Chamath Palihapitiya on growth hacking [Video + Slides]

Last year, Udemy and Wildfire held the first Growth Hackers Conference. At the conference, Chamath Palihapitiya, spoke about growth hacking. Below is a video of the talk followed by the accompanying slides.

Video

Slides

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Facebook Cheat sheet for Social Media Managers

Social Media Managers are always on the lookout for ways to increase engagement within their brand’s Facebook page. As I have written previously, the true power of social commerce can be understood using referral economics of word of mouth.

In a recent report, Lynchpin SEO compiled statistics on the types of posts that garnered the most comments, shares, and “likes,” for more than 1,500 brand pages on Facebook.

These stats reveal an array of interesting things about brand pages. For instance,

1. Updates with emoticons saw higher interaction rates than those with pictures

2. Posts that contain the words “take,” “click,” “submit,” “check,” and “shop” experience significantly lower rates of interaction.

See the full infographic below— and always, do take everything you read with a pinch of salt.

facebook-post-cheat-sheet

 

Growing trends in the media and digital sector for 2013

Digital media

Millward Brown, has released its annual top 10 digital and media predictions, highlighting growing trends in the media sector.

They expect 2013 to be another dynamic year for online display, mobile and social media. Consumers have ever higher expectations of intelligent digital advertising approaches, and marketers will need to deliver more sophisticated campaigns to keep pace with what works.

You can view a detailed interactive version of the top 10 digital and media predictions on the Millward Brown website.

1. Facebook‘s monetisation drive will provide new, richer advertising opportunities for brands.

2. Social media listening evolves from monitoring to insight.

3. Emergence of ‘mobile remotes’ make it a central pillar of smart communication plans.

4. The great paywall makes for scarcity of premium eyeballs.

5. Omnichannel marketing helps brands build on meaningful moments of engagement.

6. Social TV grows up and becomes part of the narrative rather than a conversation about the narrative.

7. Mobile advertising in Africa tackles the smartphone divide.

8. Greater collaboration needed to make the most of real-time optimisation.

9. Better aligning of online display with objectives.

10. More meaningful mobile engagement via apps and actions.

See the complete report below.

To explore these predictions in more detail, click here to download a Pdf copy.

Source: Millward Brown

Facebook gifts and its impact on Social Gifting Startups in India

Note: This article originally appeared on Lighthouseinsights.in as Facebook Gifts, Will It Impact Indian Social Gifting Startups? 

Last month Facebook made a quiet re-entry into its previously mildly successful segment ‘Gifts’. Back in 2007, Facebook had introduced virtual gifts which could be sent to a friend for any occasion, these gifts cost anywhere between $1-3. In 2008, Jeremy Liew of Lightspeed Venture Partners had quoted, “Since there were 322 gifts available for sale when we completed our last survey (Jan 8th, 2008), that implies that Facebook is selling just over 270k digital gifts per week. At $1 per gift, that implies an annual run rate of just under $15m.”

This time around, in 2012, Facebook has managed to take the gifting business one step further and facilitate offline gifts. How exactly did Facebook manage this? Besides its vast resources, Facebook has managed to scale Facebook Gifts across its platform by building on the expertise it acquired through its acquisition of Lee Linden and Ben Lewis’ Karma app.

To begin with, Facebook has decided to limit the value of Gifts on its platform to below $50. “Fifty Dollar deals sound like a small portion of the eCommerce market”, says Yariv Dror, StoreYa.com (Facebook store platform provider) CEO, “but our numbers show, that 57% of the millions of products that have been imported to Facebook using our platform match this figure of $50 and below.

In September, I did a post on Social Commerce and where it was likely to be heading.

Facebook Gifts and India

By entering the physical good space, Facebook will not only be competing with retail giants such as Flipkart, eBay and the hoards of other ecommerce companies in India but against a multitude of startups like Badhai, 99presents, Giveter and so on. Badhai allows users to send gifts vouchers to their friends; they have recently added group and social gifting. 99presents helps you find products your friends from across different eCommerce sites like Amazon, Flipkart, Etsy, ThinkGeek, etc. While Giveter recommends gifts based on its own secret sauce and the recipients’ Facebook likes.

For those who want to ride the Facebook Gifts wave here in India, as of now there is no news on when the feature might launch in India but Facebook is accepting proposals from Vendors who might want to sign up to offer products as a part of Facebook Gifts. If you want to sign up as a vendor, you can do so here.

India has a substantial number of Facebook users and the model that Facebook Gifts follows might make it relatively easy for them to penetrate the market rather quickly. Facebook does not have the delivery logistics that Flipkart does. Hypothetically, this could be a possible hindrance for Facebook Gifts to grow. How do they overcome it? They ask vendors to sign up, these vendors already use their own logistics providers, and Facebook only brands the gifts for e.g.

Facebook Gifts branding

[Image credit: Techcrunch]

Facebook gifts hasn’t launched in India, yet. And when it does, instead of looking at its impact on companies in social gifting space in India, I believe it could have a significant impact on all ecommerce segments in India.

Further to its commerce ambitions, Facebook has also launched a new feature called Collections which is currently being tested with certain select brands like Pottery Barn, Wayfair, Victoria’s Secret, Michael Kors, Neiman Marcus, Smith Optics, and Fab.com All Facebook reports that Collections enables Facebook users to not only like, but collect, want, or buy products that brands share through images on the social network.

Would love to know your thoughts about the new features Facebook has recently added.

Social Commerce: Where is it heading?

Social commerce has a simple value proposition, i.e. it makes it possible to measure and manage word of mouth.

Multiple studies into this subject have thrown up some interesting findings

  •  62% of online shoppers have read product-related comments from their friends on Facebook
  • 75% of shoppers who read social sharing comments have clicked on the product link in their friends’ Facebook posts, taking them to the product page on a retailer’s website
  • 81% of consumers who purchase products they learn about through social sharing are valuable social sharers themselves, thus creating a cycle of sharing and buying.
  • 32% of visitors are more likely to stay and shop on a site that shows activities of shoppers who have purchased there.

Read Social Impact Study 2012: Social Sharing as Helpful as Google Search in Shopping

What this study shows is that social commerce is that  social media content can generate strong word of mouth which can be manoeuvred to generate sales.

The power social commerce can be understood using referral economics of word of mouth. Let us take an example of Apple Computers to understand this better

Source: Net Promoter Economics: The Impact of Word of Mouth

Facebook and social commerce

Forrester Research’s Gina Sverdlov has done an extensive study on THE FACEBOOK FACTOR – Quantifying The Impact Of A Facebook Fan On Brand Interactions.  According to her, “Using regression techniques, the study provided evidence to support the insight that your Facebook fans are more your most valuable customers.”

(customer value = purchase value + referral value)  

“Specifically, the study found that fans of a range of brands (the study focused on Coca-Cola, Blackberry, Best Buy, Walmart) are significantly more likely than non-fans to

  • Consider buying
  • Purchase (79% vs 41%)
  • Recommend (74% vs 38%)”

What is equally important to understand here is that boosting the number of fans on a Facebook page (Hilariously chronicled here: Arre Sir, We Will Get You 2250 Fans. That’s Our Headache!) isn’t the solution to exploring the commercial aspect of your page.

While dealing with Facebook fans always remember:

  1. The power of the Like button is not that it creates fans, it IDENTIFIES them.
  2. Your Facebook page is like a honey-laden flower that  ATTRACTS your most valuable customer and lets you target them.

Instead, reward your fans. Use your page to drive up engagement.

Microsoft, Facebook Announce Patent Agreement

Image representing Microsoft as depicted in Cr...
Image via CrunchBase

Microsoft just announced a Patent agreement with Facebook (you can check out the original Press Release below) According to Robert Scoble (Startup Liaison Officer at Rackspace Managed Hosting), this can get extremely interesting for a few reasons:

1. It shows Microsoft has no chance at all to get into social game other than to license Facebook.
2. Facebook needs more weapons to use in negotiations with Apple.
3. Facebook needs more weapons to hold off Google+ (or Amazon) from cloning everything and moving users to Google (or Amazon).

This is a well calculated move on Microsoft’s part as this paves the way to get Facebook on-board as a key partner in all Windows initiatives including Windows 8 and Xbox.

The Press Release is paraphrased below and can be viewed in full here

REDMOND, Wash. and MENLO PARK, Calif. — April 23, 2012 — Microsoft Corp. and Facebook announced today a definitive agreement under which Microsoft will assign to Facebook the right to purchase a portion of the patent portfolio it recently agreed to acquire from AOL Inc. Facebook has agreed to purchase this portion for $550 million in cash.

In the initial AOL auction, Microsoft secured the ability to own or assign approximately 925 U.S. patents and patent applications plus a license to AOL’s remaining patent portfolio, which contains approximately 300 additional patents that were not for sale.

As a result of today’s agreement, Facebook will obtain ownership of approximately 650 AOL patents and patent applications, plus a license to the AOL patents and applications that Microsoft will purchase and own.

Upon closing of this transaction with Facebook, Microsoft will retain ownership of approximately 275 AOL patents and applications; a license to the approximately 650 AOL patents and applications that will now be owned by Facebook; and a license to approximately 300 patents that AOL did not sell in its auction.

“Today’s agreement with Facebook enables us to recoup over half of our costs while achieving our goals from the AOL auction,” said Brad Smith, executive vice president and general counsel, Microsoft. “As we said earlier this month, we had submitted the winning AOL bid in order to obtain a durable license to the full AOL portfolio and ownership of certain patents that complement our existing portfolio.”

“Today’s agreement with Microsoft represents an important acquisition for Facebook,” said Ted Ullyot, general counsel, Facebook. “This is another significant step in our ongoing process of building an intellectual property portfolio to protect Facebook’s interests over the long term.”

The parties are evaluating the accounting treatment for these transactions. These transactions are also subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

Want to ‘Social’ise your Startup? Heres How

Image representing Facebook as depicted in Cru...
Image via CrunchBase
  1. Build a company that’s social from the beginning. Create your social media accounts as you grow to develop an early fan base. Whether it’s limited to only a twitter account or you want to indulge various mediums depends on the nature of your product, but the important thing to remember is that you should use your account for more than just marketing. Get the word out, engage your prospective customers, find employees, and you could even solicit potential partners.
  2. Maintain a Blog. Everyone loves a success story. People love to read stories of people who start off from the bottom and work their way up. Tell your story. Connect. Create lasting relationships. All this while keeping your stakeholders informed about the developments within the company and a sneak peek into things to come.
  3. Focus on the platform that’s most important to you. Analyse the strength of your product and choose a platform which complements it. Pinterest might not work for some, as could be the case with Youtube. Keep in mind that content is very important and stretching over too many platforms might dilute your message.
  4. Consistency creates recall. Ensure you product has similar handles across multiple platforms. This breeds recall, which over time can create brand value.
  5. Identify key influencers and treat them like they mean the world to you. Every product has early adaptors, treat them with love, and incorporate their suggestions. Remember, they are not getting paid to do this; they are doing this because they love your product.
  6. Most Important: Drive traffic back to your website. Creating a community on Facebook that never visits your website might not be the best idea. In most of your posts, ensure you link back to your website. Give people a reason to come to your website, find ways to engage them there, and help them get into a habit of coming there. Goes without saying that you should ensure you have social plugins to enable users to bring their friends onto your site.