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Using Social MediaFor Chartered Accountants

Presentation Made at BCAS on 27th January 2010

Hareesh Tibrewalahareesh@socialwavelength.com

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Our Agenda What is Social Media How will it change the way we do business How can professionals leverage Social Media

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What is Social Media?

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Accha.Facebook?!

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why

Social Media: The online technologies and practices that people use to share opinions, insights, experiences and perspectives.Keeping in touchMaking new friendsPaying it forwardPeer pressureDisplaying CreativityExhibitionismAltruistic impulseGetting validationAffinity to groupshowBlogs Social networking siteswikisUser generated videos and podcasts Forums and message boardsRatings and reviewstaggingRSSwidgets

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Before transitioning to the next slide, we mention 2 things:Because of the coming together of these human desires and technologies, word of mouth is becoming stronger, andExample of a club6

How Big Is It

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45 million global visitors

Every minute 20 Hrs worth of new video uploaded

If Facebook was a country. Population? > 300 million!

The number of blogs worldwide is > 200 million. Growing at the rate of nearly 900,000 a day!

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Time to reach 50 mn users 38 years

13 years

4 years

3 years

1 year

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80% Fortune 500 companies use LinkedIn for recruitments

You Tube is the worlds second largest search engine

80% of twitter usage is from mobile devices. People will post anytime, anywhere. Imagine what this means if your customer service is bad

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Fastest growing segment on FB is ladies (55-65 years) Ashton Kutcher and Ellen DeGeneres have more Twitter followers than the entire populations of Ireland, Norway

Generation Y and Z consider e-mail pass. Boston College stopped distributing e-mail addresses to incoming freshmen in 2009.

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But this is kids stuff right? How does it effect my business?It is not Kidstuff!

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Applications of Social MediaAdvertisingSellingReputation ManagementListeningCustomer serviceCo creating productsCreating B2B relationships

13Hersheys BlissZapposDellMattelGE Ecomagination

Traditional advertising is becoming more and more challenging:

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If I lived here, I would have adjusted to the noise. The Tata Sky+ factor.

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Can Social Media help in selling ?

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It helped Dell

$$$$$

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It helped one of these car companies.

Car purchase decided, not by the size of Xylo ads, but by the 22 recommendations here!!

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It helps sell T-shirts..rather, it RUNS a large T-shirt business!

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And it helped this plumber

Same could happen with a doctor, a lawyer, a CA .... There will be positive recommendations, as also negative.Dont go to that guy.. Hes a cheat.. etc. I will tell my Facebook friends about your brand. Not because I like your brand, but because I like my friends!

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Your Reputation is made or marred online

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Have you heard of what happened to Dominos?

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From YouTube to The New York Times in 3 days.

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Listening in on Social Media can provide a lot of value too.

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Know what people are thinking about, In Real TimeAre they considering a new demat account? What are their issues?

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Eavesdropping your customers homes Social Media Monitoring

ThemesBrand ReferenceTone

Influencer Identification

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Monitoring conversations for a brand amazing insights to be got!

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http://spreadsheets.google.com/a/socialwavelength.com/viewform?hl=en&formkey=dG5zTk9Salo3cWk2cVJvVWRKa1pJQUE6MA

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Case Study VideosBurger King SacrificeRay Ban Case StudyBlend Tech case studyDove _ actual adDove _ parody

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Social Media For ProfessionalsSM is all about building Relationships

Network with existing relationships Leverage existing... to build new ones Find new relationship opportunities Convert contacts into contracts

SM is God-send gift for professionals

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Create Profile

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Add Contacts

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Existing Relationships

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Power of LinkedIn..at a click

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Leverage Existing Relationships

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Build New Relationships

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Join Relevant Groups

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Participate in Discussions

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Questions and Answers

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Another Q/A Platform

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So What Next ?

46These burgeoning trends converging sure opens up a lot of doors. So what are the various opportunities presented by this convergence?

ICAI GuidelinesNo recommendationsNo client namesNo endorsement for othersNo achievements

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Create Thought Leadership A tool for creating a brand (without advertising) PlatformsBlogsYou Tube ContentTalk about issues and your opinion on those issuesSimilar to writing articles in the Institute magazineExcept now you are trying to address your potential customers, not just fellow CAs

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Generate LeadsBuild relationshipsPlatformsLinkedInYahoo AnswersBuild your networkbigger the betterParticipate in conversationsGroupsQ and A

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Reputation MonitoringFor large firmsFor well known individualsORM Online reputation managementWhat are people talking about Responding to issues right away

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General TipsSocial Media is not about shouting out loud. It is about quiet conversationsYou have to learn to listen, before you start talkingIt is about creating shareable content. Your users (consumers) are also your content distributorsIt is about lighting up a forest, with a match stick

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More General TipsIt is not a campaign, it is a process that will eventually evolve into a cultureOnce you start, there is no going back. Therefore start with baby steps. But start you mustSocial Media is a part of integrated communicationit has to align with your other communication channelsRich content is the king

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About Us Social Wavelength, based at Mumbai, India is a Social Media agency. We work with brands and help them create and execute Social Media strategies. We also assists brands in ORM (Online Reputation Management).

For more information visit www.socialwavelength.com

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Questions?

If you need a copy of this presentation, please leave your business card. We will email it to you.

Hareesh TibrewalaJt. CEO, Social Wavelength.hareesh@socialwavelength.com

Company blog: blog.socialwavelength.comLinkedIn: linkedin.com/in/hareeshtibrewala

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