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#1NWebinar: Battle LinkedIn

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During this session, One North Strategist Alex Ziegler takes an in-depth look at LinkedIn and how top consulting and law firms are using this increasingly powerful social platform. She analyzes just how these firms utilize their company pages, updates, groups and individual employee profiles and examines the correlation between presence, follower activity and engagement. Which of these dimensions makes the biggest difference?

To watch this presentation, visit http://bit.ly/11V9b9W.

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#1NWebinar: Battle LinkedIn

  1. 1. December 3 2014 Battle LinkedIn: Law Firms vs. Consulting Firms Webinar
  2. 2. Introduction Alex Ziegler Strategist at One North 3 Fun Facts • Used to be a consultant (but I promise I am not picking sides) • I have 622 connections on LinkedIn (still way behind my father-in-law) • Found my way to One North through LinkedIn
  3. 3. Why LinkedIn matters LinkedIn has been dubbed the “social network preferred by executives” by: with 88% of executives using LinkedIn “often” and 73% saying that LinkedIn is their “preferred social network”
  4. 4. LinkedIn is growing in importance LinkedIn now has 332 million users and is growing at 38% annually 0.081 1.6 4 8 15 33 40 65 100 187 200 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
  5. 5. …and it’s not just in the US In Q3 of 2014 75% of new members came outside of the US
  6. 6. LinkedIn applies to every stage of your client relationships Generate Awareness Someone unaware of your firm may become interested when they see a relevant post. Establish Trust & Advocacy They can build a stronger relationships through personal connections. Loyalty & Influence Seeing others share and recommend content can influence their perception.
  7. 7. Our curiosity What are the top law firms and consulting firms doing on LinkedIn to build relationships?
  8. 8. Who we assessed Vault Top 10 Consulting Firms AmLaw Top 10 Law Firms
  9. 9. What we wanted to learn 1 2 Company Profile Company Posts Leadership Profiles Followers How are companies using LinkedIn? How does it impact audience engagement? ? Groups Which of these dimensions makes the BIGGEST impact? 3
  10. 10. How we approached it We created a scoring rubric to assess and compare LinkedIn Presence across multiple dimensions. Score 0 1 2 3 4 5 Least Robust Most Robust
  11. 11. Company Profile - Scoring Does each company use the features that are available? Main Company Page • Company Information • Recent Updates Section • Affiliated Pages • Featured Groups 0 5 No company page Utilize all features included in assessment 0 5 No careers page Utilize all featured included in assessment Careers Page • Visual Elements • Featured Employees • Recent Updates LEAST ROBUST MOST ROBUST LEAST ROBUST MOST ROBUST
  12. 12. Company Page – Example (Main Company Page)
  13. 13. Company Page – Example (Auxiliary Page)
  14. 14. Careers Page – Example (Careers Page)
  15. 15. Company Profile – Results Main Company Page • Company Information • Recent Updates Section • Affiliated Pages • Featured Groups Law Firms Consulting Firms Not too far behind WINNER Law Firms Consulting Firms Much farther behind WINNER Who wins this battle? Careers Page • Visual Elements • Featured Employees • Recent Updates
  16. 16. Company Profile – Law On average, law firms tend to have a partially complete company page and tend to not leverage a careers page. Company Main Company Page Careers Page Total Score DLA Piper 5 4 9 White & Case 4 5 9 Hogan Lovells 5 3 8 Latham 3 5 8 Kirkland Ellis 3 4 7 Baker McKenzie 4 1 5 Skadden 3 1 4 Jones Day 3 1 4 Sidley 3 1 4 Gibson Dunn 3 0 3 Average 3.6 2.5 Most Robust Least Robust
  17. 17. Company Profile – Consulting In contrast, consulting firms tend to have more robust company pages and are more likely to have a robust careers page. Company Main Company Page Careers Page Total Score PwC 5 4 9 Accenture 5 4 9 Oliver Wyman 4 5 9 Deloitte 4 5 9 McKinsey 4 4 8 BCG 4 4 8 A.T. Kearney 4 4 8 Booz Allen Hamilton 3 5 8 Bain 3 1 4 The Parthenon Group 3 0 3 Average 3.9 3.7 Most Robust Least Robust
  18. 18. Company Profile – Visual Comparison Legal Consulting vs Most Robust Least Robust
  19. 19. Company Profile – Observations & Questions • Many law firms have the bare minimum when it comes to their careers page – why is this? • LinkedIn charges for use of various features • Benefit to careers page beyond just recruits
  20. 20. Posts – Scoring How frequently do they post? 0 5 No posts Post at least once a day Firm News External News Thought Leadership Does each company post updates? What type of posts are they making? LEAST ROBUST MOST ROBUST
  21. 21. Firm News Example • Links to a press release on the DLA Piper site • Helps to “credentialize” the firm, but doesn’t provide information that audiences can use • Mixing in other types of posts of important
  22. 22. External News Example • Links to an external news source (The Recorder) • Showcases firm’s perspective on something that is happening in the news • Both “credentializes” DLA Piper and offers useful information
  23. 23. Thought Leadership Post Example • Links to a publication on the DLA Piper site • Includes an interesting info-graphic • Demonstrates knowledge of the retail industry • Guides users to explore more information on the website
  24. 24. Posts – Results Law Firms Consulting Firms TIE Law Firms Consulting Firms Much more posting of firm news WINNER Who wins this battle? How frequently do they post? What type of posts are they making?
  25. 25. Posts – Law On average, law firms tend to post items relatively regularly. Company Post Frequency Baker McKenzie 5 DLA Piper 4 Skadden 4 Sidley 4 White & Case 4 Gibson Dunn 4 Latham 4 Jones Day 4 Hogan Lovells 3 Kirkland Ellis 0 Average 3.6 Most Robust Least Robust
  26. 26. Posts – Consulting In contrast, consulting firms post more frequently. Company Post Frequency BCG 5 Booz Allen Hamilton 5 PwC 5 Bain 4 McKinsey 4 Oliver Wyman 4 A.T. Kearney 4 Accenture 4 The Parthenon Group 4 Deloitte 3 Average 4.2 Most Robust Least Robust
  27. 27. Posts – Visual Comparison Legal Consulting vs Most Robust Least Robust
  28. 28. Types of Posts – Law Law firms tend to post primarily internal items with some amount of thought leadership posting. Company Firm News Thought Leadership External News DLA Piper ✔ ✔ ✔ Hogan Lovells ✔ ✔ Latham ✔ ✔ Skadden ✔ ✔ White & Case ✔ ✔ Jones Day ✔ ✔ Gibson Dunn ✔ ✔ Baker McKenzie ✔ Sidley ✔ Kirkland Ellis
  29. 29. Types of Posts – Consulting Consulting firms tend to post more thought leadership than law firms and are less internally focused. Company Firm News Thought Leadership External News Bain ✔ ✔ ✔ Oliver Wyman ✔ ✔ ✔ Deloitte ✔ ✔ ✔ Booz Allen Hamilton ✔ ✔ PwC ✔ ✔ The Parthenon Group ✔ ✔ A.T. Kearney ✔ Accenture ✔ McKinsey ✔ BCG ✔
  30. 30. Posts – Observations & Questions • Law firms are not posting as much thought leadership content – why is this? • Often times it’s easier to post firm news • Law firms have the content, but may not be leveraging it the way they could be (e.g., curating select blog posts, developing info-graphics to draw interest to publications)
  31. 31. Groups – Scoring Does each company have groups? How many groups do they have? LEAST ROBUST MOST ROBUST 0 5 No groups 16 or more
  32. 32. Groups – Example (Location Based)
  33. 33. Groups – Example (Alumni / Expertise Focused)
  34. 34. Groups – Example (Program Focused)
  35. 35. Groups – Results Law Firms Consulting Firms Far fewer groups WINNER Who wins this battle? How many groups do they have?
  36. 36. Groups – Law On average, law firms do not create a lot of groups. Company Number of Groups Baker McKenzie 1 DLA Piper 1 Skadden 1 Sidley 1 White & Case 1 Hogan Lovells 1 Gibson Dunn 1 Latham 0 Jones Day 0 Kirkland Ellis 0 Average 0.7 Most Robust Least Robust
  37. 37. Groups – Consulting In contrast, consulting firms create many more groups. Company Number of Groups Bain 5 BCG 4 Booz Allen Hamilton 4 PwC 4 McKinsey 4 Oliver Wyman 2 A.T. Kearney 2 Accenture 2 The Parthenon Group 1 Deloitte 0 Average 2.8 Most Robust Least Robust
  38. 38. Groups – Visual Comparison Legal Consulting vs Most Robust Least Robust
  39. 39. Groups – Observations & Questions • Law firms don’t utilize groups as much – why is this? • There may be regulatory reasons why law firms are more hesitant to use groups • Opportunity to have alumni groups (past employees can become future clients, and they refer people as well)
  40. 40. Leadership Profiles – Scoring Does each leader have a robust profile? Number of Connections LEAST ROBUST MOST ROBUST 0 5 No connections 500 + LEAST ROBUST MOST ROBUST 0 5 No features Using all features listed Profile Features Publications LEAST ROBUST MOST ROBUST 0 5 No publications More than 10 publications • Groups • Skills / expertise • Following • Picture • Summary • Experience / education
  41. 41. Leadership Profiles – Number of Connections
  42. 42. Leadership Profiles – Profile Features
  43. 43. Leadership Profiles – Publications
  44. 44. Assessment Challenges We couldn’t consistently identify leaders for all firms. Legal Firms # of Leaders Identified Latham 12 Baker McKenzie 8 DLA Piper 4 Jones Day 4 White & Case 6 Kirkland Ellis 5 Hogan Lovells 3 Sidley 5 Gibson Dunn 5 Skadden 4 Consulting Firms # of Leaders Identified PwC 27 BCG 17 Booz Allen Hamilton 8 McKinsey 5 Bain 5 The Parthenon Group 3 Accenture 3 Deloitte 2 A.T. Kearney 1 Oliver Wyman 1
  45. 45. Leadership Profiles – Results Who wins this battle? Leadership Team Overall Top Profile By Firm Law Firms Consulting Firms TIE (both are weak) Law Firms Consulting Firms Top profile not as strong WINNER
  46. 46. Leadership Team Overall – Legal On average, the leadership of the top legal firms have relatively low scores in terms of the robustness of their presence on LinkedIn. Company Leaders Identified Connections Profile Features Publications Total Score Latham 12 2.08 2.67 0.17 4.92 Baker McKenzie 8 2.13 2.63 0 4.75 DLA Piper 4 2.25 2.25 0 4.5 Jones Day 4 1.5 1.25 0 2.75 White & Case 6 1 1.5 0 2.67 Kirkland Ellis 5 1.2 1.4 0 2.6 Hogan Lovells 3 1.33 1 0 2.3 Sidley 5 1 0.8 0 1.8 Gibson Dunn 5 0.8 0.8 0 1.6 Skadden 4 0 0 0 0 Average 1.33 1.43 0.02 Most Robust Least Robust
  47. 47. Leadership Team Overall – Consulting Overall, consulting firms tend to have more robust leadership profiles than the legal firms we assessed, however findings are likely skewed by number of leaders identified. Company Leaders Identified Connections Profile Features Publications Total Score A.T. Kearney 1 5 5 2 12 Oliver Wyman 1 5 4 0 9 McKinsey 5 3 3.2 2 8.2 PwC 27 2.48 2.33 0.22 5.03 Bain 5 2.2 2.6 0.2 5 The Parthenon Group 3 2.33 1.67 0 4 BCG 17 1.41 1.76 0.24 3.41 Accenture 3 1.67 1.67 0 3.33 Booz Allen Hamilton 8 1.88 1.38 0 3.25 Accenture 3 1.67 1.67 0 3.33 Deloitte 2 0 1 0 1 Average 2.42 2.39 0.42 Most Robust Least Robust
  48. 48. Leadership Profiles – Visual Comparison Most Robust Least Robust Law Firms Consulting Firms Leadership Team Overall Top Individual Profile
  49. 49. Leadership Profiles – Observations & Questions • Lowest utilized feature was “publications” – missed opportunity to share interesting content • We looked at just leadership - what would we find if we assessed all employees? • Firms are doing poorly in this area - does this dimension even matter?
  50. 50. How does all of this impact audience engagement? 1 2 Company Profile Company Posts Leadership Profiles Followers How are companies using LinkedIn? How does it impact audience engagement? ? Groups Which of these dimensions makes the BIGGEST impact? 3
  51. 51. Ideal ways to measure engagement Company Analytics View
  52. 52. Follower to Employee Ratio Followers Engagement: “following” a company means you choose to subscribe to updates from them in your feed. Normalization: larger companies have a larger network, so we normalized this number by looking at the ratio of followers to employees.
  53. 53. Follower to Employee Ratio – Comparison Consulting firms have much higher follower to employee ratios than law firms. They also have a larger spread of follower to employee ratios. 30 Follower to Employee Ratio Company 25 20 15 10 5 0 Legend Consulting Firms Law Firms
  54. 54. Does follower ranking align to LinkedIn ranking? We found that the LinkedIn rankings were somewhat indicative of the follower rankings, but they did not always match up for a number of different reasons. Company Type A. Follower Ranking B. LinkedIn Ranking McKinsey Consulting 1 2 BCG Consulting 2 5 Bain Consulting 3 9 Oliver Wyman Consulting 4 3 The Parthenon Group Consulting 5 15 A.T. Kearney Consulting 6 1 Booz Allen Hamilton Consulting 7 6 Accenture Consulting 8 8 Deloitte Consulting 9 14 Hogan Lovells Legal 10 13 A. Follower Ranking- Ranking of companies by their Follower to Employee Ratio B. LinkedIn Ranking- Ranking of companies by their total LinkedIn score from this assessment
  55. 55. Does follower ranking align to LinkedIn ranking? (continued) Company Type A. Follower Ranking B. LinkedIn Ranking Baker McKenzie Legal 11 12 DLA Piper Legal 12 7 PwC Consulting 13 4 Skadden Legal 14 20 White & Case Legal 15 11 Latham Legal 16 10 Sidley Legal 17 16 Kirkland Ellis Legal 18 18 Jones Day Legal 19 17 Gibson Dunn Legal 20 19 A. Follower Ranking- Ranking of companies by their Follower to Employee Ratio B. LinkedIn Ranking- Ranking of companies by their total LinkedIn score from this assessment
  56. 56. Which dimension has the biggest impact? 1 2 Company Profile Company Posts Leadership Profiles Followers How are companies using LinkedIn? How does it impact audience engagement? ? Groups Which of these dimensions makes the BIGGEST impact? 3
  57. 57. LinkedIn features with the most Impact We identified two statistically significant correlations suggesting that company profile robustness and leadership profiles may impact how many followers were achieved. Follower to Employee Ratio Follower to Employee Ratio Company Profile Robustness Leadership Profile Robustness p < 0.05 p < 0.05 Legal Consulting Less than 5% chance that the correlation is a fluke.
  58. 58. Impact – Observations & Questions • Frequency of content posting did not surface as a big differentiator • Currently company profile pages make the biggest impact for law firms – in a few years, once their presence on LinkedIn is more mature, will leadership profiles be more impactful? • Makes sense that leadership profiles are so impactful for consulting firms: • we are curious about other people • we like to network • we are far more interested in content that comes recommended by an individual
  59. 59. What We Learned • Overall, consulting firms win the battle. But it isn’t really a battle. The consulting and legal industries are different, so we expect differences in their LinkedIn behavior. This doesn’t mean that law firms can’t learn from consulting firms are doing. • What your people do matters. The most impactful LinkedIn features for consulting firms is leadership profiles. If law firms were to boost their profiles, they may see similar results. • LinkedIn presence is no longer a “nice to have.” There are big disparities between firms that have a robust LinkedIn presence and those that don’t across various dimensions. There is a lot of opportunity to not just be on LinkedIn but to do more on LinkedIn.
  60. 60. What You Should Do Checklist (In Order of Priority) Stay updated LinkedIn is always changing. Find out what new features are out there to take advantage of. Company profile Create a strong company page. Careers pages are important! Profiles Urge employees to complete their profiles, form connections, and engage audiences with interesting posts and publications. Posts Ensure that your company is not just firm-centric content, but also content that audiences can really use. Groups Explore utilizing groups, particularly for alumni, because they can become future clients and refer others. Analytics Track your engagement on LinkedIn through the robust analytics that are available to you.
  61. 61. Questions? Alex Ziegler Strategist aziegler@onenorth.com

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