Social marketing conference june 2010 final
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TED VICKEY Social networking by Irish Entrepreneurs to Form, Develop and Maintain Business Networks
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Transcript of Social marketing conference june 2010 final
TED VICKEY
Social networking byIrish Entrepreneurs to
Form, Develop and Maintain Business Networks
How powerful is social networking?
…it got this man elected
Global populations
Source: Wikipedia, May 5, 2010
1 China 1,337M
2 India 1,180M
3 USA 310M
4 Indonesia 231M
5 Brazil 193M
9 Russia 142M
14 Germany 82M
20 France 65M
22 UK 62M
23 Italy 60M
27 Spain 46M
119 Ireland 5M
Over 60M
Over 400M
Benefits of social networking
SME in National Economies
lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll llllll l
93%Up to 10≤ € 2 M
5.9%11-49
≤ € 10 M
0.9%50-249
≤ € 50 M
0.2%250+
Micro Small Medium Large
Use of technology to manage social capital
LinkedIn Global Reach
LinkedIn data as of October 2008
Fastest Growing EU(by member sign-up, March, 2008)
1. United Kingdom
2. Netherlands
3. France
4. Belgium
5. Denmark
6. Germany
Ireland 243k+
106% increase in just one year!
What is social networking?
… “interpersonal communication is one of the most important reasons why people use the Internet”
(Olsen, 2008)
…”professional networking and social capital have become increasingly important to many businesses, especially to the growing number of Irish entrepreneurs”
(Nardi et al., 2002)
“…the ways in which our lives are made more productive by social ties”
(Anderson, 2002)
Literature Review
Online social networking services have:
• eliminated barriers,
• global access,
• real time,
• regardless of industry.
A social network is built on the same
principles as any other network.
Initial Results of Research
The Power of Growth
85,000 members2003
1.6M members2004
4.4M members2005
8.5M members2006
10M members2007
60M membersAs of Feb 2010
35M members2008
Bebo
MySpace
Friendster
Blog posts
Telephone calls
Postal mail
Uses of technology for social networking
Many times Once per day Weekly Monthly Yearly Never
per day
Importance of social capital
Myth of Individualism
New Venture Creation
Information Sharing
Future Business
Opportunity
Benefits of social networking(based on lit review):
Future Business Opportunity 1.5
Stay Connected 1.6
Partnership Opportunity 1.8
Research 1.9
Personal Networking 2.2
New Ventures 2.3
Expertise Requests 2.4
Sales Prospecting 2.6
Career Opportunity 3.7
Irish Perceived Benefits of social networking:
Likert Scale: 1=Strongly Agree, 5=Strongly Disagree
1 2 3 4 5 6 7 8
Irish 45 107 209 115 41 12 195 51
Non-Irish 37 101 51 1 11 0 12 75
25
75
125
175
225
275
Irish vs. Non-Irish LinkedIn Connections
Conn
ectio
ns
1 2 3 4 5 6 7 8 9 10
Number of connections (Fall 2008) 230 76 92 180 189 77 39 11 114 162
Number of connections (Summer 2009) 269 82 150 208 260 116 52 12 207 126
25
75
125
175
225
275
230
76
92
180189
77
39
11
114
162
269
82
150
208
260
116
52
12
207
126
Change in number of connections (3 months)
Conn
ectio
ns
1 2 3 4 5 6 7 8 9 10 11
How long LI member (months) 19.8 18 48 12 30 24 6 8 6 10 36
3
8
13
18
23
28
33
38
43
48
19.8
Length of LinkedIn membership (in months)
Mon
ths
AV
ER
-A
GE
1 2 3 4 5 6 7 8 9 10 110
10
20
30
40
50
60
70
80
90
100
45
50
10
80
50 50
10 10
30
70
90
What percentage of your success is based on your business network?
20%
80%
How would you identify yourself?
A loner
Have a few close friends
Friendly to those that know me
Always looking to make new connections
30%
60%
10%
What phrase do you most agree regarding your use of online social networking
I'd rather social network offlineI am not interested in online social networkingIt is a means to an endI would spend more time using online social networking if I couldI spend too much time using online social network-ing
70%
10%
20%
Which statement represents you regarding technology
I am usually one of the first to try out a new service
I usually jump into a new service after others have tried it first
I tend to wait until a majority of my friends are involved
I only become involved when I have to
“… little is known about the extent of business networks across the island”
(Lynch et al., 2009, p. 3)
More Work is Needed …
