Practical Social Media Strategy: Keynote for Hillross Financial Services Annual Conference 2012

Practical Social Media Strategy
Des Walsh
Keynote for Hillross Financial Services
Annual Conference 2012
Canberra, Australia
20 Jan 2012

Note on this Version
This content in this version of the slide deck used for my keynote for Hillross Financial Services Annual Conference in Canberra on January 20 th , 2012 is essentially the same as, but slightly more expansive, than the version used on the day.
Basically I have added in some notes to provide explanations I gave in my commentary on the day and thus hopefully to make the presentation slides informative for the viewer now.
Des Walsh

Des Walsh Social Media Strategist & Business Coach http://deswalsh.com

Focus of this session
There is an opportunity here to lead in this space
– will you take it?
The risks are real and can be managed

People worry about things going wrong
Qantas' recent competition on Twitter might have been better timed
But no long term brand damage from this event
#qantasluxury – fiasco or good experience?

New way of doing business - need to learn the new rules

What We'll Cover
5 Benefits of social media for your business
Some case studies
5 Blockers to social media engagement
Principles for creating your social media strategy
Plus: the one thing most businesses overlook and why that can be

Timing If not now, when?

5 Benefits
Help existing clients
Attract new clients
Thought leadership
Communicate with new generation
Collaborate with colleagues
These are common benefits from social media engagement
(not a comprehensive list and there is no rule about which one or several to choose!)

Case Studies
Henry L. Becker, Baltimore MD USA
- 20% increase AUM from social media engagement
Greg Nazvanov, Sydney, Australia
- #1 on LinkedIn AU “wealth management”, “financial planner” “SMSF” “investment planning”
Pam Horack, Charlotte NC USA
- focuses on connecting with young adults, new investors, young families, engaging via social media

5 Blockers
“ Our customers are not there”
Reputational risk
Lack of control of the message
No time available
Overwhelm
Typical blockers (worldwide) to social media engagement by professional services firms, esp financial advisers/wealth managers

Graph from Pew Internet study – see endnotes

It's not just teenagers any more
Can you afford to ignore what 51% (50-64 group) of Internet users are doing, maybe where they are getting their information?
Or 31% (65+) ?
And what about the next generations? 70% of 30-49ers, 83% of 18-29ers (think heirs to the wealth you are now advising on)
What's the risk of missing out on business by relying on assumptions, not empirical data?

Reputational Risk Apply risk management strategies: “swim between the flags”

Control and 3 Customer Types
Traditional Customer – snail mail, print newsletter, occasional meeting in office
Online customer – ourfirm.hillross.com.au
Social/Connected Customer – Facebook, Twitter, LinkedIn, etc : newly empowered – the customer is now in control and businesses have to learn to work differently
Ref: see Brian Solis, The End of Business as Usual

Finding the Time
Be clear that this does take time
Compare the time commitment for offline networking
A judgement of value
Some time each day better than a weekend blitz

Overwhelm - Default Mode for Many

Order is Possible

Also: the Content Creation Challenge
Follow company social media guidelines
Write for the social web
Not everyone has to produce original content – be a content curator

Principles and Tools for Strategy Development
The Social Media Academy methodology provides a conceptual framework for developing a rigorous social media strategy aligned with your company's broader business objectives.

6 Point Strategic Framework
Assessment
SWOT Analysis
Strategy
Plan of Action
Organisation
Execution – includes Reporting

Assessment Matrix Getting our bearings on the social web Social Web Where Topics Interests Influencers Brand You Clients Partners Competitors

3 Tips for the Assessment 1. Study people, not “companies” or “groups” 2. Find real life customers and real people heading your competition 3. Listen for what they are excited or worried or peeved about – even (or especially!) if it has nothing obviously to do with your product or service (NB: this initial assessment is the one key thing most companies don't do – to their detriment)

Align Social Media & Business Strategies Business Project Goals Mission Benefits Actions Resources Reporting

Prioritise Goals (only a few to start!) Use columns (High Med Low) to refine priorities Goal High Med Low Brand awareness Brand reputation In house collaboration Attract new clients Retain existing clients Thought leadership Recruitment & staff retention Reduce support costs Research & development Increase product sales

Foundation Platform Framework

Today's Focus
Facebook: over 800 million users
Twitter: over 300 million users
LinkedIn: over 130 million users

7 Tips for Social Media Success
1. Focus on how to achieve your Goals and Mission
2. Think relationships and networks, not “campaigns”
3. Decide basic platforms for your social presence
4. Establish your social foundation – your profile on key platforms
5. Skill up one platform at a time
6. Do something social each day
7. Have a written policy document – even for solo business

Contacting Des [email_address] | http://deswalsh.com 0413 089 355 My entire social web presence at http://xeeme.com/deswalsh

Acknowledgements and Attributions
All logos in this slide deck are copyright the respective owners. Permissions for downloaded images are listed below. The slide deck is copyright © Des Walsh 2012 and is intended for use of participants in the Hillross Annual Conference 2012. Please ask Des – deswalsh(at)webartsco(dot)com - if you wish to use it for other audiences: permission will not be unreasonably withheld.
Special note: logos, other images and social media strategy methodologies of the Social Media Academy are used by Des Walsh by licence as an Academy graduate. All enquiries about the Academy's intellectual property should be directed to Social Media Academy: http://xeesm.com/SMACAD
Image credits: see next slide

Acknowledgements and Attributions
Coolangatta Sunday Market – by Des Walsh (on Flickr, CC BY NC ND 2.0)
Madden, Mary and Zikhur, Kathryn, 65% of online adults use social networking sites, Pew Internet & American Life Project, August 26, 2011, Chart “Social networking site use by online adults 2005-2011”, p 3 http://www.pewinternet.org/~/media//Files/Reports/2011/PIP-SNS-Update-2011.pdf , accessed on January 10, 2012.
Flags at Rainbow Bay, Qld – by Des Walsh
Stopwatch by Julian Lim (“julianlim”) on Flickr CC BY 2.0
Wordle images via wordle.net
Elephant at Goteburg Museum of Natural History, Mathias Klang ( “Wrote”) on Flickr, CC BY 2.0

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Practical Social Media Strategy: Keynote for Hillross Financial Services Annual Conference 2012

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