In a recent broadcast, CBS News Business and Economics Correspondent Rebecca Jarvis examined how one small business was able to profit from the use of social media. Jarvis focused on the owner of Luke’s Lobster, Luke Holden, who despite the poor economy, decided to take a big risk by opening a restaurant in the East Village in New York. Instead of relying on the traditional types of advertising (you know the ones we’re talking about...TV commercials, print ads, billboards and the Yellow Pages), he decided to keep it social.
Holden used the website, FourSquare, to market his business. This website, which also has a mobile app, gives people the chance to “check in” and let others within their social network know their location. For local businesses, it’s like word-of-mouth advertising on steroids.
As a result of using social media, Holden was able to succeed when the odds were stacked against him.
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