Using Social Media to Grow Your BVFLS Practice
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Transcript of Using Social Media to Grow Your BVFLS Practice
1 | © 2014 All rights reserved.
PICPA Business Valuation Conference
Harrisburg, PA – November 3, 2014
Using Social MediaTo Grow Your Practice
Rod Burkert, CPA/ABV, CVA
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Brief Bio
I am the founder of Burkert Valuation Advisors. My assignments focus on income/gift/estate tax matters, specializing in private companies and investment partnerships.
I am the co-founder of Practice Builder Academy, a 12-month mentoring program that teaches BVFLS professionals strategies to build their practices and re-design their lives.
I’ve leveraged social media to build a mobile consulting practice, which allows me to travel full time in an RV throughout the United States and Canada with my wife and two dogs.
Email: [email protected] [email protected] Cell: 215-360-6100Skype: rodburkert
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How did I get there?
Streamlining my engagement letters De-cluttering my reports Requesting payments via PayPal and wire transfer
New report review service Specific project consulting services Lots of investment partnership work
Exploiting 20 years of contacts Using social media to get the work I want
Rein
ventin
g M
y Practice
Ad
min
Mk
tgW
ork
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Setting the stage – How I use social media
My goal is to build an audience of BVFLS professionals …
Convert them to a community (tribe) …
And drive awareness to my website for products and services I offer or plan to offer.
1 to 2+ hours per day Because it replaces much of my face-to-face marketing
efforts
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Learning Objectives
Identify buyers’ selection process for experts like us
1
Present the case for using online marketing in your firm
Apply #1 and #2 to your social media efforts
Best social media platforms for BVFLS professionals
4
2
3
Put your best foot forward on LinkedIn5
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“Bringing in new clients”
Ranked as the top practice issue in the AICPA’s 2013 FVS Membership Top Issues Survey
87% of respondents thought bringing in new clients was somewhat or extremely important
63% said extremely important
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What buyers of professional services value
Source: The Visible Expert, p. 21, Figure 3.1
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Why buyers seek out visible experts
Source: The Visible Expert, p. 50, Figure 5.1
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How buyers find visible experts
Source: The Visible Expert, p. 51, Figure 5.2
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How buyers search online for visible experts
Source: The Visible Expert, p. 52, Figure 5.3
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How buyers evaluate visible experts
Source: The Visible Expert, p. 53, Figure 5.4
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How the screened visible expert is selected
Source: The Visible Expert, p. 55, Figure 5.5
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World of clients/referral sources is changing
16
60 Million Boomer
s
32 Million
Millennials 49 Million
Gen Xers
These cohorts are much more
likely to find and consume information
online
Source of figures: Hinge Marketing
In the Workforce Now
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Who’s using social media in their practice?
NO!
Why not?
What are your hurdles?
YES!
What’s your experience been?
What would you say to the people who aren’t trying it?
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And the survey says …
[Only] 14% of all firms “Use social media” Range by firm size: 9% to 44%
[Only] 4% of all firms “Have a blog” Range by firm size: 2% to 20%
Source: 2010 PCPS/TSCPA National Map Survey, aicpa.org/2010MAPSurveyAll firms = 2,937 firms
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Social media enables connections
Social Media
Clients(and potential clients)
Colleagues
Referral Sources(and potential referral sources)
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Making the case for social media
In the big picture goal of firm profits and profitability, people do business with people They know They like They trust They remember (and can find!)
Social media can help with all of these
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Does social media have a ROI?
SM is a tool Like a phone or computer or fax machine What’s the ROI of a telephone?
If you experience poor results, you likely Picked the wrong tool (platform) Used it ineffectively
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Then why do it?
Social media allows your messaging to be based on 1:1 relationship marketing
You provide focused evidence of your credibility While sharing glimpses of your personality To multiple prospects Simultaneously In less time At less cost
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Where is the value proposition?
Setting yourself apart to gain a competitive advantage requires:
Finding new ways to showcase your skills, knowledge, education, experience, and training
Engaging others (who have influence with your clients/referral sources) in meaningful interactions
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And what’s that worth?
Social Media Social Network
Intellectual Capital
Value Creation
expands
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Your social media strategy
What audience am I trying to reach and why?
Where is that audience in the social world?
Where is the audience that influences my audience?
How can I be interesting, relevant, and useful enough so that those groups – my audience and their influencers – will want to help me spread my messages?
What content do I need to create and how do I need to share it to fulfill those requirements of interest, relevance, and value?
What level and type of interaction is required to do that?
What kinds of people are buying my services and how do I reach them?
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Why I like Twitter
I use Twitter primarily to find relevant content that I can share elsewhere …
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Why I like Google+
Google uses data gathered in Google+ to improve search rankings and findability of information
You (or your website) are likely to get better search rankings if you use Google+
But the most important feature of Google+ is a much better way of organizing contacts – called Circles
You can group people by whether they are an estate/gift attorney, a litigation attorney, a CFO, or a personal connection … and interact accordingly.
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Why you need a killer profile
Your prospects are using search engines to find you …
LinkedIn is one of the top ranked sites in Google, so your profile will be one of the top search results.
This one point alone essentially makes your LinkedIn profile almost/just as important as your website!
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Headshot
Who are you more likely to connect/do business with?
This? Or this?
A profile page with a picture is 7x more likely to be viewed than a page without one!
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Your name
This line should only have your nameAvoid adding any additional titles or credentials
A trick if you want to rise to the top of search results
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Headline … what to do
Your headline should be catchy … in 120 charactersUse keywords you want to be found for !
Include information about how you can help potential connections, rather than simply stating your position
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Contact information
Provide all of your contact information
EmailAddressPhoneSocial mediaWebsites
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Customize your URL
You can choose a custom URL for your public profile
This will help Google bring your name up in search
And it looks more professional
To change your URL Edit Profile > “Edit” next to URL > Customize
your public profile url > make changes > Set Custom URL
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Summary
Make sure your summary speaks to your ideal prospect!
Your summary shouldn’t be about you … it should be about how you can help your prospects
Your prospects should be able to read your profile and feel the mesh between what you offer and what they need to solve their problems
The more you can speak with words that appeal and relate to your prospects, the better your results will be
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Include CTAs
Your profile needs a Call To Action to help move prospects closer to that all-important step of contacting you.
What actions might you ask people to make? Download a document Watch a video Go to your website Listen to a podcast Request a fee quote Read your blog
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Endorsements
Controversial … but keep in mind that endorsements are: Important to LinkedInAffect your search ranking on LinkedInAkin to “Yelping” of peopleSocial proof of how good someone is at somethingCould be the reason someone picks you over someone
else who has fewer endorsements for the skill they are looking for
Get endorsed for the skills you have and want to showcase (skills should relate to keywords)
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Getting Recommendations
Aim for 5-10
Do whatever you need to get them (you know, like asking!)And don’t be shy about asking how/what you want to
be recommended for
Recommendations are key for building credibilityThey distinguish you from your competition on
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Giving Recommendations
Only recommend people you’ve personally worked with
Unsolicited recommendations are always an unexpected pleasure
When writing a recommendation What problem were you trying to solve? Describe the positive experience you had Describe the results you got I recommend [name] for anyone looking for _____
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Types of connections
1st Degree – People you are connected with
2nd Degree – Contacts of your 1st Degree connections (friends of friends)
3rd Degree – Contacts of your 2nd Degree connections (friends of friends’ friends)
Group Connections – People who join and share at least one group with you
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Who to connect with
Only connect with people you know/have met
No matter how much you want to be business acquaintances with someone, and no matter how much it would benefit you if you knew them, the fact is you don’t – so act accordingly
How to connect with people you don’t know – groups you have in common
Can also run a group, which gives you a reason to connect with every new member that requests to join
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Change how you connect … to this
Hi xxx. I just saw you pop up on LinkedIn, and I'd like to add you to my network of professional contacts. Hope you'll accept.
Rod Burkert, Burkert Valuation Advisors
Hi xxx. I am the owner of the EBA LinkedIn group. I noticed that we are not connected, and I'd like to add you to my network of professional contacts. Hope you'll accept.
Rod Burkert, Burkert Valuation Advisors
Hi xxx. Just noticed that you were viewing my LinkedIn profile. Hope you'll accept this invitation to connect. And let me know if there is anything in my world that I can do to help you.
Rod Burkert, Burkert Valuation Advisors
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And when people connect with youTHANK THEM!
And ask them why they connectedOr if there’s any thing you can do to help them
Hi xxx. Thanks for reaching out and connecting … much appreciated! [Is there a specific reason you connected?] [Is there any thing I can do to help you?]
Rod Burkert, Burkert Valuation Advisors
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How many connections?
Strive to reach 501LI stops counting after that
People like to connect with people who are connected Source: Wayne Breitbarth (see Suggested Reading)
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Backup your connections
Under “Network” in LinkedIn's top navigation > click on Contacts > click on Settings gear icon on top right > click Export LinkedIn Connections under Advanced Settings
You’ll have the option of exporting as a .CSV or .VCF file
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Active Page = Effective Page
Rule of thumb is to post at least 1x per day, but post as many status updates as your content supports
Share information that’s helpful, educational, and sometimes entertaining (kind of obvious)
Keep your updates generally upbeat and relevant to your field of expertise (also obvious)
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Research shows …
Status updates with links result in 45% higher engagement than updates without links
LinkedIn sends nearly 4x more people to your website than Twitter and Facebook
Avoid posting on late afternoons, evenings, and weekends (think time zones and work hours)
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Groups, in general
LinkedIn groups are informal communities formed around industries, professions, themes, niche topics, etc.
Because any LinkedIn member can create one, there are now well over a million groups
You can join up to 50 groups
You don't need to participate every day, but you should be fairly regular – otherwise, why are you joining?
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Finding groups to join
LinkedIn is full of groups for every profession and skill set
Change the search tab at the top of LinkedIn to "Groups" and enter your search term
Refine results using the check boxes in the left column
Join groups your connections have joined
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Keys to building your own group
1. Pick a narrow niche2. Write a group description that includes the
name of your target market and your specialty category
3. Make it a closed group … require member pre-approval
4. Create rules and closely manage/monitor discussions
5. Promote group to build membership6. Position yourself as the leader
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Benefits of Premium Account
Who’s viewed your profileGet introduced to inside sources at companies
through your connectionsLets anyone on LinkedIn message you for freeAdvanced search capabilities/filtersSee more profiles when you searchSave searches and get notified when new
profiles fit your criteriaGet a list of people in your network who can
provide a reference for someone you are interested in
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You will get all you want in life if you help enough people get what they want.
- Zig Ziglar
Golden Rule of Selling
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The online community
Embraces:
- Usefulness- Authenticity- Altruism- Social proof
Dislikes:
- Advertising- PR Spin- Self-Promotion
(You don’t get it)
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Doing social media badly …
Is NOT better than not doing it at all
Because if you are doing it badly, it will be evident to all the people who find you online
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Social media blogs
www.socialmediaexaminer.com/top-10-social-media-blogs-2014-winners/
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Best book I’ve found for LinkedIn
Profile tips
How to make money
Now in 2nd edition
Kindle version < $8
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LinkedIn blogs
LinkedIn Official Blog
Wayne Breitbarth’s Blog
Linked Into Business
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Don't waste time initiating relationships that aren't going to thrive and benefit both sides.
- Seth Godin
Implement a SM strategy that makes you stand out
Thank you!
Rod Burkert, CPA/ABV, CVA215.360.6100
www.burkertvaluation.com