Social Media – Just Another Way of Doing BusinessAICPA Leadership Academy

AgendaSetting the contextSocial media – a generational issueSocial media is a business changerUsing social media to forward your careerWho’s doing what?ChallengesTools

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TwitterNumber of Users: 7 million (1,382% increase in a year)In February, the largest age group on Twitter was 35-49, comprising almost 42% of the site’s audience.

Social Media Usage87% more online social media users now than in 2003, with 883% more time devoted to those sites. In the last year, time spent on social networking sites has surged 73%. In February 2009, social network usage exceeded Web-based e-mail usage for the first timeSource: Nielson

Social Media Usage69% of businesses allow employees to use social media for business.63% use social media to build and promote their brand61% use social media to improve communication and collaboration75% of employees use social networking sites such as Facebook and LinkedIn, up from 15 percent in 2007 Source: Awareness Inc

Forrester Youth Media & Marketing and Finance Online Survey Results

Usage Overview-Video (Nielson)Number of Americans using online video destinations has climbed 339% since 2003. Time spent on video sites has shot up almost 2,000% over same period. In the last year alone –Unique viewers of online video grew 10%Number of streams grew 41%Streams per user grew 27%Total minutes engaged grew 71%

Social Media UsageSource: Forrester Research study of 114 companies with 250 or more employees who have planned 2009 budgets

Social Media is a Generational Issue

Social Media is a Generational IssueIn Deloitte survey, 60% of managers felt that businesses have a right to knowhow employees portray themselves or their companies on sites like Facebook and MySpace.53% of employees said their profiles are none of their employers’ business61% said that they wouldn’t change what they were doing online even if their boss was monitoring their activities.

Meet your future employees?“over 64% of students in grades K-12 play online and/or electronics based games regularly”“Downloading music is #1 activity by middle and high school students”“40% of middle school students and 67% of high school students have apersonal website(Facebook, MySpace, Xanga)”Source: Project Tomorrow – Speak Up 2007 report

Social Media is a Business ChangerSocial media is changing the business of your employers, long-standing industries, marketing and communicationsPeople trust the opinions of other people as much as, or sometimes more than the “experts” – and definitely more than spokespeopleRelationships are an important part of today’s commerce

IBM Communities of Practice – Benefit from Social Software *Source: IBM Global Technical Services Knowledge Community of Practice Business Impact Survey 2007 completed by approximately 2,300 respondents.

Old School vs. New SchoolChamber of CommerceClass ReunionsFriends and FamilyE-mailIndustry MeetingsNewsletters

Social Media PyramidTypically, 1% of audience, but they drive active engagementof baseWhere do you fall?

“People don’t go online to give attention, but to get it. They want to perform and to be heard, to be present.” --Esther Dyson, journalist and commentator on emerging digital technology

Social Media Framework

ListenMonitor social networks of CPAsMonitor and identify themes covered by CPA-written blogs and social media entries

TalkBlogsE-mailsRSS feedsPodcasts and videosTweets & Re-TweetsComments on posts

EnergizeCreate buzz around programs and servicesShare your knowledge and engage in conversationsBecome a part of a communityMake change happen60x = 4,029

SupportUse social media to enhance your Professional networks and competencyGet information faster and in more digestible formatsConnect to other CPAsConnect to your professional associations

CPA Professional 2.0Learning & staying on the cutting edgeManaging my careerDoing my workInteracting with peersBecoming a leader in my field

This is a Social Network

The New MathSocial Networking (Old)Social Media (New)A change in the way we build relationships+=Source: Matt Goddard, CEO R2integrated

It’s all about your WhuffieWhuffie is the culmination of your reputation, influence, bridging and bonding capital, current and potential access to ideas, talent and resources, saved-up favors, and accomplishments.- Tara Hunt “The Whuffie Factor”

It’s about the Network EffectMetcalf’s Law"states that the economic value of a 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."

ToolsSocial NetworkingBlogs / WikisMicroblogsVideo & Content Sharing

Using Social Media to Further Your CareerFrom Guy Kawasaki’s blogUpdate your profile and build your network.Start with at least twenty quality connections Get the word out.If you’re looking, don’t hesitate to let people know.Get LinkedIn recommendations from your colleagues.If you are laid off, recommendations from a prior employer, superiors or staff are especially valuable.

Using Social Media to Further Your CareerFind out where people with your backgrounds are working.Find out where people at a company came from.LinkedIn “Company Profiles” show the career path of people before they began work there. Check if a company is still hiring.Company pages on LinkedIn include a section called “New Hires” that lists people who have recently joined the company.

Using Social Media to Further Your CareerFind out where people from a company go next.LinkedIn’s “Company Profiles” also tell you where people go after leaving the company. Get to the hiring manager.Find companies that you have ties to by looking at the “Companies in Your Network” section on LinkedIn’s Job Search page. Get to the right HR person.The best case is getting to the hiring manager via someone who knows him.

Using Social Media to Further Your CareerFind out the secret job requirements.Find a connection at the company who can get the inside scoop on what really matters for the job. If you don’t have an inside connection, look at profiles of the people who work at the company to get an idea of their backgrounds and skills. Find startups to join.Build your network before you need it.As a last tip, no matter how the economy or your career is doing, having a strong network is a good form of job security.

Who is doing what?

CPA Trendlines ResearchCPAs OnlineBay Street Group LLC for the AICPA678 valid responsesApril – June 2009Online questionnaireIncentive: Topline results34

CPA Trendlines ResearchCPAs OnlineSector59% Public Accounting23% Business and Industry35

CPA Trendlines ResearchCPAs OnlineFirm Size37% Under 10 Persons36% 11 – 100 Persons27% Over 10036

CPA Trendlines ResearchCPAs OnlineTitle30% CEO/Manging Partner24% Partner/C-Level23% Senior37

38CPA Trendlines ResearchCPAs Online

39CPA Trendlines ResearchCPAs Online

40CPA Trendlines ResearchCPAs Online

41CPA Trendlines ResearchCPAs Online

42CPAs’ “favorite?”

Key Accounting ChannelsState Societies – twitter, facebook, linked-inBlogshttp://economyblog.aicpa.org/www.cpasuccess.comwww.cpatrendlines.comhttp://financialexecutives.blogspot.com/http://cpamanagement.blogspot.com/TwitterAICPA PresenceFeedthePig - 1,413AICPA_JofA - 1,265YoungCPANetwork - 1,211AICPANews - 1,181CPALetter_Daily - 345360CPAVolunteer - 76360finances - 21ConferencesIndividual staff, volunteer leadersSocial Networks

Social NetworksLinked InLinkedIn is almost entirely business focused. People use it to keep in touch with current customers, find new clients, get referrals, maintain an online resume and reconnect with former colleagues and co-workers.FacebookFacebook is less formalStill, many savvy businesspeople already capitalize on relationships made and nurtured in informal social networking sites like Facebook.

Discussion Opportunity

cHALLENGES

Issues to considerFreedom of expressionPrivacyCopyright infringementLibelContent licensingUnlawful competition

ChallengesSocial media requires loosening the reins on technology platforms and accessSocial media management requires constant care and feeding, as well as monitoringBecause social media is MASS media, mistakes and missteps are amplified

Challenges:Examples of Social Media RisksCNN made a deal to acquire CNNbrk Twitter handle from a web developer that had 900,000 followers, and subsequently faced a public challenge from actor Ashton Kutcher to race to reach 1 million followers. Upon his victory, Kutcher described the moment as a "changing of the guard" and added: "I think it's a huge statement about social media for one person to actually have the ability to broadcast to as many people as a major media network."

Challenges:Examples of Social Media RisksTwo employees of Domino’s Pizza chain filmed and posted a YouTube video of a prank on a customer’s food.Video made its way to as many as 500,000 would-be customers with the help of social media. Both employees lost their jobs and are facing chargesDomino’s decision to defer comment initially resulted in its brand and online reputation taking the bigger hit.

Challenges:Examples of Social Media RisksA gate worker for the Philadelphia Eagles was fired for posting a Facebook expletive-laced rant because the team refused to re-sign one of its star players. A job candidate recently Tweeted doubt about taking a job at Cisco for "a fatty paycheck," since she wouldn't like the commute or the work. Cisco rescinded its offer.Mavericks owner Mark Cuban Tweeted a complaint that Denver's J.R. Smith was not called for coming off the bench to taunt Antoine Wright after he missed a shot near the Nuggets bench. The NBA slapped Cuban with a $25,000 fine publicly criticizing the officials after Denver's 103-101 win over Dallas.

Challenges:Examples of Social Media RisksA top PR executive visiting Memphis, the headquarters of his client FedEx, wrote: “True confession but I'm in one of those towns where I scratch my head and say ‘I would die if I had to live here!” This tweet got back to FedEx, and the company was not pleased with the public disparagement of its hometown.

Getting StartedSetup your accounts (business or personal)Powerfriend – pay attention to who they are quoting and re-tweetingListen to the conversationsAdd your insightsYou are on your way….

Tools, Links and ResourcesVirtual Work ForceMturk.comBlogsTechnoratiSquarespaceSocial Networking Collaboration PlatformSocialtext.comNingHowsocialble.comInformation on social mediaReadwritewebMashableTechcrunchSmartbrief on Social Media

Tools, Links and ResourcesSocial Media and Twitter Tracking/Management Tools:http://search.twitter.com/ Radian6TweebaseHootsuitehttp://hashtags.org/TweetbeepTweetdeckWeFollow.comwww.searchme.comSeesmicFind InfluencersBuzz LogicCustomer Service CommentsVisible TechnologiesVideohttp://12seconds.tv/

Young Professionals and Social Media: What's Your Personal ROI Strategy?“The challenge continues in this space to figure out just what social media is, how to use the new tools to make a profit, or whether social media is connecting or disconnecting us. Young professionals, a majority of whom are considered digital natives, are in a position to not only contribute to the conversation, but to use social media to its fullest degree.” --Kait Swanson, April 18, 2008