One of the poisoned chalices that many finance departments have been tossed by their CEO or COO is to justify the extensive time being invested in social media - marketers being seen as having gone native. Based on a recent MPF survey into digital and social technologies:
Their primary purpose, according to both marketing and management, is raising profile, in effect advertising. However, advertising has always been recognized as far less relevant than other marketing tools for professional firms, so it is unlikely alone to justify the current level of investment.
Another purpose is fostering collaboration and interactions with clients and other audiences. However, this received a far lower priority, especially from marketing, with, for example, 50 percent of firms measuring online conversations but only 10 percent of practice group leaders receiving relevant KPI analytics.
A third purpose is obtaining new client instructions. Worryingly, this emerged as the preferred outcome for both marketing and management in spite of all the marketing textbooks telling us that measuring advertising by new work gained is misleading and dangerous.
The concern is that, unless the mismatch between purposes and outcomes is resolved through increased clarity, a train crash can be expected, with marketing being the victims. Under this scenario, how easy will it be to reclaim the territory surrendered to others in a zero-sum world?
Attendees will learn:
The most popular social media channels used by peer firms.
The need to clarify the purposes of using social media.
The limited role for formal training in improving digital expertise.
The need to share KPI analytics with practice leaders.
Ways to avoid a mismatch of outcomes and purposes.
1. Avoiding the Social Media Train Crash
Speakers:
Nick Mustoe
CEO
Kindred
Gerry Moran
Head of Social Media Marketing
SAP
Helen Hammond
Managing Consultant
Elephant Creative
Richard Chaplin
Founder and CEO
Managing Partners’ Forum
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9. Why conduct the survey?
“We live in an era of volatility, uncertainty and transient
advantage - where savvy clients, alternative business
models and emerging technologies are creating new
opportunities for innovative professional firms.”
“Knowledge workers average 28 hours weekly on writing
emails, searching for information and collaborating with
others.”
“…increases of 20% to 25% in productivity…[if]
management develop and implement a strategy that brings
about radical change in technologies, management
practices and organisational behaviour.”
11. Theme: Purposes must be matched to outcomes
Awareness and
Knowledge
Interaction and
relationships
Converting
opportunities
Name/issue
recognition
No of
conversations
No of
Instructions
13. Personal usage and firm policies
•Over 70% of respondents spend time working from home.
•Over 90% collaborate with others using digital and social
technologies during working hours - 30% for ½ or more of
the time.
•40% have been using these technologies for more than two
years.
•62% of firms adopt some form of corporate stance when
using these technologies; 38% leave it entirely to
individuals.
•When enhancing their expertise in these technologies, the
vast majority prefer articles, discussions with co-workers,
and trial & error to formal training.
14. Phone, email and social media equally relevant
for digital experts
Digital
Expert
Working
knowledge
Digital
Novice
Meeting colleagues face-to-face
3.15
2.60
2.45
Meeting clients face-to-face
3.94
3.35
3.34
Using e-mail with colleagues
4.12
3.87
3.93
Using the phone with colleagues
3.71
4.10
3.65
Using the phone with clients
4.42
4.13
4.18
Using e-mail with clients
4.52
4.32
4.32
Using social media for work purposes
5.00
5.83
6.57
Using social media for social purposes
6.70
7.27
7.46
Relative relevance of activity (1 = High)
15. Impact on relationships
“Personal relationships are the bedrock of digital
technologies”
versus…
“Clients want to see the whites of your eyes; they want
to be given time to get their point across and to hear
your advice as a whole not drip fed communications in
e-mails or long letters that they don't have time to
review.”
16. Impact on meetings
Meetings have become unproductive and disorganised.
93% believe they waste time in meetings. 24% for ½ the
time.
“These days time is precious and face-to-face meetings
take time to set up and execute. As a result, you need
to be more certain about who you plan to meet face-toface and why and digital communications (phone,
email, social media) help you qualify and determine
which face-to-face meetings are worth investing in or
not.”
17. Perceived value of face-to-face is changing
Face-to-face is universally seen as most important
communication channel. Social media the least.
Yet, considerable confusion over impact on value of faceto-face meetings from new technologies
Digital novice
Working knowledge
Digital expert
0%
10%
20%
30%
Value of F2F up
40%
50%
No change in value of F2F
60%
70%
Value of F2F down
80%
90%
100%
18. Why value of face-to-face has increased
“Digital technology provides more information than is needed.
The real value comes from understanding the impact or
relevance for your situation which can only be done face-toface. It also provides context, allows non-verbal
communication and reduces likelihood of misunderstanding.”
“People pay less attention to digital communications
because everybody produces information for digital
purposes and nobody listens”
19. The alternative view…
“The value of face-to-face meetings has decreased because
technology allows us to use that to achieve our work goals
via more focused communication. For me now, face-to-face
is really not about work, but about covering off what
technology cannot do when it comes to working relationships
e.g. just getting to know people.”
20. An explanation
“I find the increase of social media use has made it easier for
me to establish contact at the right level in the right context
either via LinkedIn, discussion groups or common groups
with potential contacts. Sometimes this has enabled and
quickened the speed of arranging a face-to-face that is
valuable. This means that the time I spend in face-to-face
meetings is less speculative but far more valuable but
nevertheless necessary in establishing good, strong
contacts.”
Insight - Digital improves face-to-face
22. Primary usage is marketing to prospects ...
Channel
Primary usage for
my firm
Current usage
Anticipated usage in
12 months from now
Interactions with
prospective
clients
77%
77%
Marketing to
prospects
75%
79%
Sharing
knowledge
41%
45%
Marketing to
prospects
45%
63%
Marketing to
prospects
40%
52%
Marketing to
prospects
21%
33%
23. ... with awareness top of the agenda
Marketing activity
Primary purpose
Current usage
Building brand/image
Awareness and
knowledge
95%
Attracting new clients
Awareness and
knowledge
85%
Retaining existing clients
Interactions and
relationships
65%
Search engine optimisation strategy
Awareness and
knowledge
61%
Client care
Interactions and
relationships
21%
24. Twitter top channel for marketing & knowledge
sharing, with strong growth anticipated ...
Most popular
channel
Current usage
Anticipated usage in 12
months from now
Marketing to
prospects
75%
79%
Marketing to
existing clients
70%
77%
Sharing knowledge
60%
63%
(Current/ 12 months time)
Finding knowledge
54%
61%
25. … but no consensus over relevance for marketing
84% of firms may use one or more digital and social channel
for marketing, but no consensus over whether they are seen
as an essential precondition of marketing a firm
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Digital expert
Leadership
Working knowledge
Management
Delivery team
Digital novice
Business services
26. Digital experts are winning argument on client
interactions – but not on internal conversations
Digital
expert
Working
knowledge
Digital
novice
commercial success
71%
52%
19%
interactions with prospective clients
71%
53%
24%
interactions with other external
audiences
71%
49%
22%
interactions with existing clients
59%
41%
22%
interactions between frontline
members
33%
29%
5%
interactions between management
team members
25%
24%
5%
Digital and social technologies are an
essential precondition for:
27. LinkedIn most popular tool for all interactions,
but no growth in usage anticipated
Current LinkedIn
usage
Anticipated usage in
12 months from now
With prospective clients
77%
77%
With peers
74%
74%
With existing clients
68%
67%
With outside experts
67%
74%
Internally on social issues
21%
19%
Internally on client issues
15%
15%
Internally on management issues
11%
12%
Interaction
28. How reliable are these growth projections?
Survey respondents are predicting limited changes from
current usage levels. Yet there is every reason to expect the
same level of disruptive change in the future as has been
the case over the past few years. Facebook was only
launched in 2004!
MPF encourages Boards to appoint an ambassador for
emerging technologies to participate in their business
strategy discussions
30. Reminder: Purposes must be matched to outcomes
Awareness and
Knowledge
Interaction and
relationships
Conversion
Name/issue
recognition
No of
conversations
No of
Instructions
31. New instructions are seen as the most highly
valued outcome ...
As perceived for: Leadership
Delivery team
Business services
#1 outcome per
marketing
Obtaining new
instructions from
clients
Obtaining new
instructions from
clients
Reach
#1 outcome per
management
Shaping the public
perception of the
firm
Reach
Reach
#2 outcome per
marketing
Engagement
Return on
investment
Obtaining new
instructions from
clients
#2 outcome per
management
Obtaining new
instructions from
clients
Obtaining new
instructions from
clients
Obtaining new
instructions from
clients
(Choice of 3)
32. ... yet have been low in the past year ...
Work attributed to digital and social technology channels
New clients
Existing clients
Formal tracking
40%
28%
Informal tracking
32%
44%
More than 25
instructions
6%
3%
Between six and 25
instructions
16%
16%
Fewer than five
instructions
36%
27%
No instructions
13%
19%
33. ... with client care and business goals least valued
As perceived for: Leadership
Delivery team
Business services
#7 outcome per
marketing
Helping firm achieve Helping firm achieve Helping firm achieve
its wider objectives its wider objectives its wider objectives
#7 outcome per
management
Reach
Achieving firm’s
client care
objectives
Helping firm achieve
its wider objectives
#6 outcome per
marketing
Achieving firm’s
client care
objectives
Achieving firm’s
client care
objectives
Achieving firm’s
client care
objectives
#6 outcome per
management
Achieving firm’s
client care
objectives
Helping firm achieve Engagement
its wider objectives
(Choice of 3)
34. Focusing on cash investment alone is myopic ...
Largest item (delivery team time) seldom captured
Share of marketing
budget/growth rate
Current level of
cash investment
Expected growth in cash budget next
year
Per marketing
Per management
Nothing
15%
36%
18%
1% to 5%
50%
21%
22%
6% to 10%
12%
14%
12%
Over 10%
8%
7%
18%
Not sure
15%
22%
30%
18% of management are intending to increase the budget by over 10%; yet
only 7% of marketing are expecting such an increase. It’s good to talk!
35. ... if not resulting in leaders driving blind ...
Leaders in receipt of formal KPI analytics on the perceived
contribution of digital and social technologies
Engagement: 85% x 60% x 20% = 10%
New clients: 85% x 40% x 29% = 10%
Existing clients: 85% x 28% x 24% = 6%
36. ... given KPI analytics are not being shared
Extent KPI analytics are being formally shared with:
Extent data
formally
collected
CEO/MP
Practice
leaders
Management
team
Just marketing
Website traffic
73%
31%
25%
50%
36%
Reach
61%
26%
22%
46%
34%
Engagement
60%
22%
20%
41%
34%
40%
29%
29%
53%
19%
37%
12%
15%
25%
33%
28%
24%
23%
42%
15%
KPI
New clients
Inbound links
New work from
existing clients
85% of firms are collecting at least one of these KPIs
37. If awareness is more important for business
services and the delivery team than engagement
As perceived for:
Reach per marketing
Reach per management
Engagement per marketing
Engagement per management
Leadership
Delivery team
Business
services
#5
#3
#1
#7
#1
#1
#2
#5
#4
#3
#5
#6
38. Marketing may be left holding the
baby if management allows the
mismatch between purposes and
outcomes to continue
39. Disconnects for management to address
Confusion over purposes and outcomes of using tools –
awareness; engagement; new instructions
KPI data is being collected - but is seldom being shared with
those who lead business and practice development
New clients are being won – but at a (mostly hidden) cost of
misapplied time and giving the impression of not being a
cost-conscious firm
Collaboration leads to productivity gains – yet only 11% are
using tools for management team interactions
40. And finally – some wider issues
Explore impact on the firm as digital novices become
experts. The process is inevitable. Can and should it be
speeded up through effective interventions, training etc?
Identify ways to increase collaboration and eliminate digital
silos through smarter integration of all communication
channels
Appoint an ambassador for emerging technologies to
participate in business strategy discussions
Use tools to help your people set and track personal goals,
and to support effective appraisals by using collaboration
KPIs in performance assessments
41. Join Our Next Webinar
“Putting HR in the Driver’s Seat of Collaborative
Social Learning and Leadership Development”
Tuesday, November 12, 2013
Webinars start at 2 p.m. Eastern / 11 a.m. Pacific
Register for upcoming CLO Webinars at
www.clomedia.com/webinars
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