Social media is:• Instant• Interactive• Accessible• Measurable• User generated content
Social media allows you to:• Listen• Talk• Share• Ask• Refer• Engage• Connect
“By 2011 90% of yoursales will come fromword of mouth ordigital promotion”Seth Godin, 2009
Social media facts• Gen Y outnumber baby boomers: 96% of Gen Y use social media• Gen X and Y consider email to be a thing of the past• YouTube is the 2nd biggest search engine• The news finds us• Social networking site usage grew 88 percent among Internet users aged 55-64 between April 2009 and May 2010• In 2009, social gamers bought $2.2 billion in virtual goods; Predicted to increase to $6 billion by 2013.• 86% of B2B firms are using social, compared to 82% of B2C.• B2B firms aren’t as active in their social media activity with only 32% engaging on a daily basis compared with 52% of B2C firms.• 53.5% marketers use social media as part of their marketing strategy. Increased from 45% in 2009
Social media facts• B2B marketing spend on social networking is predicted to rise 43.3% of marketing budgets• The average Facebook user has 130 friends and is connected to 60 pages, groups and events.• More than 30% twitter users access twitter via their mobile phone.• 77% of Internet users read blogs.• There are currently 133 million blogs listed on leading blog directory Technorati.• 60% of bloggers are between the ages 18-44.• One in five bloggers update their blogs daily.• Two thirds of bloggers are male.• Corporate blogging accounts for 14% of blogs.
Social networks used by Small Business Twitter 78% Facebook 75% LinkedIn 30% Tumblr 11% Flickr 13% Wordpress 22% Blogger 10% 0% 20% 40% 60% 80%Source: www.prdaily.com
Financial services and social media • 72% have a social media account • 88% facebook • 58% LinkedIn • 24% twitter • 20% YouTube • 6% blog • Mostly facebook to connect with family/friends • LinkedIn preferred for recruitment Source: www.mergisgroup.com
Networking by financial professionals• 45% written communications (emails, letters)• 28% primarily network face-to-face• 15% via social media.• 46% use social sites to network with both personal and business contacts• 25% approached about a career opportunity via social networking (68% LinkedIn)• 42% research a company’s social media as part of company research
Social media is a fundamental shift in how we do business
WHY?• Allows you to engage and connect with your customers• Gives you a greater online presence• Gives you greater brand credibility• Your competitors are there• Conversations are happening about your business and your industry whether you are there or not
Twitter facts• 87% of all people are aware of twitter• 200 million registered accounts• 140 million tweets per day• 460,000 - average no. new accounts PER DAY last month• 27% log in every day and 37% log in via a mobile device• 52% update their status every day• 52% women• 25% follow a brand, 67% will purchase• 7 languages - top languages: English, Portugese, Japanese and Spanish• Top countries: US, India, Japan, Germany, UK, Brazil, Canada, Indonesia, Australia and Spain
Twitter terminology• Handle - your twitter name @melkettle• Re-tweet - forwarding someone else’s tweet• DM - direct message just to you• @ reply - when a tweet is written directly to your handle eg @melkettle loved your article• Hashtag eg #SNCGC - a way to categorize tweets. It creates a way for people to view related tweets
Who do I follow?• Your clients• Your competitors• People who might refer clients to you• Accountants, lawyers, bankers, stockbrokers, property agents, industry bodies, media, coaches, ASX, ATO...• People who interest you! Food, wine, sport, celebrities...
Tools to make it easier• 3rd party applications - Tweetdeck, Hootsuite• Mobile apps - Twitter, facebook, LinkedIn• Shorten links - bit.ly, tiny.url• Add photos - twitpic, plixi.com• Lists
Managing multiple accounts • Tweetdeck - multiple twitter, also update facebook, MySpace and LinkedIn • Hootsuite • Co-Tweet - helps multiple people access a corporate twitter account
Case study: @FletcherTax Accountant specialising in tax compliance for micro and small business• Passion for business owners to take control of their ﬁnances• Increased trafﬁc to website/blog = new prospects and clients• 20% of leads via twitter• Keep up to date with latest industry news• Make connections with complimentary advisors• Australia wide PR opportunities• No speciﬁc time allocated - 20 minutes 2 x a day, when on hold to the ATO• Tax is a dry subject - mix it with practical tips• People connect with people - great introduction/ﬁlter for prospects• Facebook and LinkedIn are less used - prefers twitter
Case study: @IDEALAW• Boutique law ﬁrm in Brisbane, specialises in IT law• Keeping on top of industry news - IT and law• Collaboration with other lawyers/legal academics• Networking and chatting with people in IT industry• Proﬁle building - media and key IT commentators• Time spent - pop in and out during the work day. After hours and weekend tweeting is more social/personal.• Attracts people who are looking for a lawyer who’s not like a lawyer.• Twitter is only part of the relationship building process. • 25% of new clients via twitter• No paid advertising for 4 years• Facebook is for friends and family• LinkedIn - so there is a proﬁle for people to ﬁnd
LinkedIn facts• Launched 5 May 2003• A new member joins every second, or approx 1m every 12 days• Over 100m members• 56% outside of USA• Over 1 million Australians• Nearly 2 billion people searches in 2010• 80% of companies using LinkedIn as a primary tool to find employees• 69 of the Fortune 100 companies use LinkedIn as a hiring tool• More than 1 million Company Pages
Beneﬁts• A way of connecting with other professionals• Find, be introduced to and collaborate• Join groups• Be found for opportunities• Recruitment - ﬁnd a job, ﬁnd employees• Discover connections• Give and receive recommendations
Me My connecFons = 522 2 degrees = 69,700+3 degrees away = 4,637,000+
Case study CPA creating national client opportunities• Used LinkedIn to market and network across the globe, generating business directly and indirectly• Active member of a many of LinkedIn Groups• Actively seeks and gives recommendations to and from clients and professional colleagues• Recommendations were essential for creating new relationships, strengthening existing relationships, and gaining attention of individuals seeking his professional services
Facebook facts• Founded 4 February 2004 by Mark Zuckerberg• 500m users (about 8m in Aust)• 54% women, 46% men• 70% users outside the US• 40% users aged 25 or under• 37% aged 35 or over• Fastest growing category, women aged 55-65• 50% active users log in every day• Facebook gets more hits than any other website• Average user has 130 friends• People who use Facebook on a mobile device are twice as active as non-mobile users• 40% follow a brand. 51% of these will purchase that brand
Business pages• Less detail than a personal page• GREAT way for business to reach consumers• Can advertise• Can customise• Make it interesting• Add links• Engage and listen to customers• Monitor your page for spam• Don’t use a personal page for business!
Staging• Work out what platform/s you want to use (facebook, twitter, blogging etc)• Go where your clients and market are• Set goals - Speciﬁc, Measurable, Actionable, Realistic, Timely• More quantitative than qualitative - it’s more about generating word of mouth
Know your market• Who are your customers?• Who are you suppliers?• Where do they come from?• What do they want from you?• How can you give it to them?• Make them feel valued.
Broadcast• Communicate key messages about your brand
Broadcast• Communicate key messages about your brand• What do you want people to know about you?
Broadcast• Communicate key messages about your brand• What do you want people to know about you?• More about living the philosophy of your brand than actually talking.
Broadcast• Communicate key messages about your brand• What do you want people to know about you?• More about living the philosophy of your brand than actually talking.• Let your brand shine through your social media interactions
Respond• Engage regularly• Focus on the quality not the quanity of followers• Reply and interact with customers• One on one communication between your brand and your clients
Engagement• More integrated engagement and communication• Establishing communities• Other people will have conversations about your brand, without you needing to participate• Engagement with other social media and brands
Facilitate• You no longer need to lead the conversation but you facilitate the conversation• Beneﬁt - by steering the conversation you can gain a greater understanding of the needs of your clients
Monitor• Monitoring conversations provides you with more and more insights into what your clients do and don’t want• Allows you to provide a more complete service
Measure what you do• Qualitative vs Quantitative• How often you engage• Number and nature of comments• Visits from links to your sites• Sales or new opportunities or other business beneﬁts• Increased word of mouth
How to win...• Take it seriously• Choose the right platforms• Do what you are comfy doing• Be interesting• Don’t just talk about YOU• Move quickly• Be interactive• Invest time and money• Integrate social media with all your marketing
Social media policy• No point banning social media - it’s mostly mobile!• Keep it simple• Link it to a code of conduct or media policy• Who is approved to ofﬁcially speak?• Who is authorised to create social media accounts• Set boundaries for personal content• Guidelines on incorporating work into personal• What is off limits?• What can staff discuss on their networks?