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CPAs & Social Media - Passing Fad or Valuable Tool?
 

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CPAs & Social Media - presentation for CCH User Conference - Tuesday, October 27th, 2009 10:30 am - 12:10pm at the Gaylord National Convention Center, National Harbor, MD

CPAs & Social Media - presentation for CCH User Conference - Tuesday, October 27th, 2009 10:30 am - 12:10pm at the Gaylord National Convention Center, National Harbor, MD

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    CPAs & Social Media - Passing Fad or Valuable Tool? CPAs & Social Media - Passing Fad or Valuable Tool? Presentation Transcript

    • CPAs and Social Media – Passing  Fad or Valuable Tool? Tom Hood, CPA.CITP Tom Hood CPA CITP CEO – Maryland Association of CPAs October 27th, 2009 h
    • What is the One Thing for CPAs? Source: 2009 AICPA PCPS Survey
    • Social Media Social Media
    • Here comes the Net Generation "There is plenty of cause for alarm and/or optimism  when it comes to my generation; even I can see that.  Still I think the negative views of us come from a fear of  Still I thi k th ti i f f f f the unknown, a fear of change. Our world is evolving at  a rapid rate, and that can be scary for older generations a rapid rate and that can be scary for older generations — Savannah Jones, 17, Portland, Oregon NGenophobia—the irrational and morbid fear  of youth, especially with regards to their use of  the Internet
    • Among active Internet users … Among active Internet users … • 73% have read a blog 73% have read a blog • 45% have started their own blog • 39% subscribe to an RSS feed 39% b ib SS f d • 57% have joined a social network • 55% have uploaded photos • 83% have watched videos 83% have watched videos Sources: Universal McCann Comparative Study on Social  Media Trends, April 2008, and Marta Kagan
    • So why are we here?  Facebook: 250 million users  LinkedIn: 47 million users  Twitter: 32 million users … and growing.
    • Three Drivers of Change WEB 2.0 THE NET GENERATION Wikinomics ‐ The New  Economic Order Inspired by Don Tapscott
    • Social Media is a Generational Issue • Matures      64 ‐ 100 • Boomers     45 ‐ 63 • Gen X          29 ‐ 44 • Millennials   10 ‐ 28 Which one are you? "Digital 'Natives' Invade the Workplace:  Young people may be newcomers to the  world of work, but it's their bosses who  are immigrants into the digital world." 
    • Meet your future employees? “over 64% of students in  grades K 12 play online  grades K‐12 play online and/or electronics based  g games regularly” g y “Downloading music is #1 activity  by middle and high school  students” “40% of middle school students and  67% of high school students have a personal website (Facebook,  personal website (Facebook, MySpace, Xanga)” Source: Project Tomorrow – Speak Up 2007 report
    • Generation Gap? Or Generation Lap? One third (35%) of American adult internet users  Generations have a profile on an online social network site,  h fil li i l t k it four times as many as three years ago, but still  much lower than the 65% of online American teens  who use social networks  “In 1997, young people for the first time were recognized by  adults as being authorities on something truly revolutionary  – digital technology, interactive media, and collaboration.”  – Don Tapscott “Growing Up Digital”
    • Eight Net Gen Norms 1. Freedom – The freedom to work when and  where you want 2. Customization – My job my life 3. Scrutiny – I know what you did last night 4. Integrity – Be a good company to work for 5. Collaboration – Teamwork 6. Entertainment – Work should be fun 7. Speed – Let’s make things happen now! 8. Innovation – Let me invent
    • To be a guild master in a game like World of Warcraft, you need to  , g p be able to create a vision, find recruits and give them a platform  on which to learn, and orchestrate the group's strategy. To me, it  sounds a lot like the skills a corporate executive needs, doesn't it?  – Don Tapscott “Grown Up Digital”
    • Social Media is a  Generational Issue l • In Deloitte survey, 60% of managers  felt that businesses have a right to  know how employees portray  themselves or their companies on  themselves or their companies on sites like Facebook and MySpace. • 53% of employees said their profiles  p y p are none of their employers’  business • 61% said that they wouldn’t change  what they were doing online even if  their boss was monitoring their  their boss was monitoring their activities.
    • Social Media is a Business Changer Social Media is a Business Changer • Social media is changing the  business of your profession, long‐ b i f f i l standing industries, marketing  and communications • People trust the opinions of other  people as much as, or sometimes  more than the “e perts” and more than the “experts” – and  definitely more than  “The Net Gen’s eight norms provide  spokespeople a manifesto for change that will  revolutionize the workplace of  revolutionize the workplace of • Relationships are an important  tomorrow. These norms will also  part of today’s commerce provide competitive advantage to  companies that embrace these  norms today.” – Don Tapscott  “Grown Up Digital”
    • This is a Social Network  Thi i S i l N t k
    • The New Math Social Networking (Old) + Social Media (New) = A change in the way we build  A change in the way we build relationships Source: Matt Goddard, CEO R2integrated 
    • Social Media supplements & extends  the Social Network the Social Network
    • Old School vs. New School Chamber of Commerce Class Reunions Friends and Family E‐mail Industry Meetings I d t M ti Newsletters
    • It s all about your Whuffie It’s all about your Whuffie Whuffie is the culmination of your reputation,  influence, bridging and bonding capital,  i fl b id i d b di i l current and potential access to ideas, talent  and resources, saved‐up favors, and  d d f d accomplishments. ‐ Tara Hunt “The Whuffie Factor”
    • It’s about the Network Effect Metcalf’s Law "states that the economic value of a  network increases like the square of  network increases like the square of the number of its nodes, or the law of  increasing returns. Usually, when  people share a piece of equipment,  the return diminishes. When more  people are engaged in the network,  more value is returned to the user."
    • It’s about the Network Effect How big is  your  network? “In a sentence {to recognize a network} means ‘To discover how A, who is in touch with C, Is affected by the relation between B and C.” – Russ Eckel “Becoming the Eye of the Tiger”
    • Whuffie Example
    • Social Media…starts with strategy The MACPA is a progressive, professional  association dedicated to serving CPAs in the  Maryland region, enabling them to grow,  prosper and remain viable in a dynamic,  d i i bl i d i rapidly changing environment.  The MACPA recognizes the diversity in the CPA  profession and will provide the necessary  resources and services to help its members  maintain the highest level of integrity,  professional ethics and knowledge for the  professional ethics and knowledge for the benefit of the public and the good of the  profession. Connect – Protect ‐ Achieve
    • Get found  Digital Footprints Get found – Digital Footprints
    • Our Journey… • Share • Listen & Learn • Communicate • Connect
    • Meet your customers where they are
    • Results  By the Numbers Results – By the Numbers • Youtube – Defining Americas CPA Defining Americas CPA 6,513 6 513 – CPALearning2 793 – Financial Literacy 2,459 – New CPAs swearing‐in 326 • Slid h Slideshare – Professional Issues 5,304 – Web 2.0 & Second Life Web 2.0 & Second Life 3,253 • Blogs 10,000 + per month • Podcasts ???
    • Results  By the Numbers Results – By the Numbers • Facebook – MACPA 177 – NYPN 58 – Tom Hood 201 • Linked In Linked‐In – MACPA 373 – Tom Hood 412 • Second Life Second Life 483 • Twitter – MACPA 884 – Bill Sheridan 1,203 – Tom Hood 1,589
    • Benefits of Social Media Benefits of Social Media • Share & discuss information • Increase ability to connect to more people I bilit t tt l • Increase ability to manage more relationships • Customer service & support Customer service & support • Tool for recruitment & retention • Information & knowledge management • Increased findability on web (SEO) • Brand management • Accelerate your strategy Accelerate your strategy • Did I say it’s cheap?
    • And what about CPAs? • 54% are on LinkedIn • 48% are on Facebook 48% are on Facebook • 21% are on Twitter • 61% attend webinars 61% attend webinars • 36% read blogs • 28% listen to podcasts 28% listen to podcasts
    • Do you want to be like this? Do you want to be like this?
    • Or This? Or This?
    • Marketing Strategy 2.0 Website e‐mail Twitter T itt newsletters Social  Blog Networks
    • Tools • Social Networking Social Networking • Blogs / Wikis • Microblogs i bl • Video & Content Sharing
    • Boo! • Don’t let  fear drive  your social  media  media decisions. • Inform  yourself!
    • What is a blog? • A Web site of news and commentary that  allows readers to give feedback about what  allows readers to give feedback about what they are reading.
    • What can a blog do for you? What can a blog do for you?  Establish your company as a thought leader Establish your company as a thought leader  Reinvent your marketing strategy  Build communities and improve  customer relations  Enhance legislative advocacy  Expand your brand
    • James Carroll, CPA James Carroll, CPA Website Facebook Twitter
    • James Carroll CPA, Owings Mills, Md. i ill d
    • Dental CPAs / Naden Lean Dental CPAs / Naden Lean Website Blog Twitter
    • Andrew Rose, Timonium, Md. Andrew Rose, Timonium, Md.
    • How one small firm got on the WSJ? y “I think today demonstrated the value  of the social networks (Facebook, Twitter, etc.) and their ability  to spread the word. Encouraging others to read our materials  and help us with our mission to Bury the Billable Hour and help us with our mission to Bury the Billable Hour” ‐ Dan Morris, CPA from Verasage Blog Website Blog Twitter
    • CPAs doin’ it right
    • Vlogging  Video Blogging Vlogging = Video Blogging
    • CPA Firm builds its Whuffie
    • Another example ‐ GBQ
    • Last two stories Last two stories • Client contact via Client contact via  Facebook • Staff relations via  Facebook Leadership & Social Media  – panel of young professionals AICPA Leadership Academy Chicago, 2009
    • Time to pay attention?
    • CPAs’ “favorite?”
    • Warning! • Productivity • Resources (video & bandwidth hogs) • Security Risks ‐ Viruses & Malware S i ik i & l • Social Engineering • Reputation & Legal Liability
    • Issues to consider Issues to consider • Freedom of expression Freedom of expression • Privacy • Copyright infringement C i h i fi • Libel • Content licensing • Unlawful competition Unlawful competition
    • Challenges • Social media requires  loosening the reins on  technology platforms and  access • Social media management  requires constant care and  feeding, as well as  feeding, as well as monitoring • Because social media is  MASS media, mistakes  di it k and missteps are  a p ed amplified 
    • Social Notworking? Social Notworking? This is defined as “The  s s de ed as e practice of spending time  unproductively on social‐ networking websites,  k b especially when one should  be working, or When you  be working ” or “When you spend all days at your job on  social networking sites such  g as facebook,myspace and  twitter.”
    • “If you think about the media environment an average  American teenager lives in, to walk into a classroom (or  your company or firm) that doesn’t have any of that  media must be like walking into a desert.”  – Steve Maher, High School teacher PBS Special “Growing  Steve Maher, High School teacher P S Special Growing Up On‐line” • To ban or not to ban? A recent University of To ban or not to ban? A recent University of  Melbourne study showed that people who use the  internet for personal reasons at work are about 9%  more productive than those who do not. more productive than those who do not.
    • Research says… "One day at work they took away our tools, like One day at work they took away our tools, like  Facebook, Pandora, Bebo, NPR. Work is slow  now, cold and boring." —STEVE RESSLER, 27,  TAMPA, FLORIDA In a social environment based on networked individualism, the internet s internet’s capacity to maintain and cultivate social networks has real payoffs (in the workplace).”– “The Strength of Internet Ties” Report
    • Sooooo…. Social Notworking is a  managerial problem, not a  technology problem. If a salesman spends his day  making personal phone calls  rather than phoning potential  customers, the solution is not  to take away the phone. The  solution is to make clear what  is and is not acceptable  i di t t bl behavior and… Discussion at AICPA Leadership Academy Discussion at AICPA Leadership Academy Chicago, July, 2009
    • Risk Management • Educate & train your staff • S t Set security & usage policies it & li i • Restrict Access during certain  times (if you have to) • Monitor – using search &  g google alerts
    • Next steps… 1. Educate yourself – www.cpalearning2.com 2. Create your digital footprint. Create  y g p profiles on Facebook, LinkedIn and  Google.  3. Start listening. Use Google Reader or  Bloglines to begin reading thought to begin reading thought  leaders in your profession or areas of  interest.  4. Continue listening. Create your Twitter listening. Create your Twitter account and follow your profession and  areas of interest.  5. Start sharing. Create a blog and record  your thoughts.  h h 6. Share. Recognize and promote the  people you find interesting. 
    • Educate yourself http://www.cpalearning2.com
    • I was a little leery of jumping on the bandwagon,  but after the talk, I began to formulate a  strategy. I put up four accounts, one personal,  strategy I put up four accounts one personal one for the firm, one for a niche practice area  that is hot, and one for a project I’m working on  related to the niche practice area. – Andrew Rose – Naden/Lean, LLC
    • You can…Ignore it Fight it or Fight it or Harness it’s power
    • Questions? Passing  Passing Fad or  Fad or Valuable  Valuable Tool?
    • Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632‐2301 E mail tom@macpa org E‐mail tom@macpa.org Web http://www.macpa.org Blog http://www.cpasuccess.com
    • MACPA resources • CPA Success, our daily blog http://www.CPASuccess.com p • CPA Spotlight, our weekly podcast http://www.macpa.org/Content/23333.aspx • Other MACPA blogs: • www.CPALegislativeInsider.com • www.NewCPAs.com • www.TCPAblog.com • CPA Learning 2, a Web 2.0 playground by CPAs for CPAs http://www.CPALearning2.com
    • Resources  The Corporate Blogging Book, by Debbie Weil www.TheCorporateBloggingBook.com  Debbie’s blog, www.BlogWriteforCEOs.com  MACPA social networks: Twitter: Twitter.com/MACPA Facebook: http://www.facebook.com/home.php#/macpa?ref=ts Facebook ‐NYPN:  http://www.facebook.com/home.php#/group.php?gid=6410979354&ref=ts LinkedIn: http://tinyurl.com/6k8xra Flickr: http://tinyurl.com/6meyuu MySpace: http://tinyurl.com/66c249 h // l /  Second Life resources: • CPAs on Second Life: www.SLACPA.org g • CPA Island: www.CPAIsland.com
    • Resources  CCH social networks: – Website: http://cchknowledgecenter.prosystemfx.com/register/default.htm – Twitter: http://www.twitter.com/CCH_User_Conf – Facebook:  http://www.facebook.com/search/?q=CCH&init=quick#/CCH.USA?ref=ss – Linked In:  http://www.linkedin.com/companies/cch?trk=co_search_results&goback=%2Ecps h // li k di / i / h? k h l & b k %2E _1253485313009_1
    • CPAs and Social Media – Passing Fad  or Valuable Tool? or Valuable Tool? Tom Hood, CPA.CITP CEO & Executive Director CEO & E i Di Maryland Association of CPAs http://www.MACPA.org tom@macpa.org Follow me on:  Twitter: http://www Twitter com/tomhood Twitter: http://www.Twitter.com/tomhood  LinkedIn: http://www.linkedin.com/in/tomhood  Facebook: http://www.facebook.com/thoodcpa Plaxo: http://tomhood.myplaxo.com Slideshare: http://www.slideshare.net/thoodcpa Youtube: http://www.youtube.com/thoodcpa Second Life avatar name: Rocky Maddaloni