Slightly expanded version (explanatory bullet points added) of keynote for Hillross Financial Services Annual Conference - Jan 20, 2012 - Canberra, Australia
Practical Social Media Strategy: Keynote for Hillross Financial Services Annual Conference 2012
1. Practical Social Media Strategy
Des Walsh
Keynote for Hillross Financial Services
Annual Conference 2012
Canberra, Australia
20 Jan 2012
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
4. Focus of this session
There is an opportunity here to lead in this space
â will you take it?
The risks are real and can be managed
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 â fiasco or good experience?
6. New way of doing business - need to learn the new rules
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
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. Case Studies
Henry L. Becker, Baltimore MD USA
- 20% increase AUM from social media
engagement
Greg Nazvanov, Sydney, Australia
- #1 on LinkedIn AU âwealth managementâ,
âfinancial plannerâ âSMSFâ âinvestment
planningâ
Pam Horack, Charlotte NC USA
- focuses on connecting with young adults,
new investors, young families, engaging
via social media
11. 5 Blockers
1. âOur customers are not thereâ
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
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?
15. Control and 3 Customer Types
Traditional Customer â snail mail, print newsletter, occasional
meeting in office
Online customer â ourfirm.hillross.com.au
Social/Connected Customer â Facebook, Twitter, LinkedIn,
etc : newly empowered â 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. 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
19. Also: the Content Creation Challenge
Follow company social media guidelines
Write for the social web
Not everyone has to produce original content â be a content curator
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. 6 Point Strategic Framework
ïŹ
Assessment
ïŹ
SWOT Analysis
ïŹ
Strategy
ïŹ
Plan of Action
ïŹ
Organisation
ïŹ
Execution â includes Reporting
22. Assessment Matrix
Getting our bearings on the social web
Social Web Where Topics Interests Influencers
Brand You
Clients
Partners
Competitors
23. 3 Tips for the Assessment
1. Study people, not âcompaniesâ or âgroupsâ
2. Find real life customers and real people heading your
competition
3. Listen for what they are excited or worried or peeved about â
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 â to their detriment)
24. Align Social Media & Business Strategies
Business Project
Goals
Mission
Benefits
Actions
Resources
Reporting
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
28. 7 Tips for Social Media Success
1. Focus on how to achieve your Goals and Mission
2. Think relationships and networks, not âcampaignsâ
3. Decide basic platforms for your social presence
4. Establish your social foundation â 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 â even for solo business
31. Acknowledgements and Attributions
Coolangatta Sunday Market â 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 âSocial
networking site use by online adults 2005-2011â, p 3
http://www.pewinternet.org/~/media//Files/Reports/2011/PIP-SNS-Update-
2011.pdf , accessed on January 10, 2012.
Flags at Rainbow Bay, Qld â by Des Walsh
Stopwatch by Julian Lim (âjulianlimâ) on Flickr CC BY 2.0
Wordle images via wordle.net
Elephant at Goteburg Museum of Natural History, Mathias Klang ( âWroteâ) on
Flickr, CC BY 2.0