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Is Social Media a Bit of Fun or the Key to Commercial Success?

29th Jan 2014
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A recent survey suggests that accountants are increasingly embracing social media. However, it stops short of investigating whether they are achieving anything with it.

In the past, if clients were in short supply, accountants would send out letters or glossy brochures, advertise in the press, start telephoning like mad or possibly visit the golf club.

The advent of the World Wide Web and the Internet has changed all of that.

According to a survey of trends in the social media area by Wolters Kluwer, nowadays we spend an inordinate portion of our lives playing around with social media on increasingly sexy gadgets.

If this survey into the behavioural patterns of 1,100 accountants during 2013 is representative, over three quarters are now using social media with LinkedIn leading the way.

One would imagine that any reader under about 25 is probably permanently attached to their mobile phone/tablet. Perhaps more surprisingly, even those heading towards the latter stages of their careers (if retirement is still an option) are beginning to get enticed, although over 60% of those in the 50+ bracket are still resisting the urge to get involved.

The big question must surely be whether all of this tweeting, linking in and general electronic loveliness is achieving anything beyond some sore thumbs and short-sightedness?

Sadly, the social media survey asked a lot of questions about usage of these tools but seems to have stopped short of quizzing people to discover whether anyone is deriving any benefit from all of this activity.

It would be nice to think that AccountingWEB might be willing to take matters a stage further and ask a few pertinent questions.

It would be fascinating to know the degree to which Twitter for example has helped accountants to win clients.

Similarly, it is all very well having your profile on LinkedIn but this columnist's admittedly cynical suspicion is that this is more likely to attract a football stadium's worth of headhunters rather than even a single potential client.

For those desperate to get a new job, that is probably very good news although their employers who have been imploring them to move into the 21st-century might be less than happy to discover that this is the result.

Readers of this column are probably a fairly good cross-section of the accountancy profession and their experiences might be a good starting point, especially if they really have netted a few big fishes through the use of their mobiles and tablets.

One possibility is that, if nothing else, social media provides much needed rest and relaxation during the frantic working day and by reducing stress levels has a positive effect.

However, that is not how it is currently sold and some time soon it would be fascinating to learn the truth behind the statistics.

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By The 5-50 Coach
29th Jan 2014 08:46

Key to commercial Success? No, I do't think so. There are plenty of practices out there who are busy, and not looking to grow that far into the future. Social Media isn't key to them.

Of course:

It is still growing and will continue to become more important.

Regardless of "marketing" for new clients I've seen it used very well to improve client loyalty.

Is it all about new clients? Was the telephone all about new clients when it was invented and just another distraction to the busy people of the time?

So, is it key? No. Is it more than a bit of fun - I think so and have seen many manage to make it so. 

 

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By PK Group
29th Jan 2014 12:11

The future of customer service

Great article Philip, a really interesting read on a hot topic.

We have recently adopted social media, and have found it to be a great resource for connecting to local businesses. In terms of ROI, the rewards of being seen as 'engaging' speak volumes.

Social media for customer service would appear to be the natural progression for businesses who choose to adopt it. Customers know that companies take their online image very seriously nowadays. Leaving a complaint on a company Twitter page can sometimes see your problem resolved quicker than leaving an email with a member of the support team!

This benefits both the customer (whose problem gets resolved quicker), and the business (since most conversations on social media platforms are public, it gives businesses a chance to give a real world example of their customer service!).

It will definitely be interesting to see a consensus study on ROI from social media platforms.

Thanks again,

PK Group

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