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One of the poisoned chalices that many finance departments have been tossed by their CEO or COO is to justify the extensive time being invested in social media - marketers being seen as having gone native. Based on a recent MPF survey into digital and social technologies:
Their primary purpose, according to both marketing and management, is raising profile, in effect advertising. However, advertising has always been recognized as far less relevant than other marketing tools for professional firms, so it is unlikely alone to justify the current level of investment.
Another purpose is fostering collaboration and interactions with clients and other audiences. However, this received a far lower priority, especially from marketing, with, for example, 50 percent of firms measuring online conversations but only 10 percent of practice group leaders receiving relevant KPI analytics.
A third purpose is obtaining new client instructions. Worryingly, this emerged as the preferred outcome for both marketing and management in spite of all the marketing textbooks telling us that measuring advertising by new work gained is misleading and dangerous.
The concern is that, unless the mismatch between purposes and outcomes is resolved through increased clarity, a train crash can be expected, with marketing being the victims. Under this scenario, how easy will it be to reclaim the territory surrendered to others in a zero-sum world?
Attendees will learn:
The most popular social media channels used by peer firms.
The need to clarify the purposes of using social media.
The limited role for formal training in improving digital expertise.
The need to share KPI analytics with practice leaders.
Ways to avoid a mismatch of outcomes and purposes.
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