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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
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CPAs and Social Media – Passing Fad or Valuable Tool?
Tom Hood, CPA.CITP Maryland Association of CPAs
Business Learning Institute
The pace of change in business today is making us all feel overwhelmed
“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
CPAs are worried about
keeping up with
technology, especially this social media
stuff
CPAs are asking is this a passing fad or something I
should pay attention to?
You need help figuring out what to pay attention to and how to build your
plan.
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.
Social Media
Facebook: 250 500 million users LinkedIn: 47 70 million users Twitter: 32 75 million users
So why are we here?
… and growing.
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
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."
WEB 2.0 WEB 2.0 THE NET GENERATION THE NET
GENERATION
Wikinomics ‐ The New Economic Order
Wikinomics ‐ The New Economic Order
Three Drivers of Change Three Drivers of Change
Inspired by Don Tapscott
Live First, Work Second
Digital Natives
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
Meet your future employees?
“over 64% of students in grades K‐12 play online and/or electronics based
games regularly”
“40% of middle school students and 67% of high school students have a
personal website (Facebook, MySpace, Xanga)”
“Downloading music is #1 activity by middle and high school
students”
Source: Project Tomorrow – Speak Up 2007 report
Generations
Generation Gap? Or Generation Lap?
One third (35%) of American adult internet users 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”
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
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 spokespeople
• Relationships are an important part of today’s commerce
“The Net Gen’s eight norms provide a manifesto for change that will revolutionize the workplace of tomorrow. These norms will also provide competitive advantage to companies that embrace these norms today.” – Don Tapscott “Grown Up Digital”
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
Tools
• Social Networking • Blogs / Wikis • Microblogs • Video & Content Sharing
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
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
Our Journey…
• Share
• Listen & Learn
• Communicate
• Connect
Meet your customers where they are
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 ???
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
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
Boo! • Don’t let
fear drive your social media decisions.
• Inform yourself!
What is a blog? • A Web site of news and commentary that allows readers to give feedback about what they are reading.
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
Increasing your relationships
Social Networking (Old)
Social Media (New)
A change in the way we build relationships
+ =
The New Math
Source: Matt Goddard, CEO R2integrated
Old School vs. New School
Chamber of Commerce
Friends and Family
E‐mail
Class Reunions
Industry Meetings
Newsletters
Social Media supplements & extends the Social Network
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”
It’s about the Network Effect
“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”
How big is your
network?
Whuffie or Social media = social capitalreal world examples
Website
e‐mail newsletters
Social Networks Blog
Marketing Strategy 2.0
Source: MACPA & Business Learning Institute
Get found – Digital Footprints
James Carroll, CPA Website Facebook
James Carroll CPA, Owings Mills, Md.
Dental CPAs / Naden Lean Website Blog
Andrew Rose, Timonium, Md.
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
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
CPAs doin’ it right
Vlogging = Video Blogging
CPA Firm builds its Whuffie
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
Do you want to be like this?
Or This?
Follow the leader
Follow the leader
Time to pay attention?
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
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.”
Research says…
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
"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
• 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.
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
Risk Management • Educate & train your staff • Set security & usage policies • Restrict Access during certain times (if you have to) • Monitor – using search & google alerts
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.
Educate yourself
http://www.cpalearning2.com
You can…Ignore itFight it or
Harness it’s power
Questions?
Passing Fad or Valuable Tool?
Tom Hood, CPA.CITP Business Learning Institute
(443) 632‐2301 E‐mail [email protected]
Web http://www.bizlearning.net Blog http://www.cpasuccess.com
Blog http://www.bizlearningblog.com
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
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