bonus: specific tips on videos and visuals.
by marc rosenberg
the rosenberg practice management library
a few years ago, i was listening to the radio. the reporter was sharing the story of two young guys in manhattan who decided to open a pizza restaurant.
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now, as you know, pizza restaurants are ubiquitous in manhattan. these guys thought they would be a bit different from other pizza purveyors and promote their business entirely on social media. much to their delight, their posts got a phenomenal number of likes and comments. but to their disappointment, few people actually came to their restaurant to buy pizza. yes, you guessed it, they went out of business within a year.
moral of the pizza story: there is a world of difference between operating a pizza restaurant and running a cpa firm. but one similarity is germane to our discussion: hits and likes on social media often don’t translate to increased revenue.
social media is a discipline 4 activity
as we have said repeatedly, discipline 4 activities are by far the least effective of the four marketing disciplines for bringing in business. the best results are obtained by activities that put you in front of clients, prospects and referral sources, face to face, with an opportunity to build a relationship and, eventually, ask for the order. social media is probably the poster child for overhyped, cutting-edge marketing practices that yield low results. this doesn’t mean that you should eliminate social media from your marketing plan. we are simply suggesting that you use it for the purpose for which it is intended, to complement and support your discipline 1, 2 and 3 activities. be active in social media but don’t spend an excessive amount of time and money on it because it will not generate much return on your marketing dollars.
on the upside, social media is a marketing activity that is low cost (except for the salary of the people maintaining your social media presence) and communicates precise messages to a large number of prospects. daily tweets, linkedin posts and weekly blogs are examples of how cpa firms use social media to build their brands.
a survey by accounting today asked cpa firms: “is your firm involved in social media and what types?”
- 61% were on linkedin
- 45% used facebook
- 22% used twitter
- 15% published blogs
since the advent of social media, its best use by cpa firms has been for recruiting.
why is social media necessary?
the following is excerpted from an article written by becca fieler of thomson reuters, published in june 2017 in accounting today.
“as we all know, social media has changed the way we receive and exchange information – and it is not a fad that will end anytime soon. it’s a new word-of-mouth marketing. it’s a new way your prospects and clients network.
“many of your clients, future clients and recruits have grown up with digital technology and they expect you to use it. according to forbes, 46 percent of all u.s. workers will be millennials by 2020. by 2025, millennials could make up 75 percent of the workforce. and it’s not only young people who demand a social media presence. older generations have caught on to the digital wave and are embracing it, too. according to fast company, the fastest-growing age demographic on twitter is the 55-64 age range.”
five social media do’s for cpa firms
fieler suggests these tips:
1. leverage news and thought leadership. social media users show a distinct preference for hyper-relevant, in-the-moment content over regurgitated updates, or retrospective posts. in addition, most social media newsfeed algorithms now prioritize posts based on a degree of perceived relevance, rather than based on the time of publication.
so think about what’s happening in the world today that your followers would be interested in. write up your own insights and post your comments when sharing information. remember, the type of content you post has a direct effect on readers’ engagement and your success using social media.
2. impart emotion and inspiration. many accountants shy away from “personal” marketing messages because they believe revealing their personalities will make them appear less serious, professional, or respectable. however, the opportunities for incorporating personality into your marketing (without coming across as silly) are endless and will not alter your standing as a credible, reputable firm. in fact, clients embrace personality and seek out providers who demonstrate their humanity through their communications.
there is no secret formula for showcasing personality in your marketing. essentially, it involves bringing light, life, and fun to the topic at hand. wit, humor, lightheartedness, genuineness, and relatability are all quality ingredients for a personality pie.
3. use the power of video. video’s rise in popularity has significantly changed how we consume and deliver content. according to cisco, traffic from online videos will constitute over 80 percent of all consumer internet traffic by 2020. that’s not hard to believe, considering that 78 percent of people watch online videos every week, and 55 percent watch videos every day. here are a few tips for using video on your social media platforms:
- keep videos under two minutes.
- announce live videos in advance to increase viewership.
- make sure you can be heard. get an external microphone if necessary and record your video in a quiet location.
- don’t read your dialogue. speak naturally, as if in conversation with your audience.
- be yourself. no one likes a stiff, robotic presentation.
- add captions. according to digiday, nine out of 10 videos are watched without sound.
4. focus on visuals. visual content marketing is more successful than any other form of communication. what we see has a profound effect on what we do, how we feel, and who we are. how you use graphics greatly affects how you and your business are perceived. color visuals increase willingness to read a piece of content by 80 percent and graphics increase comprehension, recollection, and retention.
readers pay attention to images that carry information and provide directions or instructions. for example, charts and diagrams are very popular on social media and get shared three times more than any other type of content. consider using interesting, compelling charts and diagrams on tax topics.
in the end, social media should be a part of the strategy of all accounting firms. when properly leveraged, it can open doors and unlock opportunities for deeper relationships, stronger growth, and, ultimately, enhanced profitability.
5. one more tip: if you post a blog on your website, post it on a social media site as well. linkedin is probably the medium of choice for this.
five social media don’ts for cpa firms
the following is excerpted from a recent article written by patti newcomer of intuit, published by accounting today.
there are many small missteps and time-wasting social media activities that can be avoided with a little education. using social media shouldn’t require you to spend several hours each day in order to use it successfully – accounting professionals have enough on their plate already. however, you can grow your practice and start laying the groundwork for your marketing strategy with reasonable effort by investing a little time and perhaps a small amount of money in social media.
accountants are in a specialized industry with unique social needs, and not every tip you read will produce results. instead of giving you a list of all the things you should do on social media, here are some common mistakes cpas make on social media and what you can do to avoid them.
1. don’t overthink it. “i think the best advice is just to not overthink it and to get started,” said jackie meyer, cpa, ctc, msa, president and founder of meyer tax consulting in southlake, texas. if you haven’t created social accounts for your firm, start there. follow relevant news outlets and trade publications; follow thought leaders in the industry; follow the irs social accounts. then as you get more advanced, you can begin your own efforts.
2. don’t assume everyone is interested in your firm on social media. spend time thinking about who your audiences are. what are their personas? what will they find interesting and relevant? stacy kildal, bookkeeper and founder of stacykacademy, advises: “pick one channel where your audience can be found and start with one such as twitter, linkedin, facebook, etc. once you master one platform, move to another.”
once you’ve identified the channel that makes the most sense for your followers, focus on developing a small, important community. having 500 relevant followers is much more valuable than 5,000 miscellaneous ones or several thousand diluted over several different channels.
3. don’t bombard your followers with promotional messages. your followers may want to hear about your firm’s updates and promotions, but this shouldn’t be the primary driver of your social content. use educational content or tax law updates to see what’s most appealing to your followers. kildal recommends, “post the content that you find interesting or helpful: personal and/or business articles, a funny story, etc.”
a good best practice when you’re starting out is to try using an 80/20 strategy: 80 percent educational content and 20 percent promotional. also remember that your followers don’t want to be overwhelmed by the content you are promoting. develop a steady post cadence per channel, such as once a week or so.
4. don’t confuse social media metrics with what really matters. social media is a great way to engage with your audience and to generate leads, but don’t get too caught up on likes, engagements, and number of followers. your job as a cpa is to create value for clients, prospects and referral sources. think of your social channels as an offshoot of your business by focusing on creating valuable, educational content for your followers. what matters is your business and getting quality over quantity.
5. don’t forget to reassess and adapt your strategy each month. the nature of social media is that audiences and platforms are ever-changing. as a business account, you must also keep moving forward with the latest trends and features. if you try something and you see very low engagement and few click-throughs, don’t keep wasting time on it. change it up and try something new.