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MenuIf Facebook were starting today would it be a better strategy to sign-up one college at a time or sign-up collages across the country?
It's a question of how important market segmentation is today given all the powerful distribution channels that exist.
Answers
Think big. Start small.
You should always think of the bigger picture (i.e. Facebook for everyone in the world), because you want to make sure that you enable yourself to grow towards that point. Using Steve Jobs' analogy, it's about anticipating where the dots will be. Or as Wayne Gretzky puts it: skate to where you expect the puck will be, not where it is at the moment. Having this bigger vision in mind, will help you move forward.
That said, always start small. If you can make your product or service valuable for a small group of people (that are also representative of a bigger population), you can definitely figure out ways to reach those people. The initial challenge though is to make those first 10 / 100 / 1000 people really use your product or service (and preferably pay for it).
IMHO more often start ups fail because they haven't built something useful for even a small segment of people. So design for one person first, then one college, then scale.
Facebook today = Instagram.
Regardless of the constrained market (Colleges, Mobile, Format Type (Ex: Video) you focus on, you need to have it and create a great social experience.
The truth is, the only thing that will disrupt Facebook will either be a Photo or Messaging product, more likely photos (since their language is universal)
So maybe not colleges, but maybe photo site w/ a focus (ex: Pinterest), or format (ex: Vine, Cinemagram).
Everywhere we look, there are new social media channels popping up. While Facebook is one of the oldest in the space, it still has more users than any other social network today. Even though Facebook’s famed algorithm shift of 2018 caused concern for the future of organic reach for colleges, it strategically drives engagement today. From an inbound marketing standpoint, the channel can help your school or district reach both current and prospective families at every stage of your funnel.
Final site’s Social Media Marketer Darrian McClellan helps clarify the difference between a boosted post and Facebook ad. " "Facebook ads offer a lot more to advertisers than boosted posts do including more ad objective and optimization options, more customized targeting options, detailed placement options, and more creative control allowing you to optimize for various platforms and test different ad copies for performance,” said Darrian. This can be great brand recognition for your school as individual’s check-in on campus or at an event you are having. Colleges may see this a lot from members of their college community.
It also becomes part of their Facebook page. With the average time spent on Facebook lasting 38 minutes per day , knowing how to make a good impression, engage with a user, and have the right content in front of them at the right time will help you make the most of the platform. Not only do you want to prospect new families, but you also want to engage with current families, effectively reach alumni, and nurture your followers with strategic content. Facebook favours user content over brand content, which means users are seeing more content from their friends and family than from businesses. A successful Facebook strategy will come down to how well you interact with your followers on your school’s page. Social media platform algorithms go through a similar decision-making process in the blink of an eye, taking content and sifting through it before deciding what to convey to consumers. Similarly, once Facebook sees that an individual often engages with your content, you will be more likely to show up higher on their news feeds when you post in the future.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
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Dilip was very kind in his response. My answer might be a bit on the "tough love" side. But that's for you to decide. My intention, just for the record, is to help you (and those like you) on your path to success. And that starts with having a viable philosophy about entrepreneurial-ism and business. And I'm going to answer this because I get asked some form / version of this question very frequently from newcomers to entrepreneurial-ism. The scenario goes something like this: "I have a great idea. It's amazing, I love it, and I just KNOW it's gonna make me a ton of money. But I have no money right now so I can't afford to (fill in the blank with things like "to build it / create it / market it / etc" or "to hire the required staff needed to work in my business to sell it / develop it / etc"). And I don't want to tell anyone about my great idea because I'm worried someone will steal it and make MY million / billion dollars. But I can't afford to legally protect it either... So how do I launch without the skills to personally create the product AND no money to hire anyone else to do that either??" The answer is ... You don't. Look - let's be honest. All you have is an idea. Big deal. Really. I'm not saying it's not a good idea. I'm not saying that if properly executed it couldn't make you a million / billion dollars... But an idea is NOT a business. Nor is it an asset. Until you do some (very important) initial work - like creating a business model, doing customer development, creating a MVP, etc - all you really have is a dream. Right now your choices are: 1. Find someone with the skills or the money to develop your idea and sell them on WHY they should invest in you. And yes, this will mean giving up either a portion of the "ownership" or of future income or equity. And the more risk they have to take - the more equity they will want (and quite frankly be entitled to). 2. Learn how to code and build it yourself. MANY entrepreneurs without financial resources are still resourceful. They develop the skills needed to create what they don't have the money to pay someone else to do. 3. Get some cash so you can pay someone to do the coding. You'll probably have to have some knowledge of coding to direct the architecture of your idea. So you will likely still have to become knowledgeable even if its not you personally doing the coding. (This is not meant to be a comprehensive list of options... And I'm sure some of the other experts here on Clarity have others to add - and I hope they do) To wrap up - Here's my final tip to you that I hope you "get"... It's FAR more valuable to have an idea that a very specific hungry crowd is clamoring for right now - One that THEY would love and pay you for right now - Maybe even one they'd pre-order because they just have to have it - Versus YOU being in love with your own idea. [Notice I didn't say "an idea that some as-of-yet-undetermined market would probably love"] I wish you the best of luck moving forward.DB
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How should I start selling on farfetch.com or yoox.com?
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