Social Media 101 – Learn From the Big Brands You Use Everyday!

I just became a Fan of Ralph Lauren!

Truth be told, I've been sporting Ralph Lauren gear for as long as I can remember, but I just Became A Fan of Ralph Lauren on Facebook. I'm also a Fan of Calvin Klein, Equinox Fitness Clubs (where I workout) and Harney & Sons Teas (which we love to drink here at Y INTERACT). This is just a couple. On Twitter, I follow the Financial Times (which I read every day), JetBlue and the BoltBus (both of which do a pretty decent NY/Boston trip) and a number of other brands that I interact with, in some way or another, every day.

Why? Well, the first is obvious - I want the deals and discounts. If there's a 40% off sale at the Ralph Lauren store (or, to a lesser extent since I rarely buy clothes online, at RalphLauren.com) I want know about it! But it's also useful for my work since I'm curious to see how big, global brands are using social media. Perhaps I can take some of their tricks and techniques and apply them to my business.

In my opinion, retailers have it made in the shade with social media. The social world is their oyster! They can increase revenue by promoting all sorts of sales, discounts and more to their customers. News organizations such as CNN and the New York Times have it pretty easy as well - news headlines, etc. Another big winner in the SocialMediaSphere seems to be, well, social media - Twitter is gangbusters with social media experts who seem to do nothing all day but post articles on the teaching, plusses and minuses of social media. I guess this blog would count as one of those since I will tweet this when I'm finished writing it!

Less obvious, but I'm seeing more of it, is customer service - Where brands can directly interact with their customers in real time. Just a few weeks ago I was on Twitter wailing and whining that the BoltBus' Terms & Conditions to access the free WiFi wasn't iPhone-friendly. And, you know what? Soon after that, BoltBus was following ME on Twitter. Not just keeping track of what customers in general were saying, but now what Ahmed Yearwood specifically has to say about them. What a great way to be heard, and much quicker than calling a 1-800 number and going through a maze of "press 1, press 6, press 3" automated messages! All in 140 characters or less! For companies, it could also be a great way to follow customer trends and activity to be pro-active in their promotions. I actually have yet to hear of companies doing this, so when you read about it in the Wall Street Journal, remember you read it here first!

For Y INTERACT, a New York City-based design studio, I'm still working out the Secret Sauce on what all this social media stuff does for us (beyond the obvious: keeping clients, prospects and Friends of Our House updated on our goings on, new projects, etc), but like everything else, it's a cool work-in-progress. And learning while also keeping tabs on great spa deals at Equinox ain't a bad way to spend the day!

Ahmed Yearwood
Y INTERACT
http://yinteract.com

Follow me on twitter at www.twitter.com/yinteract

The Rise of Small Business in 2009

My economic indicator shows bubbling activity in Business Start-Up Land!

Out of the rubble of the 2008-2009 economic turmoil, many people seem to be contemplating going their own way and starting a business. And while I was an economics major at Harvard and still read the Financial Times every day, my economic indicator is a simple one: my in-box! Lately, we at Y INTERACT have been getting a higher than usual number of phone calls along the lines of "I've got a friend who is starting a business and they need a website…", or, "Do you do logos?..." This also includes current clients who are already in business but are branching into new entities.

It's classic Economics 101 at work – an economy on its knees is prime time to start a new business, for a couple of reasons:

1. After personal economic circumstances shift, many who have contemplated living the dream of running their own company decide to take the plunge and go their own way. After all, if you've lost your job and are having a tough time finding a new one, what have you got to lose, right?


2. Start up expenses, everything from talent to supplies to office space (if you're in the market for it), can often be found at discounted rates due to a soft economy.


3. And lastly, potential clients (consumers and companies) often start looking for alternatives to their current vendor list – smaller more nimble shops that can accomplish the same task sooner and cheaper!

I started my design studio, Y INTERACT, in aftermath of the dotcom bubble bust (the dot BOMB!), and that was now – knock on wood – over eight and a half years ago. Fingers crossed for another eight and a half.

And, contrary to what you might read about in the tech rags and in the news, most new businesses aren't financed with millions of dollars of venture capital funding. Most are done via good 'ole fashioned boot-strappin' it: Tapping into the savings, borrowing, bartering, etc.

I just dug up a stat (click here) saying that 25% of all startups fail within their first year, and over half (55%) will fail within five years. So, the trick is not actually starting a business, but STAYING in business once the dust settles around you.

Here's to all ambitions to make the 45% Club!

Ahmed A Yearwood
President
Y INTERACT
http://www.yinteract.com
Follow me on Twitter @yinteract