Social Media is no longer optional. CPAs are using social media to stay on top of major trends, increase their recognition in markets, and being recognized as thought leaders. This preso is from a special 4 hour session at MACPA's Beach Retreat on July 3rd, 2010 in Ocean City, MD

1. CPAs and Social Media – Passing
Fad or Valuable Tool?
Tom Hood, CPA.CITP
Maryland Association of CPAs
Business Learning Institute

2. The pace of
change in
business today
is making us
all feel
overwhelmed

3. “As it relates to science and technology, the rate of
change in the next decade, is likely to be 4 to7 times
faster than in the last decade. If it is 4x faster it
would be like planning for 2009 in 1890, if it is 7x
faster it would be like planning for 2009 in 1670.”
‐Expert on Education Panel, The Aspen Institute

4. CPAs are
worried about
keeping up
with
technology,
especially this
social media
stuff

5. CPAs are
asking is this
a passing fad
or something I
should pay
attention to?

6. You need help
figuring out
what to pay
attention to
and how to
build your
plan.

7. Today, you will learn
how social media &
Web 2.0 can help
you with two of the
top issues facing
CPAs, 1) keeping
up with change;
and 2) marketing &
practice growth.

8. Social Media

9. So why are we here?
 Facebook: 250 500 million users
 LinkedIn: 47 70 million users
 Twitter: 32 75 million users
… and growing.

10. Among active Internet users …
• 73% have read a blog
• 45% have started their own blog
• 39% subscribe to an RSS feed
• 57% have joined a social network
• 55% have uploaded photos
• 83% have watched videos
Sources: Universal McCann Comparative Study on Social
Media Trends, April 2008, and Marta Kagan

12. Here are five major benefits that The Economist
report says that social media has created:
1. Trusted online venues where real people
can meet up using their real identities.
2. New ways for firms and organizations to
reach their customers and those who
influence them.
3. Reduced friction in labor markets by
allowing employers and prospective
employees to find each other and connect.
4. Faster information flow and communication
inside companies and organizations.
5. A "free and immensely powerful set of
communication and collaboration tools to
everyone on Earth who has access to a
broadband internet connection."

13. Three Drivers of Change
WEB 2.0 THE NET
GENERATION
Wikinomics ‐
The New
Economic
Order
Inspired by Don Tapscott

15. Live First,
Work Second
Digital Natives

16. 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
the unknown, a fear of change. Our world is evolving at
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

18. 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 a
personal website (Facebook,
MySpace, Xanga)”
Source: Project Tomorrow – Speak Up 2007 report

19. Generation Gap? Or Generation Lap?
One third (35%) of American adult internet users
Generations
have a profile on an online social network site,
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”

20. 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

21. Social Media is a Game Changer
• Social media is changing the
business of your profession, long‐
standing industries, marketing
and communications
• People trust the opinions of other
people as much as, or sometimes
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
• 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”

22. Social Media for CPAs, steps to take
1.Understand the tools
2.Increase your
relationships
3.Boost your social capital
4.Marketing 2.0
5.Follow the leader
6.Challenges
7.Next Steps

23. Tools
• Social Networking
• Blogs / Wikis
• Microblogs
• Video & Content Sharing

24. And what about CPAs?
• 54% are on LinkedIn
• 48% are on Facebook
• 21% are on Twitter
• 61% attend webinars
• 36% read blogs
• 28% listen to podcasts

25. Social Media…MACPA’s journey
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,
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
benefit of the public and the good of the
profession.
Connect – Protect ‐
Achieve

26. Our Journey…
• Share
• Listen & Learn
• Communicate
• Connect

27. Meet your customers where they are

28. Results – By the Numbers
• Youtube
– Defining Americas CPA 7.053
– CPALearning2 979
– Financial Literacy 2,908
– New CPAs swearing‐in 460
– Others 1,933
• Slideshare
– Professional Issues 8,257
– Web 2.0 & Second Life 5,253
– Other presos 2,112
• Blogs 10,000 + per month
• Podcasts ???

29. Results – By the Numbers
• Facebook
– MACPA 300
– NYPN 68
– CPA Careers (Students) 166
– Tom Hood 229
• Linked‐In
– MACPA 504
– Tom Hood 487
• Second Life 483
• Twitter
– MACPA 1,065
– Bill Sheridan 1,145
– Tom Hood 1,795

30. MACPA social media efforts featured
in J of A and win 3rd place in Mobbies,
Top 75 Biz blogs & Top 50 Acctg blogs
MACPA won 2
out of top 10 Biz
blogs in MD

31. Boo!
• Don’t let
fear drive
your social
media
decisions.
• Inform
yourself!

32. What is a blog?
• A Web site of news and commentary that
allows readers to give feedback about what
they are reading.

33. What can a blog do for you?
 Establish your company as a thought leader
 Reinvent your marketing strategy
 Build communities and improve
customer relations
 Enhance legislative advocacy
 Expand your brand
Get you found on search engines

34. Increasing your relationships

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

37. Old School vs. New School
Chamber of Commerce
Class Reunions
Friends and Family
E‐mail
Industry Meetings
Newsletters

38. Social Media supplements & extends
the Social Network

39. Boost your social capital
It’s all about your Whuffie
Whuffie 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”

40. 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”

41. Whuffie or Social media = social capital
real world examples

42. Marketing Strategy 2.0
Website
e‐mail
Twitter
newsletters
Social
Blog
Networks
Source: MACPA & Business Learning Institute

43. Get found – Digital Footprints

45. James Carroll, CPA
Website Facebook
Twitter

47. James Carroll CPA,
Owings Mills, Md.

48. Dental CPAs / Naden Lean
Website Blog
Twitter

50. Andrew Rose, Timonium, Md.

51. 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,
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

52. How one small firm got on the WSJ?
“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”
‐ Dan Morris, CPA from Verasage Blog
Website Blog
Twitter

53. CPAs doin’ it right

54. Vlogging = Video Blogging

55. CPA Firm builds its Whuffie

56. Last three stories
• Client contact via
Facebook
• Staff relations via
Facebook
• Making connections via
Twitter (Gov’t
procurement)
Leadership & Social Media
– panel of young professionals
AICPA Leadership Academy
Chicago, 2009

57. Do you want to be like this?

58. Or This?

59. Follow the leader

60. Follow the leader

61. Time to pay attention?

62. Challenges
• Social media requires
loosening the reins on
technology platforms and
access
• Social media management
requires constant care and
feeding, as well as
monitoring
• Because social media is
MASS media, mistakes
and missteps are
amplified

63. Social Notworking?
This is defined as “The
practice of spending time
unproductively on social‐
networking websites,
especially when one should
be working,” or “When you
spend all days at your job on
social networking sites such
as facebook,myspace and
twitter.”

64. Research says…
• 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.
"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 capacity to maintain and cultivate social networks has real
payoffs (in the workplace).”– “The Strength of Internet Ties” Report

65. 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
behavior and…
Discussion at AICPA Leadership Academy
Chicago, July, 2009

66. Risk Management
• Educate & train your staff
• Set security & usage policies
• Restrict Access during certain
times (if you have to)
• Monitor – using search &
google alerts

67. Next steps…
1. Educate yourself –
www.cpalearning2.com
2. Create your digital footprint. Create
profiles on Facebook, LinkedIn and
Google.
3. Start listening. Use Google Reader or
Bloglines to begin reading thought
leaders in your profession or areas of
interest.
4. Continue listening. Create your Twitter
account and follow your profession and
areas of interest.
5. Start sharing. Create a blog and record
your thoughts.
6. Share. Recognize and promote the
people you find interesting.

68. Educate yourself
http://www.cpalearning2.com

69. You can…Ignore it
Fight it or
Harness it’s power

72. Questions?
Passing
Fad or
Valuable
Tool?

73. Tom Hood, CPA.CITP
Business Learning Institute
(443) 632‐2301
E‐mail tom@bizlearning.net
Web http://www.bizlearning.net
Blog http://www.cpasuccess.com
Blog http://www.bizlearningblog.com

74. 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
 Second Life resources:
• CPAs on Second Life: www.SLACPA.org
• CPA Island: www.CPAIsland.com

75. CPAs and Social Media – Passing Fad
or Valuable Tool?
Follow me on:
 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