Best States for Entrepreneurs 2011

Charlotte, NC skyline

Best States for Business 2010

In Chief Executive’s annual survey of best and worst states for business, conducted earlier this year, 651 CEOs across the U.S. again gave Texas top honors, closely followed by North Carolina, Tennessee and Virginia. They gave the booby prize for worst state to California, with New York, Michigan, New Jersey and Massachusetts filling out the bottom five-a line-up virtually unchanged from last year. Florida and Georgia each dropped three places in the ranking, but remain in the top 10. Utah jumped six positions this year to sneak into the top 10 at No. 9.

The business leaders were asked to draw upon their direct experience to rate each state in three general categories: taxation and regulation, quality of workforce and living environment. Within each category respondents graded states in five subcategories, as well as ranking each in terms of its importance to the respondent and how individual states measure up.

From Chief Executive:

Texas fares competitively with Nevada and Delaware in terms of taxation and regulatory environment, but scored best overall, in no small measure because of the perception that its government’s attitude to business is ideal. Runner-up North Carolina edged Texas slightly in its living environment, but scored somewhat below the Lone Star state in terms of government attitude to business and work ethic, which is a sine qua non for the business leaders. After employee work ethic, CEOs most highly prize lower tax rates and perceived attitudes toward business, followed by living environment considerations, such as real estate costs and education.

Lone Star Leader

By contrast, Texas, the second-most populous state and the world’s 12th largest economy, is where 70 percent of all new U.S. jobs have been created since 2008. Unsurprisingly, it scores high in all the areas CEOs value most. “You feel like state government understands the value of business and industry to create jobs and growth,” observed one CEO.

Southern Smarts

With 6 of the top 10 states for business located in the South: North Carolina, Tennessee, Virginia, Florida, Georgia and South Carolina rounding out the top 10, its clear that the main categories examined: Cost of Doing business, Workforce, Quality of Life, Economy, Transportation & Infrastructure, Technology & Innovation, Education, Business Friendliness, Access to Capital and Cost of Living are indications that we have it all.

America’s Top States for Business 2010

CNBC Also completed a special rankings report on America’s Top States for Business 2010 – They scored all 50 states—using publicly available data—on 40 different measures of competitiveness. States received points based on their rankings in each metric. Then, they separated those metrics into the ten broad categories, with input from business groups including the National Association of Manufacturers. They weighted the categories based on how frequently each is cited in state economic development marketing materials.

North-Carolina-business-ranking

Maybe I’m biased because I have been living in the South for over a decade, but having visited 8 of the top 10 states (Utah & Colorado excluded) I can say without bias that North Carolina (Charlotte in particular) is a great location for entrepreneurs as I was able to start my own social media agency in this area in 2007 and have found great success not only for my business but for also the clients I do work with in the region.

Please leave a comment below as I’m interested to hear about your experiences in business and whether or not the regional landscape depicted where you founded or relocated your company.

(Image Credits: Tonyshi)

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Social Profiling


Email service provider Exact Target recently released their social profile tool, based on social consumption and social contribution. The interactive tool introduces you to the 12 distinct consumer persona’s online. The ability to study this data and consumer behavior online allows you to get to know your audience based on their personalities, not just their age, gender and other demographics.

The Social Profile Interaction Tool

In The Social Profile, you’ll learn about 12 distinct personas that represent motivations for interacting online. These personas aren’t mutually exclusive—consumers self-identified themselves as falling into as many as three of these 12 categories. We’ll also help you understand how consumers interact with marketers like YOU across email, Facebook, and Twitter.

• Get to know your audience based on their personal motivations, not just their age, income, or gender.

• Learn why consumers’ use of social media is dictated by their individual motivations, not by the channels themselves.

• Realize the importance of understanding your audience, so you can predict what they want from your brand, meet their expectations, and increase your ROI.

Customers no longer pay attention to your brand for the same reasons across all ages, incomes, and gender. That’s why you must give consumers a chance to interact with you based on their personalities. And by simply taking the time to meet your audience, you’ll be able to make informed decisions about what, when, and where your marketing messages should be delivered. With our 12 consumer personas, you’ll be able to deliver one-size-fits-one messages that will truly resonate.

Focus on 5 key social networking personas

Based on both the amount of content they consume and produce, the five most valuable, in order of their total content usage, are Megaphone, Open Book, Social Butterfly, Business First, and Enthusiast.

Megaphone
Representing 7% of online consumers, Megaphones want to connect, educate, and share resources and information online with others. Despite the relatively small number of them, Megaphones have a disproportionately large influence on brands and the internet as a whole. These consumers are by far the most active group of consumers in social media of all types. 65% regularly maintain a website, blog, or both.

Twenty percent of Megaphones use Twitter daily and have three times more followers than the average consumer. Their Twitter usage continues to increase, unlike many of the other personas. Megaphones are easily influenced; they’re the most likely consumers to become a subscriber, fan, or follower at the recommendation of others.

Open Book
Accounting for 6% of online consumers, Open Books are uninhibited consumers who freely express their likes, dislikes, experiences, and opinions with the online world. Open Books may appear similar to Megaphones as they’re active in creating content and commenting in social forums. But they’re more likely to blog regularly than Megaphones, and their biggest difference is in their intent. While Megaphones are primarily interested in connecting and educating, Open Books want to divulge their experiences online and find others who can relate to them.

Open books are motivated to fan a brand on Facebook or subscribe to email due to exclusive con¬tent and the ability to interact—not bypromotions or sales. Despite a high propensity to use Twitter regularly, Open Books don’t typically follow brands. Open Books want to interact with companies through email and Facebook. Monitoring a working ‘From Address’ and encouraging candid feedback is a good first step in gaining their loyalty.

Social Butterfly
Totaling 13% of online consumers, Social Butterflies focus on making and maintaining numerous online friendships. They use Facebook to manage their social lives, and Facebook friends are personal friends, not work contacts. Social Butterfiles are interested in becoming Facebook fans of brands, as well as promotions and sale notifications across email, Facebook, and Twitter. Social Butterflies are also active bloggers (mostly about their personal lives) and are among the most voracious consumers of online video and podcasts.

Forty-five percent of Social Butterflies become a fan of at least one Facebook brand, higher than any other persona. Twenty-seven percent of these consumers say they’re more likely to buy after becoming an email subscriber, com¬pared to 16% who report being more likely to buy after becoming a Facebook fan. Twenty-eight percent of all consumers under the age of 25 are Social Butterflies, and more than half of all Social Butter¬flies are Millennials. Keep Facebook interactions lighthearted. Promotions and freebies are better through email.

Business First
Representing 8% of online consumers, Business Firsts use the internet for business purposes, keeping up with the latest trends, communicating with business contacts, and making new connections through sites like LinkedIn. In short, they’re actively engaged in promoting their companies and personal careers online. These consumers use email constantly throughout the day, and although they don’t typically follow brands on Twitter, they’re among the most active Twitter users. Business First Consumers have nearly three times more followers than the average consumer.

They also maintain their own websites, blog frequently, upload videos, post to wikis, and write articles. The only exception is Facebook; they use this channel less frequently, primarily to connect with business contacts or to keep tabs on their children. These consumers are motivated to become a subscrivber, fan, or follower by the promise of product updates, company information, and education. They’re less likely to be motivated by discounts or entertainment.

More than half of Business First consumers are men between the ages of 25 to 54. These consumers receive more email per day and subscribe to more commercial email than any other consumer persona. Business Firsts are the most affluent persona, with a median income of $80,200.

Enthusiast
Encompassing 32% of online consumers, when Enthusiasts go online, they’re motivated by offline interests and hobbies. From sports, movies, and music to food, pets, and travel, they connect with people who have similar hobbies, or search for information that will support their lifestyle interests, including entertainment and education.

Enthusiasts tend to be younger, more affluent, are less likely to have children, and are active on email, Facebook, and Twitter. However, they view each channel as serving its own distinct purpose. They rely on email for promotions and in-depth content that doesn’t make as much sense on social networks. They use Facebook to show their support for their favorite brands, and they use Facebook and Twitter to network with other Enthusiasts.

Consumer Profile Tool

Last year Forrester’s Social Technographics® created a social profile tool that classifies consumers into six overlapping levels of participation. Based on their survey data you can see how participation varies among different groups of consumers, globally.

Digital Morning Interactive Tool

I highly recommend you to go download The Social Profile report and see what consumer persona you fall under. After you’re done reviewing the report I recommend checking out another another tool that shows you where your customers start their day online.

Digital Morning will reveal whether your customers wake up to Email, Facebook, or Twitter, so you know where to deliver your messages, and what to say.

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Facebook Hits Half-A-Billion Users

Facebook’s meteoric rise to building a user base of over 500 Million users has come to fruition in under 7 years. Consistently being ranked as the top social networking site the Washington Post provides comment on the milestone:

In its six-year history, the site has become ritualized in our daily lives. It has even attracted the unwilling who join for fear of being cut out of the social fabric. It has connected old friends and family. It has helped make and break political campaigns and careers. It has turned many of us into daily communicators of one-line missives on the profound and mundane. And it has tested the limits of what we care to share and keep private.

The half-billion-member-mark can’t be understated. To put the number into perspective, the population inhabiting Facebook now equals that of the United States, Japan and Germany combined. Or, two Mexicos and a Brazil. The universe of Facebook membership is less than half the population of India, but in the last year the social networking Internet site has doubled in size.

Facebook Worldwide User Growth

If you look at the Worldwide growth of the social networking platform, you can see that we were celebrating 400 Million users back in February of this year, Three months after the network had reached 350 Million members.


Now it’s highly unlikely that Facebook will reach the 1 Billion mark this year, but “it is almost a guarantee that it will happen,” according to The Guardian. Facebook founder Mark Zuckerberg explained: “If we succeed [in innovating and remaining relevant] there is a good chance of bringing this to a billion people… it will be interesting to see how it plays out.”

So, Congratulations to Facebook for reaching this historic milestone.

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Top 10 Social Networking Websites for June 2010

As Facebook continues to dominate all social networking traffic, it’s interesting to note that Yahoo Profiles has completely dropped out of the Top 10 social networking websites. The newest addition to the Top 10- list: MyLife; is a new people search engine to find everyone all in one place. Locate old friends, classmates, lost loves, or colleagues – we’ll see how long it lasts.

Top 10 Social Networking Sites June 2010

As Danny Brown commented on last month’s statistics:

The trouble with these stats (not yours but Compete and similar) is that they only take into account Twitter’s own API. It’s hardly used by the majority. Instead, it’s via smartphones and third-party apps by the likes of Seesmic and Tweetdeck. Gather that information and you’d have a far different graph, at least for Twitter.

I’ve searched Hubspot, Compete, Quantcast and others to find this data but to no avail, so this chart will have to do.

(Image via MarketingCharts)

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The Facebook Economy

Facebook’s Economic Geography - Visual Economics created a really interesting map of what Facebook’s economy would look like if it were a landmass, representing app companies and pages by size, along with a few other interesting representations.

The Facebook Economy

There are 550,000+ apps that are used on Facebook. Seventy percent of users engage with apps each month. There are one million app developers. Zynga, the top app developer, made $250 million in 2009. Of that amount, $80-$150 million is estimated to be profit, more net profit than Facebook itself made.

The most popular Facebook apps are:

  • Zynga
  • Rock You!
  • Electric Arts
  • CrowdStar
  • Playdom
  • Causes
  • Slide
  • 6 Waves
  • Topzy
  • iLike
  • MindJolt
  • RIM

Facebook Pages

There are 1,500,000 active Facebook pages. The average value per fan is $136.38. Extrapolating on that, many celebrity pages would be worth enormous sums:

Michael Jackson, with 13.3 million fans, would have a page worth $1.8 billion. Family Guy has 9.5 million fans for a worth of $1.3 billion. Lady Gaga and Barack Obama each have 9.1 million fans, worth $1.2 billion each. Vin Diesel has nine million fans, worth $1.1 billion. Starbucks has 8.2 million fans, worth $1.1 billion. South Park has 6.2 million fans for a worth of $845 million.

Popular Facebook pages include:

  • Barack Obama
  • Lady Gaga
  • Michael Jackson
  • Family Guy
  • Vin Diesel
  • Megan Fox
  • House
  • Twilight Saga
  • Starbucks

Users

There are 500,000,000+ users of Facebook. Of those, 200 million users use it daily for an average of 55 minutes a day. If those users were all working for $5 an hour instead of going on Facebook, they would collectively earn $916,000,000 a day.

Advertisers

In Q1 2010, 176 billion display ads were posted on Facebook, 16 percent of the display ad market. Facebook says its advertisers have quadrupled since 2009.

If Facebook were a country, it would be the third most populous in the world after China and India. Today’s valuation of Facebook is $7.9-$11 billion.

(via VisualEconomics)

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