tool. (4:00)

Snapchat finally gives creators analytics https://t.co/OeYHdxEgtG by @joshconstine

— TechCrunch (@TechCrunch) February 14, 2018

Snapchat Brings Snap Map to the Web: Snapchat released a new version of its Snap Map that’s available to anyone to view on the web. The new web-based map features public stories posted from locations seen on an overhead Snap Map and a heat map that shows activity from users by relative volume in each area. Users can browse the map and click on any available bubble to view the public story posted from that place. TechCrunch notes that Snapchat was careful not to include individual user location or information on the web-based version of Snap Maps in respect of personal privacy. The new web-based map strictly features contributions to public stories. (14:30)

Snapchat’s Snap Map comes to the web, including in embeddable form https://t.co/xDmKBswQJ0 by @etherington pic.twitter.com/jvte2vsgjs

— TechCrunch (@TechCrunch) February 12, 2018

Snapchat Offers Free Credits to Brands Advertising on Other Platforms: Snapchat is reaching out to advertisers who are paying for vertical video ads on competing services such as Instagram, Facebook, Pinterest, and others and offering them free credits on their first advertising campaign on Snapchat. Marketing Land reports that advertisers can apply for the credits through a form on Snapchat’s site. The program is only open to advertisers that have not previously run ads on Snapchat and can provide proof of running a vertical video ad campaign elsewhere within the past 3 months. (17:43)

Snap is trying to lure Instagram advertisers by offering them free ads on Snapchat: https://t.co/kKcAZBb7Xc

— Recode (@Recode) February 10, 2018

 

Snapchat Rolls Out Marketing API to All Developers: Snapchat expanded its Marketing API program to all developers this week. Adweek reports that “any tech vendor, agency or brands can plug into the app to purchase, run and track ad campaigns programmatically” and this update will “allow advertisers to use Snap’s data to inform targeting, measurement and creative.” Prior to this expansion, the program was limited to a handful of vetted companies including select ads partners and creative partners. (20:35)

Snapchat is opening up its marketing platform to all ad-tech players and agencies: https://t.co/UTIIAD8kDf pic.twitter.com/0Rbdrknnhh

— Adweek (@Adweek) February 13, 2018

Google Launches New Stories Format for Search: Google introduced a new AMP story format that allows publishers to “immerse readers in tappable, full-screen content,” as well as “enables the creation of visual content that is fast, open, and user-first” for mobile. The new AMP Stories is currently available as a developer preview and is being tested with a handful of selected publications such as CNN, Condé Nast, and others. (21:23)

Pinterest Rolled Out New Tools for Organizing Pins, Boards, and Sections: Pinterest introduced a series of new improvements to help pinners organize, rearrange, and sort their pins. Users can now archive a Pinterest board once they’re finished with it; reorder sections and pins within a board; and sort all of their boards alphabetically, by most recent or oldest, or using drag-and-drop. All of these new features are available on iOS, Android, and on the web. (24:38)

Vimeo Simplifies Distribution for Live and Uploaded Videos: Vimeo unveiled two new tools that aim to “simplify your distribution workflow, and to help your videos succeed out in the wild.” These new tools include simultaneous live-streaming across multiple online destinations like YouTube, Twitch, Periscope, and more and the ability to publish videos as native posts to social destinations. Live simulcasting with Vimeo is limited to Live plans and native publishing is available to all Plus, PRO, Business, and Live plans. (30:53)

Facebook Improves Page Insights: Facebook rolled out two new updates to Page Insights that promise to “help businesses understand the results that matter most.” These include a change in the way Facebook measures the organic reach of pages that will be more consistent with the way the company calculates reach for ads and a redesigned Page Insights on mobile that will “make it easier to find the most important information at a glance.” Facebook’s goal for these updates is to make the insights that businesses care about most more accessible and easier to understand.

Facebook Pushes List-Making Feature: Facebook is rolling out Lists, a new feature that allows users to create and share text lists, copy lists from friends and family, and ask for opinions about lists as status updates. Lists can also be customized with different colors and emojis. TechCrunch reports that this new feature is “not yet broadly available” but is slowly rolling out to all users globally.

Facebook pushes for more personal updates with launch of new Lists feature https://t.co/RjLDbrDg4e by @sarahintampa

— TechCrunch (@TechCrunch) February 13, 2018

Facebook Improved Groups Management Experience: Last week, Facebook announced four new tools for group admins and members. These include updated admin tools that make finding group insights and managing memberships much easier, a new group announcement feature that allows admins to post up to 10 announcements that will appear at the top of their group page, a dedicated rules section, and more ways to personalize the colors displayed throughout the group.

Facebook also introduced the Facebook Community Leadership Program, a global initiative that invests in people building communities on the platform, and pledged to commit “tens of millions of dollars” to the program. This includes up to $10 million in grants that will go directly to people creating and leading communities.

Facebook Opens Spaces to Groups: Facebook Spaces, the company’s social VR app, now allows users to connect with up to four people from a Facebook group to which they belong. This small but significant expansion is the next step in “amp[ing] up the social aspect of the app” and encouraging users to “to connect with new people in a deeper way.” Engadget notes that this is still an early experimental feature and will likely still have some bugs as it continues to be tested and developed.

Facebook opens up social VR app Spaces to Groups https://t.co/1lcHUZNlcB

— Engadget (@engadget) February 13, 2018

Facebook Tests Downvote Button for Comment Moderation: Facebook is testing a new “downvote” mechanism for comments with “a small set of people in the U.S. only.” The company states that this feature, which appears to be similar to Reddit’s community-controlled commenting system, is “only intended to be a method for flagging questionable comments on public [page] posts” and gives users a way to share feedback on what types of comments ought to be considered offensive, misleading, or off-topic.

TechCrunch has exclusive details on how Facebook’s downvote button works https://t.co/inhiNa2JOq by @JoshConstine

— TechCrunch (@TechCrunch) February 9, 2018

Facebook Experiments With Hiding Comment and Reaction Counts: Facebook appears to be running a test to see if removing comment and reaction counts will affect user behavior. Facebook hasn’t shared any information about this possible test. It was discovered by Matt Navarra.

Facebook running a test to see if removing Reaction and Comment counts changes user behaviour? pic.twitter.com/BVOZQTDumU

— Matt Navarra (@MattNavarra) February 12, 2018

Facebook Tests Stories Photo Editing to the Desktop: Facebook is reportedly updating the Stories posting feature with a dedicated photo editing tool for desktop users. The Next Web reports that “the new functionality resembles the standard image-posting photo editor and offers various options to manipulate the final picture – by adding text, color filters, and stickers.”

Facebook brings Stories photo editing to desktop… for the 3 people who use it https://t.co/B4ug4uDjJy

— TNW (@TheNextWeb) February 12, 2018

Facebook Unlocks Marketplace Achievements: Facebook appears to be experimenting with “achievements” on users’ activity within the Facebook Marketplace. The Facebook Marketplace was officially rolled out in the U.S. in October 2016 as a way for local communities to buy and sell goods on Facebook. The program was expanded to Europe less than a year later and this is the first time any attempts to gamify this service have been spotted. This possible new feature was seen on Matteo Gamba‘s Facebook account and reported by Matt Navarra.

NEW: Facebook is testing ‘achievements’ to gamify Marketplace

h/t @sliver86 pic.twitter.com/vIc1eGO6R5

— Matt Navarra (@MattNavarra) February 11, 2018

Facebook Will Add Breaking News Section to Watch: Facebook is expected to create a breaking news section for its video streaming platform, Watch. Facebook is making more efforts to feature local news publishers rather than “big national outlets” on the platform and is currently testing a new section of its app specifically for local news and events. In this new update, Facebook stated that its commitment to featuring more local news “is part of a broader evolution of Facebook’s news strategy.”

Facebook is creating a news section in Watch to feature breaking news https://t.co/ae3J6NNsy4

— TechCrunch (@TechCrunch) February 13, 2018

Facebook Tests Paywalls Inside the iOS App: Facebook is conducting a test in which news publishers will be able to use their paywalls inside Facebook’s iOS app. This initiative will begin on March 1, 2018, and will offer publishers 100% of subscription revenue. This is a similar agreement to the Instant Articles paywalls and subscriptions model that was rolled out to Android in October 2017.

Apple is giving Facebook & its news publishers a sweetheart deal, waiving the rule against linking out to subscription pages in mobile web to bypass 30% tax https://t.co/rhR5yXjq01?amp=1

— Josh Constine (@JoshConstine) February 13, 2018

Facebook Opens Community Help Feature to Businesses: Facebook announced that organizations and businesses can now post in Community Help and provide critical information and services for people to get the help they need in a crisis. Facebook introduced Community Help a year ago as a way for users to ask for and give help during a crisis. By also allowing businesses and organizations to post in Community Help “will give them a new way to reach communities impacted by crises” and “an opportunity to build stronger communities around them.”

Facebook is expanding this feature to select organizations like Direct Relief, Lyft, Chase, Feeding America, International Medical Corps, and more, and will make the feature available to more organizations “in the coming weeks.”

Want to catch our next show live? Click here to subscribe or add our show to your calendar.

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New & Underused Methods for Building Your Email List (on Your Podcast & Other Content Platforms) with Tim Paige

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Get a pen ready. Today’s guest is about to hit you with a wave of strategies you’re going to want to remember.

My guest today is none other than Tim Paige, an email list-building expert and host of the awesome podcast, ConversionCast. I’ve gotten to know Tim from our work together with LeadPages, where his amazing work has created huge growth in their audience engagement.

There’s a lot of information out there about how to grow your audience of email subscribers. With so many tools and technologies available, how do you choose the best strategy for you? Tim’s here to answer those questions. You’ll hear a ton of actionable tips you can apply to any channel of your business, from your blog to your podcast, as well as a few list-building success stories to get you inspired.

Ready? Let’s dive in.

Thanks for Listening!

Thanks so much for joining me again this week. Have some feedback you’d like to share? Leave a note in the comment section below!

If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post.

Also, please leave an honest review for The SPI Podcast on iTunes! Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them.

If you have any questions (or would like answers to hear previously submitted voicemail questions!), head on over to AskPat.com. This bite-sized show has over two million downloads and counting!

And finally, don’t forget to subscribe to the show on iTunes to get automatic updates, or even better, download the new SPI Mobile App, now available for both iOS and Android! It’s free!

A huge thank-you to Tim for joining me this week. Until next time!

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Stories From Smaller Nonprofits ~ Bags of Hope Project

12/15/2016

I am excited to bring back Diva Marketing's Holiday For Small Nonprofits Series.

Even in this generous season of giving the small NPOs too often get lost among big campaigns of nonprofits with larger budgets. In between your shopping and baking and gift wrapping I ask that you take a moment to read a story or two of how people are helping people... one by one. 

It's our hope that you might find a new NPO that touches your heart.   

The Bags of Hope Project is a unique nonprofit that maybe the 'smallest' in our series but none the less the work it does is important and impactful. Bags of Hope Project is a very narrowly focused nonprofit that works strictly on behalf of the Federal Bureau of Investigation (FBI) - supplying their agents who are working to rescue victims of sex trafficking, with items that they need to help victims feel more comfortable during the questioning process.

Our story teller is the founder of Bags of Hope Malenka Warner.

Malenka's story begins as a dedicated volunteer with the Georgia Bureau of Investigation. She is a certified presenter for the GBI’s Cyber Safety Initiative, part of the “Georgia Internet Crimes Against Children Task Force,” run by the GBI’s Child Exploitation and Computer Crimes Unit. This important community initiative brings internet safety presentations to schools, neighborhood groups and other community organizations.

Through her work with these organizations Malenka saw a gap in the support system. Based in Atlanta, the Bags of Hope Project, collects and maintains an inventory of items for the Federal Bureau of Investigation (FBI) Victims Assistance agents in Georgia, which are used to give immediate comfort to rescued sex trafficking victims.

Malenka's "day job" is Managing Director and Owner of Atlanta Daybook, flagship city for the Daybook Network. Daybook is utilized by nonprofit and for profit organizations to promote their organization news and events.

Bags of Hope Project

The Need or Gap In The System - This isn't a process that many of us have knowledge of, so allow me to give you just a bit of background information. When victims of sex trafficking are rescued by the FBI, they must go through a very specific process of questioning to assist the FBI in building a successful case against the individuals who were responsible for enslaving them. Young children - boys and girls; young women and young boys; young women with babies - These victims are rescued many times with only the clothes on their backs. And after this questioning period, they enter into the state system of care and support.

The Bags of Hope Project goal is to help these victims be more comfortable during the necessary interview process; to give them comfort and reassurance that they are safe and worthy; and to help create a very positive first impression for them of the law enforcement personnel who are working tirelessly to rescue those who are being abused.

For many folks who know me through my company, Daybook Network and Atlanta Daybook, they are sometimes surprised at my interest in this area. It's actually not that unusual, given my background. You see, my father was the former head probation officer of the Fulton County Juvenile Court, which worked to provide juvenile offenders with treatment, rehabilitation, and supervision.

The juvenile court also was involved with situations involving neglect, where kids were placed in healthier and safer environments. I grew up with an understanding of how many kids in our state are in dangerous situations. So when I was nominated to participate in the FBI's 8-week Citizen Academy program that gives business, religious, civic, and community leaders an inside look at the work of the FBI, I jumped at the opportunity.

As a 2003 graduate of the FBI Citizens Academy program, I got to learn a great deal more about the role of the Federal Bureau of Investigation (FBI), and about the work they are doing in our community. And I have stayed involved with the work of the Citizens Academy Alumni program, by helping the Bureau with community outreach initiatives.

That experience also introduced me to the folks at the Georgia Bureau of Investigation’s (GBI) Child Exploitation and Computer Crimes Unit. When the head of the Georgia Internet Crimes Against Children (ICAC) Task Force asked if I would be interested in becoming one of their community trainers, I again enthusiastically volunteered. Today, the GA ICAC Task Force gives presentations around the state to parents, community organizations, and of course schools. You can request a presentation with this online form.

Through my volunteer work with the FBI, and after meeting with the head of their Victim Assistance unit, I became aware of the need and opportunity to assist the FBI agents in creating the most positive first impression possible for these young victims. According to statistics from the National Sexual Violence Resource Center, trafficking victims sometimes return to their trafficker, sometimes out of fear, or because of their uncertainty about their security. It is critical that these victims have the most positive experience possible during this initial questioning period. 

The FBI agents are professional, patient and non-judgmental. Our goal is to provide them with items that will help them create the most positive bond of trust possible.

I formed Bags of Hope Project (a Georgia nonprofit 501c3 organization) when I realized the far-reaching possible affects of helping the FBI agents give these victims basic comfort items in these first critical hours after being rescued.

How You Can Help - Here are the items we are currently collecting: (our list changes per the needs of the Bureau, usually on a seasonal basis)

• Food Cards (McDonalds, Chick-fil-A, Burger King - basically drive-thru restaurants)

[When a victim is recovered, many times they are hungry. The FBI investigators are not allowed to buy the victim food with their own money or the Bureau's money, but the investigator can drive them to a fast-food restaurant, and using the drive-thru line get them food using the gift cards we provide to the agents. These cards will stay with the agents, so the suggested denominations for each card are $25 and up.]

• Diapers (Newborn to 5 years)


• Brand new small stuffed animals


• Cases of bottled water


• Sweatshirts/Sweatpants (Please email info@bagsofhopeproject.com for specific sizes currently needed. We have very limited storage facilities available so we collect clothing as needed by the Bureau.)

If you would like to help, please feel free to send me an email - info@bagsofhopeproject.com. I'm happy to meet you and collect any items you would like to donate.

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You Won't Believe the Net Worth of These YouTube Stars

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You don’t have to be a movie star these days to have an audience or to make millions of dollars.

With over 1.5 billion monthly users, YouTube is quite literally the place to be if you want to be a millionaire. The amount of money some YouTube stars are making is ridiculous. And as YouTube continues to grow year after year, so do the bank balances of some of their biggest stars.

But just how rich are these YouTube stars? What is it that they do?

Let’s find out by looking at the net worth of some of YouTube’s biggest names. You’ll be surprised by how much they earn!

Dan Middleton AKA DanTDM – Approximately $16.5 Million

Daniel Middleton (known as DanTDM to his legion of followers) was the highest earning YouTube star of 2017. And with over 17 million subscribers, DanTDM has quite the audience to make his living from.

He made an incredible $16.5 million dollars in 2017. That’s 13% of the entire earnings of top 10 YouTube stars, who made an impressive $127 million among them.

DanTDM hasn’t starred in any big blockbusters, but he’s making money like a movie star.

He built up his channel by making videos on the video game Minecraft, but his business is pretty varied these days. He sells branded merchandise, has his own YouTube sponsored animated web series, and has even gone on his own jet-setting world tour.

And with business transport costs being tax deductible, YouTuber entrepreneurs like DanTDM have no excuse not to get out there and meet their fans.

Besides, who doesn’t want to make a living playing video games, posting videos and traveling the world? Just be sure you’ve got the taxman on board!

Evan Fong Aka VanossGaming – $15.5 Million

Evan Fong is another gamer living his life on YouTube and making a killing from it.

And for the luxury of playing games and joking around, Evan made $15.5 million in 2017. He’s the second highest earner after DanTDM, taking home 12% of the share of the top earnings on YouTube.

With over 22 million subscribers, this 25-year-old Canadian sensation’s style is pretty simple. Chat, have a laugh with his friends and play video games while commenting on the gameplay. He’s also another YouTuber star making an animated series under YouTube’s lucrative Red programme.

These YouTube stars certainly know how to make money from their side hustles.

Dude Perfect – $14 million

Dude Perfect isn’t actually one person – it’s five. And unlike our first two YouTube stars, their content isn’t to do with video games.

They’re jokesters who like to perform trick shots on camera, and boy, does it rack up viewers! With over 26 million subscribers and over 4 billion video views, they’re the most viewed and subscribed to YouTube channel dedicated to sports.

And that lucrative base makes them money and brings in big star names. Actors, professional football stars, golfers, and NASCAR drivers have all appeared in videos for their subscribers.

They’ve even broken a few world records and have a successful TV series on Nickelodeon.

Logan Paul – $12.5 million

Even if you’re not too familiar with YouTube stars, you might have heard of Logan Paul.

He got himself into a bit of hot water recently by posting a controversial video of a trip to Japan where he found a suicide victim, resulting in huge international criticism. He’s also lost lucrative contracts, including being dropped from YouTube Red.

That hasn’t stopped him being one of YouTube’s top earners. He made $12.5 million in 2017, mostly by vlogging about his life and posting comedy videos.

He’s been in films, TV series, and been involved in big advertisement campaigns for the likes of Pepsi.

How 2018 shapes up for him might be a little different, but given that he’s the most popular YouTube vlogger and third on our net worth list, the future is probably still bright, if he can get over the controversy.

Felix Kjellberg Aka PewDiePie – $12 Million

Our next YouTube star is another name you might have heard of, for the wrong reasons, and was previously YouTube’s biggest earner.

Felix Kjellberg, or better known by his YouTube channel name PewDiePie, is another video gamer making videos. Sounds great, right?

Unfortunately, Felix’s use of racial slurs and anti-semitic slogans over 2017 caused criticism and outrage in the news, losing him lucrative sponsors like Disney and YouTube Red in the process.

Controversy aside, he isn’t doing too badly for himself, making himself $12 million in 2017, and an estimated $124 million since he started in 2010.

It just goes to show that being controversial isn’t enough to kill off your YouTube income if you’re a big enough name. And you’re already rich.

Jake Paul – $11.5 Million

Jake – Logan’s equally controversial older brother – is another YouTube star with an impressive $11.5 million in earnings from his own YouTube vlogging videos.

Just as his brother was getting into hot water for his Japan escapades, Jake was getting into trouble by using the N-word and posting suggestive content.

Controversy aside, this YouTuber built up his following outside of YouTube on the now-defunct Vine. He also had his own role on a TV show for Disney, before he was (you guessed it) fired.

But with 13 million subscribers and rising, he’s got the audience and the influence to keep making big money in the future if his brother and PewDiePie are anything to go by.

Ryan ToysReview – $11 Million

Unlike our Bad Boys of YouTube collection, Ryan is a little more wholesome. This six-year-old doesn’t do controversy, he just does toys — and makes big money from it.

Nearly 12 million subscribers watch this little American unbox and play with all sorts of toys and games for kids. One video alone has 800 million viewers, most of them children his age.

If you’re a toy maker, you’re allowed to drool at that sort of audience! And it’s toy makers that helped this little boy and his parents make $11 million in 2017.

Not bad for someone in kindergarten.

YouTube Stars Keep On Getting Richer!

The number of YouTubers morphing into millionaires is growing, and controversy doesn’t seem to be standing in their way.

Alongside the YouTube stars listed above, comedy duo Smosh earned $11 million from slapstick comedy videos. Lilly Singh earned a cool $10.5 million from comedy and music videos and her own YouTube Red film. Casey Neistat, another vlogger, has 8 million subscribers and a net worth of around $12 million.

These YouTube stars have built multi-million dollar business empires by effectively monetizing their YouTube audiences and grabbing lucrative advertising contracts along the way.

If you’re looking to replicate the success of these YouTube stars, why not think about how you can avoid some obvious YouTube marketing fails with your own content?

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MOBE Supercharge Summit Las Vegas – Day 1

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Welcome to the Dot Com Lifestyle Vlog! Today is day one of the MOBE Supercharge Summit in Las Vegas and I got all the video highlights. Over 200 people made it to the SLS Hotel for the event. It was great to meet everyone. Check out the video to see all the action.

How To Live The Ultimate Dot Com Lifestyle

I have many internet products and services that makes me money while I’m sleeping. Continuity affiliate programs like Aweber, LeadPages, ClickFunnel, MOBE, and others ensure a steady flow of income no matter what I’m doing or where I am in the world. Of all the programs, MOBE has consistently been one of the highest earners. It’s the program I recommend for new and experienced Internet marketers.

The best way to start is by applying for the 21 Step System. This is a step by step system that I created with MOBE to help you make your first $1,250, $3,300, $5,500, and even $10,000 online. In addition to the steps, you’ll also be given a one-on-one coach who will help you get started on the right track. I can’t promise that you’ll make as much as me, but you will make money if you follow the steps and plug in with your coach.

Click Here To Download John Chow’s New eBook, The Ultimate Online Profit Model!

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A Top Lesson From Vinewave: Success Doesn't Happen Overnight

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Vinewave doesn’t produce sexy consumer software, which is why you’ve probably never heard of the company. Its most popular piece of software, for example, is a staff directory. But it is special for a number of reasons. First, Vinewave is a South African company, despite the fact that you’d never guess it from perusing the website — all prices are in US dollars. Another surprising aspect of the business is its client list.

Users include Sony, Samsung, Harvard Business School, the United Nations and SpaceX. Most astonishingly, however is the fact that, for a very long time, it had only a single employee: Founder Lawrence Cawood. Since 2010, Lawrence has owned and operated Vinewave completely on his own, from a single computer at his home.

Although he is now looking to scale the business aggressively, his initial aim was to create a business that could provide for him and his family, without demanding 80-hour work weeks.

“I wanted to be able to spend time with my family, so my aim was to create a lifestyle business that didn’t demand crazy hours, and that would allow me to work when and where I wanted,” says Lawrence.

Vinewave ended up being exactly what he was looking for. Working on his own, Lawrence created a business that quickly boasted around R1,6 million in annual revenue, and a valuation of R10 million.

Related: 10 Ways To Make Money While You Sleep

Being an online business that targeted companies all over the world, time and space was irrelevant. “I would often wake up to discover that I had made R60 000 in sales while I was sleeping,” he says.

---

DOING THE WORK

Of course, that doesn’t mean that you can become a multi-millionaire while watching TV in your pyjamas. Lawrence is quick to add that launching Vinewave wasn’t easy. Sales were slow to come in and refining his software demanded hard work.

“It took me six months to make my first sale,” says Lawrence. “Also, as the only person in the business, I had to work hard. I was responsible for absolutely everything: The website, advertising, SEO, product development, and so on. However, the nature of the business allowed me to do things on my own terms. Where and when I did the work was irrelevant, meaning I could spend time with my family when I wanted. Even though I had to invest a lot of time and energy into the business, it provided a certain sense of freedom. Normal business limitations didn’t apply.”

As mentioned earlier, Lawrence is now working harder on the business than he did in the early days, since he is looking to scale, but Entrepreneur spoke to him about the ins and outs of creating a lifestyle business or side project that doesn’t demand absolutely all of your time.

---

Here’s his advice for creating a business that can make money while you sleep.

1. Product, not service

The more successful a service business is, the more time you’re likely to have to invest in the business, since you are essentially trading your time for money. For example, if you have a photography business, every new client will cost money, require more time and add complexity to the business. Selling items online, in contrast, is easier to scale as a business, since the difference between selling ten and 12 items isn’t all that much. Easiest of all is a business that sells a digital product. The added cost and complexity that comes with every added customer of a piece of software is very small, since there is nothing to package or ship. For this reason, a company like Facebook, Dropbox and, indeed, Vinewave is hyper-scalable.

“I think it’s important to be passionate about what you do and to pursue something that you’re knowledgeable about, but you also need to be realistic about the demands of the business you have in mind. Some ideas and products demand more time and resources than others. If you want a business that you can run on the side, you need a product that is relatively easy to ship and sell. Software is easiest, of course, but a physical product isn’t out of the question. Just make sure that systems and processes can be put in place to streamline the process and free up time.”

Related: These Are the World’s Top 10 Young Billionaires

2. Build a better version

Unless you’ve got a lot of time and money on your hands, reinventing the wheel isn’t a good idea. A company like Google, Apple or Amazon can gamble big on revolutionary ideas, but if you’re looking for a manageable side business, you want to instead focus on creating a better version of an existing product.

“You want to look at what is already selling, and build something similar, but better,” says Lawrence. “As always, you want to identify a burning problem, and provide an elegant solution that people are willing to pay for. The last thing you want to do when you don’t have a lot of time and money to invest is to try and create a new market on your own.”

3. Listen to customers

The best way to launch a business that scales quickly and easily is to create a product that customers are eager to buy.

“It took me half a year to make my first sale. I wanted to sell a suite of products, while customers wanted to be able to choose the products they needed. It’s important to listen to customers and give them what they want,” says Lawrence. “Also, remember that customers are sophisticated these days. They have high expectations. Even though I am selling a B2B product, I’m cognisant of the fact that my users are also users of things like Facebook and Instagram. Ultimately, people use things that are elegant and simple and easy to use. They pick the best product.”

Unfortunately, this means that there are no shortcuts to success. A bad product won’t find traction. Lawrence suggests launching an MVP (minimum viable product) and refining it. “Listen to customers and create something they truly want,” he says.

Related: Fake It ‘Til You Make It: How These 10 Entrepreneurs Did Just That

4. Think big

Lifestyle businesses used to be small and location-specific. Thanks to the Internet, that’s no longer the case. Geography has become irrelevant.

“Just because you have a lifestyle business doesn’t mean that you have to sell to your immediate community,” says Lawrence. “You can now sell to the whole world, which means that you can make money anywhere, at any time. You can sell around the clock. This is particularly true if you’re selling a piece of software that’s delivered instantly, but it’s also true of physical products. Shipping around the country and internationally is less difficult than it once was. Don’t think small. Expand your potential market as much as you can.”

5. Look and act professional

The traditional shopfront is increasingly being replaced by the website. Vinewave’s customers, for instance, had no idea that it was a small South African company with a solitary staff member. Lawrence spent time and money to create a professional website that looked great and attracted large clients, and that was all that mattered.

“The size and location of your operation doesn’t really matter, provided you appear professional at all times, and offer great service,” says Lawrence.

“As I said earlier, customers have high expectations these days, but as long as you meet those demands, everything else is irrelevant. You can sit at home and answer customer emails in your underwear, as long as your customers are satisfied with the product and service that they get from your company. Around 98% of my customers are from overseas, so I knew it wouldn’t work if I tried to sell in rands. Instead, I created a website that sold in US dollars. You have to respond to the demands and expectations of your customer.”

6. Marketing made easy

A lot of people are intimidated by the thought of marketing and selling a product. For many, the idea of creating a product is enticing, but they are intimidated by the thought of having to market and sell. According to Lawrence, however, marketing and selling is easier than ever, thanks to the Internet.

Related: 5 Tips for Keeping Your Day Job While Launching Your Own Business

“I’ve almost never spoken to a customer and I rarely interact with them via email. If people are happy with your product and it does what they want it to do, you rarely hear from them. So you needn’t be put off by thoughts of difficult customer service,” says Lawrence.

“The same is true of sales and marketing. Through things like SEO and online ads, you can make customers come to you. You don’t need to cold call, just create a product people are actively searching for. Spend time and money on your website, and invest in SEO and online ads. When done properly, these things can drive your entire business.”

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10 of the Most Successful African-American Entrepreneurs

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From Oprah Winfrey to Daymond John, celebrate the accomplishments of some of the nation's most prominent black founders.

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The Art of Apprenticeship by Azul Terronez – SPI TV Ep. 24

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The Art of Apprenticeship is a lesser known book in the business world that I’d like to bring to light today in this week’s episode of SPI TV.

It is authored by my good friend Azul Terronez, who has spent most of his life as an educator and has shared his wisdom on learning here in this book, which is all about how to find an amazing mentor to help kickstart your success and do what you love.

Finding a mentor is one of the smartest and most important actions you can take, and although this book isn’t super long like other books in the business aisle, Azul does a fantastic job of giving us exactly the information we need to move forward and find our ideal mentor or mentors.

In this episode, I review certain sections of the book I feel are key, and if you have any other books to suggest I review in the future, please leave a comment below with your suggestion!

Look out for another book next week that I’ll be reviewing (to continue book review month here on SPI!)

Thanks so much for watching SPI TV, and be sure to subscribe (via YouTube or iTunes) to get new episodes of SPI TV each week delivered right to you!

Oh, and don’t forget! Join my book club where I review new books each month and give you special deals and promotions when they become available.

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22 Tips Combat Social Media Fears

09/26/2016

Social media marketing is a digital bridge that humanizes the brand online with offline benefits.

However, before your brand can build that social media digital bridge you must first confront the fears that I call ~ the elephant in the room.

I've been working in the social media space for over 12-years. In terms of digital that has to be at least 4 lifetimes! During that time there's been a new generation of business managers and entrepreneurs who have 'grown-up' using social media for fun and personal use.

However, the leap in understanding social media as a business tool often remains a frightening mystery for many.

Recently I was chatting with a smart, young - aka a Millennium, woman who launched a food venture. She had a new, pretty website complete with eCommerce features. However there was not a social icon to be found.

Toby: Why?

Food Entrepreneur: It frightens me. 

Toby: Why?

Food Entrepreneur: People are mean online. I'm working very hard to build a brand and I don't want people to hijack a social channel.

 What I've come to realize, from working with thousands of people in my consulting and training roles, is --

social media education is both emotional and logical.

The lens of how social media marketing is perceived differs for each person and within each company culture. Addressing fears/concerns, or facing the elephant in the room, should be one of the first steps in creating consensus regarding developing a social media roadmap.

5 Common Media Fears: Trolls. Sales. Technology. Track. Time.

Sorry to say, there are no canned or simple answers. However, here are a few ideas to get you started in how to evaluate the elephant in the room.

Trolls. For some like my friend the food entrepreneur, fear of trolls that might sabotage your brand is at the top of the list.

Tips: Listen for negative reviews or trolls sabotaging your brand. Watch your channels. Set up Google Alerts or Talk Walker Alerts. Create a reputation management plan. Each situation must be reviewed and action taken based on its merits.

Sales. Other people might have a concern if their financial investment (note: social media marketing is never free) will produce direct sales results.

Tips: Tricky depending on your product or service. For eCommerce and sales made face-to-face including telephone - include a "what influenced your purchase decision" question. Track direct orders from Facebook and Pinterest. Track website conversions. Add tracking codes. Consider additional forms of Return on Investment e.g. reach, awareness, amplification, relationships.

Technology. Call it technology or call it tools new platforms continuously emerge and the try and true e.g. Facebook, YouTube, Twitter, Linkedin, Pinterest update and change terms at a drop of the hat. How do you keep current?!

Tips: Determine which channels you receive the most success from in terms of your goals (see Track below). Spend the majority of your time on these networks.

Identify a channel or two that is interesting to you to sandbox. Your focus is to learn and play. Perhaps you see a growth in your customers beginning to explore that platform like SnapChat. Or maybe the technology is a new feature of a platform you currently use like Facebook Live.

Subscribe to newsletters or blogs. Follow the network on Twitter and Facebook. Create Google Alert or Talk Walker Alerts. Attend conferences. Read books. Search out webinars. 

Track.What to track, how to track and how to make sense of the mountain of data is another valid concern.

Tips: This is should be an easy fix. Go back to your roadmap and review what you wrote that determines success. Return on Investment e.g. reach, awareness, amplification, relationships. Often less is more.

Time. Of course, the one on so many people's list is T-I-M-E. Even if you subcontract the execution there are reports to read, content decisions to make and results to evaluate.

 

Tips: Another tricky one. Of course it's dependent on your content direction and the number of social channels. Begin with developing a simple, topic driven content calendar. Lucky you if there are people who will support you in content development.

Keep in mind content can be text, video, photos, graphics. You can modify content to fit different channel but please don't take the lazy route of dumping the exact same words in each channel. Play to the strengths of the channel. 

Build time for engagement, listening, analytic review. Blog posts take longer than a tweet. What's the sweet spot ~ perhaps 3-hours a week???

For those who would like a PDF of the tips ---

 

Love to learn how you combat these challenges!

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