Preparing for the perfect pitch…

30 March. After working on our internet start-up the entire year, the day has come to give a pitch to the investors. Because we have put a lot of work in the development of our idea and the preparation of our business plan,we should prepare properly for the pitch.

Therefore I googled ‘giving a good investor pitch’. The first result I came across showed me that I wasn’t the first to use Google to look for information on the best way to persuade the investors, Scott Gerber had the same idea. However Google wasn’t able to prepare him for his meeting with the investors.

Scott Gerber entered the meeting room with a lot of confidence, he was sure he would be able to persuade the investors. However things took another turn and Scott Gerber had to leave the room without any money.

Fortunately for us, Scott Gerber analysed his failure and consequently he wrote a blog about the 6 lessons he learned.

1. Less is always more: present your business to the point in a short and enthusiastic way
2. Never hypothesize: execute, execute, execute: inspire confidence with facts not fiction.
3. Leave the hockey sticks on the ice: excite investors about your big picture, but be reasonable and responsible.
4. Learn to love discount stores: prove you’re a fiscally responsible manager who knows how to get the most out of a buck.
5. Rome wasn’t built in a day – your business won’t be either: investors appreciate companies with sustainable step-and-repeat business models that are poised for exponential growth.
6. Choose not to be the smartest person in the room: build a team of credible experts.

Taking all these 6 tips into account, our first pitch will hopefully be more successful than Scott Gerber’s first pitch. We will do everything we can to convince the investors to join our RateMyStyle adventure.

(http://www.businessinsider.com/6-guidelines-for-the-perfect-pitch-2010-2)

Facebook violates Swiss and German privacy law

SNS are booming. People love sharing their personal life with their virtual friends. By posting photos, videos and information online, they keep their friends informed about their everyday business. However these users aren’t the only ones on the pictures of course, also non-users can be spotted on SNS such as Facebook. It is this issue that has attracted the attention of the Swiss and German government. Therefore they are now investigating if posting information online about non-users isn’t a breach of the privacy law.

If Switzerland and Germany conclude that the privacy policy of Facebook doesn’t suffice, this might create a huge conflict between Europe and the United States. As the US government applies a less strict privacy legislation, it supports Facebook in this matter. Therefore it will be extremely difficult to force the American companies to change their rules. Only time will tell if non-users will be able to protect their online identity or if they will just have to deal with the fact that everyone can post information about them online.

(www.nieuwsblad.be)

The fashion industry finally convinced of the power of SNS as a marketing tool

Social networking sites such as Facebook and Twitter have an enormous user base. More than 400 million people are active on Facebook and almost 5,4 million have a Twitter account. Because of these massive user numbers, companies can benefit from using these social networking sites as part of their marketing mix. Macala Wright Lee, CEO of FashionablyMarketing.Me, distinguishes between 5 ways in which the fashion industry uses social communities to develop digital marketing strategies to drive online sales and retail store traffic.

1. Getting cosy in communities

The fashion industry has been sceptic for a long time about their presence on social media. They didn’t know how they could benefit from it, and they even feared it would damage the brand. However, in recent years their attitude has changed and now almost every brand is present on several social communities. By using Facebook and Twitter, brands can easily monitor consumer sentiment and provide real-time customer service.

2. Creating niche communities

Brands aren’t just present at the most well-known SNS, they are now creating their own communities or sponsoring a niche fashion community. In this way the brands establish a more personal relationship with their (potential) customers. Moreover it has been proved that the users of these niche communities are more likely to become loyal customers. This is of course of great importance for all brands.

3. Embracing mobile apps

With the growing number of smartphones, more and more fashion brands are building a mobile application to address their customers. These applications provide the users with style tips, videos of fashion shows, articles with fashion news…

4. The rise of style bloggers

In 2009 the influence of fashion bloggers was bigger than ever before. One of the most influential bloggers at the moment is Tavi. This 13-year-old fashion wonder child even got a front row ticket for the Dior Spring 2010 show. Her appearance was discussed in great detail in the traditional fashion magazines, not only because Tavi is a truly remarkable girl but because the huge bow in her hair blocked the view of Paula Reed, fashion editor of Grazia. This anecdote shows that brands are increasingly choosing to communicate via bloggers instead of via the traditional media.

5. The impact of user-generated content

User-generated content is key to social media and fashion. A lot of fashion companies have picked up on this trend and now use online competitions to interact with their customers.

Macala Wright Lee predicts that the 5 trends mentioned above will continue in 2010. The fashion industry will continue to market their brands via the social media. That’s why I’m convinced our internet start-up RateMyStyle will attract a lot of partners and will be a highly profitable SNS in a few years time.

(http://mashable.com/2009/12/21/social-media-fashion/)

(http://www.styletoday.nl/2010/02/02/fashion-editors-zijn-front-row-‘amateur’-bloggers-zat/)

Seven social media trends for 2010

Blogger Marjolijn Kamphuis predicts seven social media trends for this year.

For one, she seems to think that the hype created around social media is over. It becomes a standard part of the complete marketing mix. Nowadays, every marketing plan has a budget for social media. According to me, she’s right. Just take a look at our business plan for RateMyStyle. We spend a nice amount of money on online marketing and social media is a significant part of it. Of course it would be quite naïve to think that advertising through social media is free publicity. If you want to do it correctly, the costs might be a bummer. Bureaus specialized in this new trend, such as Cybercom, won’t launch campaign pages and create buzz for free. So either do it yourself in a modest and economical, yet clever way. Or contact a bureau and let professionals do the work for you.

Other trends according to Kamphuis are; Advertisers engage is social gaming, The rise of the niche-networks, Location based advertising, Social media integration on your own website (no longer links to facebook) and Cross-social media to the max (watch the game of your favorite team on television while the tweeds of your best friends appear on the screen. Multi-tasking!

(www.dutchcowgirls.nl)

Coach Surfing

Coachsurfing.org is one of my favorite social network sites. Bringing people together from all over the world, sharing thoughts and experiences, is what social networks sites should be all about. Coach Surfing embodies this mission to the fullest! Coach surfing is the largest hospitality exchange network. Via this website, people can find coaches to crash on, while they travel. The fact that this hospitality comes without a bill and a lot of new contacts, makes this website worthwhile for a visit.
I recently signed up as a member of the coach surfing community. Currently my status reads that I MAYBE have a coach available. This can change over time to I DEFINITELY HAVE A COACH AVAILABLE. First, I will check out some profiles. Who are the people travelling around the world, staying over at the houses of complete strangers? Could I become one of them? The references, posted by the guests on the profile of their hosts, should give me more clues. So maybe, you can sleep on my coach soon!

Pinko introduces Store Stylist

The Italian clothing brand Pinko has brought online shopping to their stores.  At the beginning of 2010, they introduced a new virtual application to serve their customers: the Store Stylist. This new electronic device gives fashion advice by combining each article of clothing with other pieces of the collection. Moreover, customers can watch the fashion show, as well as the look book and the campaign pictures, starring top models such as Naomi Campbell, Eva Herzigova and Erin Wasson. At the moment, the Store Stylist features over 300 looks. Moreover, a renowned Italian fashion stylist adds new combinations every month.  Since February 2010, Belgian Pinko-lovers can test the Store Stylist in Antwerp. Time for a shopping trip!

Anonymous. “Virtueel shoppen.” Metro 26 Feb. 2010: 8. Print.

The Future of Social Networking Sites

Because there are more and more interaction tools available, young people are continuously networking. However, dedicating too much time to these interaction tools can sometimes cause an interaction overload. For example, the constant social pressure of social network sites such as Facebook and Twitter leads more and more youngsters to take a social network break. There’s even a site that enables users to erase their online life on Facebook, Twitter, LinkedIn or MySpace: the Web 2.0 Suicide Machine.

Nevertheless, people avoiding social networks risk being isolated. Having a network profile becomes gradually more important, as it can be the only way to access certain information. To protect users against an interaction overload, social networks will undergo significant changes, providing more control, more management and more personal features.

Moreover, smaller networks will gain popularity, as they are easily manageable and they bring together people with the same interests. Some examples are Weardrobe (blogs about style) and Zumeo (a career network). Our internet start-up RateMyStyle will follow this trend. Being a niche social networking site, RateMyStyle will be the ideal platform for fashion-minded people. Stay tuned!

Jungle Minds. “Web 2.0: Het gevaar heet interaction overload.” Internet Advies | Jungle Minds. 15 Jan. 2008. Web. 27 Feb. 2010. <http://www.jungleminds.nl/publicaties/artikelen/web_2.0%3A_het_gevaar_heet_interaction_overload>.

Palmaerts, Tom, and Maarten Leyts. “Te veel of te weinig.” Pub 17 Sept. 2009: 46-47. Print.

Safety on the Internet

When creating a new internet start-up, especially a social network site, the producers should consider the dangers its users might come across. Freedom of speech and no limitations concerning who can log in, hold certain risks. With regard to RateMyStyle, our brand-new internet start-up, for example, there are some potential threats.
Who is our target group? Mostly young girls interested in fashion who post pictures of themselves in several outfits on our site. Could it be possible that, say, an outsider, would act like a teenager and sign up? Gaining young girls’ trust through our blog? Making himself popular and trying to meet the girls?
Sexual harassment is just one of the possible dangers according to the website ‘saferinternet.be’. Other threats are commercial malpractice (frauds), technical risks (spam), recruiting sects, cyber hate, cyber bullying and e-gambling.
It is not only the responsibility of the parents. The creators of a social network site should also take measures against these abuses. On this website (saferinternet.be), creators can find a lot of useful information.

To get a really good grasp of the context created around social network sites, we should know how our target group, young people (mostly girls) behave on the internet.
OIVO, a Belgian research centre that focuses on consumer behaviour, made a very interesting study. What are the habits of the young on the internet, how do they behave online and how can we monitor this behaviour, preventing it from going astray? (www.oivo-crioc.org)
Young people, according to this study, use the internet primarily to build their image and to communicate. That is good news for our start-up, RateMyStyle, which allows the user community to build up a profile and communicate with others. But, as suggested, it’s not all roses there. Only 47% of young girls (10 to 15 years old) feel safe on the internet and only 46% of this target group claims only to be in touch with people they really know. As they grow older, their sense of safety sharpens. Nonetheless, over half of these girls could prove to be a rather ‘easy prey for predators’. That is why OIVO pleads for more awareness campaigns and concentred action of parents, industry, schools and government. Safety should be one of the big concerns for RateMyStyle.

Online shopping with advice from your friends

For fashion-conscious women, the rise of the Internet is a blessing. Nowadays, they get immediate access to the newest trends on sites like WhoWhatWear. By visiting this site, people can easily find out what celebrities were wearing the night before. Was Paris Hilton radiant in a dress that would be perfect for you? Don’t worry, Miijo helps you to find the same dress in just a few clicks.

While the Internet offers great shopping opportunities, there is also a downside. With more women buying clothes and accessories online, shopping becomes a more individual concern. However, making a decision is difficult without advice from your friends. This problem gave rise to a new trend, called ‘social shopping’, combining the isolated world of web shopping with the social element of online media. Social shopping sites like Kaboodle and Thisnext give fashion-minded people the opportunity to ask their friends’ opinion about their fancy new outfit.

The trend of social shopping originated in the USA.  Later on, similar sites were introduced in other countries, such as Osoyou in Great Britain, Smatch in Germany and FashionChick in the Netherlands. The rapid spread of this trend shows that fashion-minded people do not want to lose the social element of shopping. Creating shopping communities online gives fashionistas the opportunity to benefit from the internet while sharing ideas with like-minded people. In addition, the social shopping trend has been integrated in social network sites such as Twitter and Facebook. These media make it really easy to share shopping tips with friends. After all, you don’t want to spend your latest pay check on an outfit that nobody likes.

Fellinger, Stephan. “Social shopping.” Tijdschrift voor marketing. July & aug. 2009: 6. Print.

THE fashion gurus are returning to Belgium!

After a brief visit last May, the styling icons Trinny Woodall and Susannah Constantine are coming back to Belgium. In their new show “Trinny & Susannah: Missie Vlaanderen”, they visit five Flemish cities ( Leuven, Sint-Niklaas, Mechelen, Oostende and Tongeren) to help some more desperate ladies by giving them fashion advice. (check the dates at the Vitaya website)

Given the overwhelming success of their first visit to Belgium, there is no doubt a lot of women have already marked the dates in their diaries. But for the ones that will not be able to make it to these high days of fashion, there is no need weeping over it, as in just a few months time, fashion advice will always be available for everyone at our website ratemystyle.