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Practical Social Media Strategy: Keynote for Hillross Financial Services Annual Conference 2012


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Slightly expanded version (explanatory bullet points added) of keynote for Hillross Financial Services Annual Conference - Jan 20, 2012 - Canberra, Australia

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Practical Social Media Strategy: Keynote for Hillross Financial Services Annual Conference 2012

  1. 1. Practical Social Media Strategy Des Walsh Keynote for Hillross Financial Services Annual Conference 2012 Canberra, Australia 20 Jan 2012
  2. 2. Note on this Version This content in this version of the slide deck used for my keynote for Hillross Financial Services Annual Conference in Canberra on January 20th , 2012 is essentially the same as, but slightly more expansive, than the version used on the day. Basically I have added in some notes to provide explanations I gave in my commentary on the day and thus hopefully to make the presentation slides informative for the viewer now. Des Walsh
  3. 3. Des Walsh Social Media Strategist & Business Coach
  4. 4. Focus of this session There is an opportunity here to lead in this space – will you take it? The risks are real and can be managed
  5. 5. People worry about things going wrong Qantas' recent competition on Twitter might have been better timed But no long term brand damage from this event #qantasluxury – fiasco or good experience?
  6. 6. New way of doing business - need to learn the new rules
  7. 7. What We'll Cover 5 Benefits of social media for your business Some case studies 5 Blockers to social media engagement Principles for creating your social media strategy Plus: the one thing most businesses overlook and why that can be
  8. 8. Timing If not now, when?
  9. 9. 5 Benefits 1. Help existing clients 2. Attract new clients 3. Thought leadership 4. Communicate with new generation 5. Collaborate with colleagues These are common benefits from social media engagement (not a comprehensive list and there is no rule about which one or several to choose!)
  10. 10. Case Studies Henry L. Becker, Baltimore MD USA - 20% increase AUM from social media engagement Greg Nazvanov, Sydney, Australia - #1 on LinkedIn AU “wealth management”, “financial planner” “SMSF” “investment planning” Pam Horack, Charlotte NC USA - focuses on connecting with young adults, new investors, young families, engaging via social media
  11. 11. 5 Blockers 1. “Our customers are not there” 2. Reputational risk 3. Lack of control of the message 4. No time available 5. Overwhelm Typical blockers (worldwide) to social media engagement by professional services firms, esp financial advisers/wealth managers
  12. 12. Graph from Pew Internet study – see endnotes
  13. 13. It's not just teenagers any more Can you afford to ignore what 51% (50-64 group) of Internet users are doing, maybe where they are getting their information? Or 31% (65+) ? And what about the next generations? 70% of 30-49ers, 83% of 18-29ers (think heirs to the wealth you are now advising on) What's the risk of missing out on business by relying on assumptions, not empirical data?
  14. 14. Reputational Risk Apply risk management strategies: “swim between the flags”
  15. 15. Control and 3 Customer Types Traditional Customer – snail mail, print newsletter, occasional meeting in office Online customer – Social/Connected Customer – Facebook, Twitter, LinkedIn, etc : newly empowered – the customer is now in control and businesses have to learn to work differently Ref: see Brian Solis, The End of Business as Usual
  16. 16. Finding the Time Be clear that this does take time Compare the time commitment for offline networking A judgement of value Some time each day better than a weekend blitz
  17. 17. Overwhelm - Default Mode for Many
  18. 18. Order is Possible
  19. 19. Also: the Content Creation Challenge Follow company social media guidelines Write for the social web Not everyone has to produce original content – be a content curator
  20. 20. Principles and Tools for Strategy Development The Social Media Academy methodology provides a conceptual framework for developing a rigorous social media strategy aligned with your company's broader business objectives.
  21. 21. 6 Point Strategic Framework  Assessment  SWOT Analysis  Strategy  Plan of Action  Organisation  Execution – includes Reporting
  22. 22. Assessment Matrix Getting our bearings on the social web Social Web Where Topics Interests Influencers Brand You Clients Partners Competitors
  23. 23. 3 Tips for the Assessment 1. Study people, not “companies” or “groups” 2. Find real life customers and real people heading your competition 3. Listen for what they are excited or worried or peeved about – even (or especially!) if it has nothing obviously to do with your product or service (NB: this initial assessment is the one key thing most companies don't do – to their detriment)
  24. 24. Align Social Media & Business Strategies Business Project Goals Mission Benefits Actions Resources Reporting
  25. 25. Prioritise Goals (only a few to start!) Goal High Med Low Brand awareness Brand reputation In house collaboration Attract new clients Retain existing clients Thought leadership Recruitment & staff retention Reduce support costs Research & development Increase product sales Use columns (High Med Low) to refine priorities
  26. 26. Foundation Platform Framework
  27. 27. Today's Focus Facebook: over 800 million users Twitter: over 300 million users LinkedIn: over 130 million users
  28. 28. 7 Tips for Social Media Success 1. Focus on how to achieve your Goals and Mission 2. Think relationships and networks, not “campaigns” 3. Decide basic platforms for your social presence 4. Establish your social foundation – your profile on key platforms 5. Skill up one platform at a time 6. Do something social each day 7. Have a written policy document – even for solo business
  29. 29. Contacting Des | 0413 089 355 My entire social web presence at
  30. 30. Acknowledgements and Attributions All logos in this slide deck are copyright the respective owners. Permissions for downloaded images are listed below. The slide deck is copyright © Des Walsh 2012 and is intended for use of participants in the Hillross Annual Conference 2012. Please ask Des – deswalsh(at)webartsco(dot)com - if you wish to use it for other audiences: permission will not be unreasonably withheld. Special note: logos, other images and social media strategy methodologies of the Social Media Academy are used by Des Walsh by licence as an Academy graduate. All enquiries about the Academy's intellectual property should be directed to Social Media Academy: Image credits: see next slide
  31. 31. Acknowledgements and Attributions Coolangatta Sunday Market – by Des Walsh (on Flickr, CC BY NC ND 2.0) Madden, Mary and Zikhur, Kathryn, 65% of online adults use social networking sites, Pew Internet & American Life Project, August 26, 2011, Chart “Social networking site use by online adults 2005-2011”, p 3 2011.pdf , accessed on January 10, 2012. Flags at Rainbow Bay, Qld – by Des Walsh Stopwatch by Julian Lim (“julianlim”) on Flickr CC BY 2.0 Wordle images via Elephant at Goteburg Museum of Natural History, Mathias Klang ( “Wrote”) on Flickr, CC BY 2.0