Intro to Social Media - for Accountants

Introduction to Social Media aka Kipling’s Six Friends Justin Souter

Warm up – Social Media disaster
Original ad
http://www.youtube.com/v/BmykFKjNpdY
Spoof
http://www.youtube.com/v/TpqpAGLS2t4
17/09/09 © Justin Souter 2009 Props to Neville Hobson: http://www.nevillehobson.com/2008/11/18/the-motrin-storm-breathtaking-speed-and-scale/

Has to eat humble pie 17/09/09 © Justin Souter 2009

Motrin: Twitter 17/09/09 © Justin Souter 2009

Thoughts
Rudyard Kipling ( via )
I KEEP six honest serving-men
(They taught me all I knew);
Their names are What and Why and When And How and Where and Who.
What is Social Media all about?
Why should I be interested?
When is it happening?
How can / should I get involved
Where is it happening?
Online
In people’s heads
Who should be involved?
17/09/09 © Justin Souter 2009

What is it?
Yes, so what is it?
Technology
Social Movement
Mindset
Computer-mediated world
“ This is about determining a future online customer communications strategy ”
Chief Executive I was talking with recently
“ If I have seen a little further it is by standing on the shoulders of Giants. ” - Isaac Newton (i.e. links)

Thoughts II [put in notes]
Show of hands:
Who has blocked Facebook? YouTube? Twitter?
Companies that allow their workers to access to Facebook during business hours lose an average of 1.5% in total employee productivity, according to a study by Nucleus Research .
Ok, even US Open tennis is getting twitchy ;-)
Also
Do you know how many people in your organisation blog & tweet etc. outside work?
How many *at* work?
How many of you have a Twitter account? A Blog? Publish photos via Flickr etc.

Military of Millennials article
Contrast in approaches between Top Brass & Junior Ranks etc.
E.g. open vs. Closed re personal info
http://www.strategy-business.com/article/07401

MoM - Conclusion
“ Most generations have a way of challenging their elders’ fundamental assumptions and ways of doing things.”
“ Gen Y is poised to do the same — and in potentially constructive and original ways.”
“ The job of today’s captains, majors, and colonels is to encourage and guide millennials and protect them from the senior officers who may not appreciate their unique qualities.”[!]

MoM II [HIDDEN]
Let’s hope the military, and the corporations that hire the people who leave the military, can learn to make the most of this new generation’s distinctive talents and instincts.
Confronted with the reality of Gen Y’s unique characteristics, what’s a military leader to do?
More research into the attitudes, aptitudes, and habits of young military officers and noncommissioned officers should help to clarify key issues;
we already know that the answers are unlikely to lie in stifling this generation’s natural talents and predilections.

Overwhelming amount of tools :’( 17/09/09 © Justin Souter 2009

Why does it matter?
It's the idiom of our Youth
Interactive vs. Broadcast
You've got a Website
Now you need a Web Presence
"Open the Kimono" at the pace *you* choose
Embrace the Now; the Futue is already here
Influence, because it's happening already
Get closer to the Customer in this age when they’ve already Googled you before you speak / they come into the shop etc.

Twitter effectiveness
Representatives from Dell said, at a Twitter for Brands event hosted by New Media Age in London on Friday , that it has seen tangible uplifts in sales which can be directly attributed to marketing on Twitter .
The brand’s Twitter account has driven $3 million in sales since it began operation in 2007, Dell said.
@DellOutlet is in the top 100 Twitter accounts (over one million followers, increasing ~6K per day)

Thoughts III
Your business & your Customers’ businesses
Business to Business
Business to Consumer
McKinsey Quarterly vs. a set of blogs
Part of a wider trend
From Push to Pull
Motor industry example
Social Capital
Creating the right environment for buying / choosing your firm
Create relationships online
Become a Social Capitalist!

What can it be used for?
Recruitment
Ernst & Young careers Facebook group
Marketing
West Midlands Police
Recruitment / ‘plodcasts’
PC TV; YouTube, Twitter, Facebook
Focus group
GM’s Fast Lane blog
“ we are gaining insight about how to optimize not only our communications, but the brand itself.” Link
Collaboration
Reuters example at Fujitsu
Example too numerous to mention

Ernst & Young careers on Facebook

What can it be used for? (2)
Customer support
Dell Hell & turnaround
Early warning
Domino's example
PR
Ford & The Ranger Station
Social Media news release
Social Media news room

Business to Business Scenarios
According to Dan Sears , you might consider the following:
Listen and monitor the online conversation
Gather product requirements and feedback
Alert customers of new product features, upcoming events
Introduce products to prospects
Develop advocates and Industry influencers
Reposition products and brands
Share information during tradeshows and events
Align and connect communities of interest and practice
Generate awareness and exposure (press release)
Social Media in a B2B context blog post

Downsides
Motrin (as we’ve seen)
Dell Hell – turnaround to @DellOutlet & $3m sales
Copyright issues – sharing gets abused
Phishing / spam / identity theft
Timewasting
Time consuming

When?
"As I've said many times, the future is already here. It's just not very evenly distributed.“ - William Gibson

HOW? 17/09/09 © Justin Souter 2009

The four-step approach to the groundswell People Assess your customers’ social activities Objectives Decide what you want to accomplish Strategy Plan for how relationships with customers will change Technology Decide which social technologies to use P O S T

Key roles and their groundswell objectives Development Support Sales Marketing Research Groundswell objectives Roles Listening Talking Energizing Supporting Embracing

groundswell.forrester.com

What to do – practical steps
e.g. for Chantrey Vellacott DFK
Put together business case & get sign off?
Form team of interested parties & subject matter experts
POST exercise
Divvy out tasks & responsibilities
Measure before & after
Set up blog, twitter, photo, & video tools
Integrate with website
Follow other people, comment on blogs, create interactions
Start slow, experiment, fail fast, learn quickly
Consider phased approach
Manage the Change internally
Keep stakeholders informed & happy
Think long-term & keep at it
Hire a social media specialist!

What to do - strategy
Get someone in your team to read Groundswell
POST approach
5 ways of using social media
Demographics
Tech
Depends on existing infrastructure
Often, exploit what you already have
Combine
Tools are most powerful when used together

Social Media Panel Outlines Tips for Accountants
Protect your name
Establish goals & revisit them often
Commit
Find fans & potential employees
Consider multiple personalities
Act professional
Highlight area expertise
Ask questions
Don’t abandon face time
http://www.journalofaccountancy.com/Web/20091830.htm

Social Media & QuickBooks
Do Social Media Users Benefit?
By answering each other's questions
Influence the development and design of products they us
Power users can build reputation
Accountants can gain access to prospects in the social media community
Users can network
Link
Other platforms used
LinkedIn and Facebook to bring together QuickBooks experts
Other Intuit community websites
Meetup – find a QB consultant nearby
Also, blogs , wikis (to create a Tax Almanac ), YouTube to showcase new release, Twitter, even Second Life !

10 ways to measure social media success
Traffic
Interaction
Sales
Leads
Search marketing
Brand metrics
PR
Customer engagement
Retention
Profits
Props to Econsultancy

Social Media Measurement
Here's a framework for measuring social media :
Attention
Participation
Authority
Influence
Sentiment

WHERE? AND WHO?

Where? and Who?
Where?
Context
Internal
External
Stakeholders
Online and offline
“ Top 2 inches”
Who?
Leadership sets the tone and example
Front line delivers
Management monitors, encourages, reports upwards

Accountants who use Social Media
Dennis Howlett - @dahowlett
Mark Lee - @bookmarklee
Philip Woodgate - @philipwoodgate
Richard Murphy - @richardjmurphy
Glen Feechan - @glenfeechan
AT Accounting - @ataccounting
Phil Richards - @bfcauk & @philrichards
The accountants’ guide to Twitter
Brought to you by:
Emily Coltman - @Ask_M

AND FINALLY…

Why accountants should blog
Sharing what you know through a blog shows you care and provides the enabling medium that provides the context for collaboration among other professionals.
As the world becomes more specialised, I see collaboration as an increasingly important part of the professional landscape.
Gain a reputation for sharing knowledge and like minded people WILL come to your door.
The biggest benefit though comes through your ability to show your human-ness.
People deal with people and if they see authenticity expressed through your blog efforts then they are far more likely to identify with you as a person.
Given the professional reputation for being stuffy, that can't be a bad thing.
Agree? Dennis Howlett

CALL TO ACTION

Souter Consulting Limited
What can I do for you?
Please contact me to see how we can work together!
Justin Souter
http://souterconsulting.eu
[email_address]
07717 725504

Social Media Magnifies Marketers' Influence
Slabinski added that social media programs, which are often overseen by marketing and communications professionals, may increase the pull these staff members have in an organization.
"Many marketers are interacting directly with customers and clients through Twitter, Facebook and other social media, which gives them immediate, firsthand knowledge of how the firm's products and services are perceived and can be improved upon.“

Forrester Research
Social technology growth marches on in 2009, led by social network sites

Forrester Research
“ Spectators -- those consuming social content -- reached all the way to 73% of online Americans, which should end any remaining skepticism about whether this social thing is real.
Soon, with the level of social content being put out there, it will be virtually impossible for an online consumer not to be a Spectator.”
“ Marketers, if you're not doing social technology applications now, you're officially behind.
We expect a wave of Web site reorgs and redesigns to include social activity”

STATS FROM MARKETING CHARTS - CONTEXT

Stats from Marketing Charts - 1
In a study of online UK retailers, 59% reported that the consumer-generated activity leads to better search engine optimization. (eMarketer, 2007)

Online UK retailers reported improved customer retention and loyalty by 73% once they implemented consumer-generated rating and reviews. (eMarketer, 2007)

90% of UK shoppers surveyed said they wish they could communicate directly with businesses - using live chat, forums or call-me-back facilities - via their websites; one in three require it from the UK businesses they currently use. (1&1, October 2007)

56% of UK website owners say that user-generated content lifts conversion levels; 77% say it increases traffic; and 42% say it increases the average spend on site.(eConsultancy survey of 360 website owners across all sectors, November 2008)

By 2020, 84% of marketers agree that building customer trust will become marketing's primary objective, and 82% agree that collaboration with customers will prevail over marketing. (1to1 Media survey of the 1to1 Xchange panel, April 2008)

79% of online UK retailers surveyed reported that the main benefit of consumer-generated rating and reviews was that they improved site conversion rates. (eMarketer, 2007)

Online reviews are second only to personal advice from a friend as the driver of purchase decisions; user reviews are more influential than third-party reviews. ("Web users and web community," Rubicon Consulting, Inc. October 2008)

46% of Britons now read online reviews or recommendations on a specific product before buying it and 32% are willing and able to publish a review online - but only 19% would be prepared to write a letter to a retailer. (1&1 Internet survey of 1600 consumers, December 2008)

Stats from Marketing Charts - 11 17/09/09 © Justin Souter 2009 http://www.marketingcharts.com/interactive/socnets-have-miniscule-effect-on-brand-perception-9732/

What to do (2)
Encourage
Put call out to those already interested
Provide environment to let this flourish
“ Be Michael Dell”
Build up Social Capital
Rare face-to-face
Like indicators on a car on motorway
Build up goodwill
create context for positive interactions online

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Intro to Social Media - for Accountants

by Justin Souter on Sep 17, 2009

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Intro to Social Media - for Accountants — Presentation Transcript