Power of social marketing

Now, I take a relaxing moment here in Youido. (Youido is Wall Street in Seoul where the Korea Stock Exchange is located.) After long and busy weeks, today is a special treat for my wife (who is in her latter part of pregnancy) and me. I’ve got introduction about Soo Spa from my close friend who works nearby. Its ambiance is quite well-appointed for total relaxation and service staffs are excellent. While my wife gets her mother-to-be treatment, I’m reading a book and also flipping few notes I’ve been working on.

Over the past week, I was delighted to get to hear more about interesting business scheme on social marketing. Growing social media such as Facebook or Twitter and their search for revenue center other than traditional ad. somehow leads us to the next big market trend called “social marketing.” Social marketing and its definition varies. It can be group purchase for super discount, limited inventory release, or coupons distribution. They are already existing methods in the traditional retail industry. Though, difference is how quickly (and cheaply) their promotion gets to potential shoppers’ attention.

We always appreciate people (especially friends) who already have knowledge and experience of using certain items. It can be travel experience, new Jimmy Choo, or restaurant selection. Surprisingly, we often highly rely on people in the range of our social comforts even if they are not real experts. Whether we get cheapest deal or most anticipated product in the market, we have higher trust level on our friends and colleagues and feel like we have same clout with them.

Anyhow, now, marketer and advertiser needs to be smarter than ever. We all know, even articles in the New York Times, whether they are there for strong promotional motif or not. It’s a great opportunity for those who have built social network service as they’ve worked hard to build network of people with close social ties. Getting into social network, living in it, and exposing your value is best way to convert your potential shoppers to paying customers.

p.s. Special thanks for the partner who works at Bonn Angels who introduced Aveda product for my wife. It was a great gift idea! I appreciate it.

Posted with WordPress for BlackBerry.

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Capire Micropower, an engine-on-a-chip

We have everything but enough power supply for enhanced mobility. Capire Micropower, a startup that manufactures an engine-on-a-chip power supply could be an answer. Mint.com founder, Aaron Patzer, has made angel investment to Capire. Read following article on NYT at http://mobile.nytimes.com/article?a=692407&f=97

What’s your hook?

I had interesting conversation with two entrepreneurs for their new venture. Vague product concept often kills the project. Though, we concluded that there were always “hooks” for those successful social network companies that have attracted millions of users. Productizing is the art of creating “hook” and monetizing out of “measurable” user behavior.

of Courage Undaunted “불굴의 용기”

아래 글은 제가 최근 읽었던 루이스&클라크 탐험기인 [불굴의 용기]에서 발췌한 글입니다. 미국의 영토가 현재의 모습을 갖는데 절대적인 역할을 했던 두 사람의 3년간의 모험담을 (1803-1806) 담은 책입니다. 토마스 제퍼슨 대통령이 메리웨더 루이스를 기념하며 남긴 글인데 그를 정말 아끼며 전적으로 신뢰했던 제퍼슨의 애정과, 그리고 그 신뢰를 이끌어 낼 수 있을만큼 탁월했던 루이스 대위의 진취적인 모험가 정신을 고스란히 담고 있습니다. 사업을 하고 계시거나 사업을 준비하고 계신 분들께 좋은 귀감이 되었으면 합니다.

“불굴의 용기”를 지니고, 단순히 불가능만 가지고서는 그 방향을 돌리지 않을 만큼 목표에 대한 확고함과 인내심을 소유했으며, 자신이 맡은 부하들에게 아버지만큼 자상하고, 그러면서도 질서와 규율을 유지하는 데 있어 한결같으며, 인디언의 특징이며 풍습이며 원칙에 친숙하고, 사냥꾼으로서의 생활에 익숙하며, 자기가 있는 지방의 식물과 동물에 대한 정확한 관찰을 지침으로 삼는 반면 이미 아는 대상의 기록에 시간을 허비하지 않으며, 정직하고, 사심 없고, 자유분방하고 건전한 이해심을 지니고, 진리에 대한 확신이 매우 굳건해서 그가 보고한 내용은 무엇이든지 우리 스스로가 본 것과 마찬가지로 확실하며, 마치 자연에 의해 선택이라도 된 양 이런 모든 자질들을 한 몸 안에 지닌 사람이었기 때문에, 나는 아무런 주저 없이 그 사업을 그에 맡길 수 있었던 것이다.

–토마스 제퍼슨, 1813 [불굴의 용기] (Stephen E Ambrose 저) 발췌

Of courage undaunted, possessing a firmness & perseverance of purpose which nothing but impossibilities could divert from it’s direction, careful as a father of those committed to his charge, yet steady in the maintenance of order & discipline, intimate with the Indian character, customs & principles, habituated to the hunting life, guarded by exact observation of the vegetables & animals of his own country, against losing time in the description of objects already possessed, honest, disinterested, liberal, of sound understanding and a fidelity to truth so scrupulous that whatever he should report would be as certain as if seen by ourselves, with all these qualifications as if selected and implanted by nature in one body, for this express purpose, I could have no hesitation in confiding the enterprize to him.

— Thomas Jefferson, 1813, describing Meriwether Lewis

(wrote for V-Forum, September 14, 2010)

Great entrepreneurs never sell…

Every single business activity we handle daily basis is always involved with some sorts of sales. To a great extent, persuasion is very similar with sales. I love entrepreneurs who are great marketers and natural sales men. One of senior executives working at Sun told me the other day “great sales men never sell.” Great entrepreneurs never get rude or over-sell. Though. They can still make other people to change and make a move.

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