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


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


Today, this is how I (we) roll …


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


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


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


Let’s get started …


“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


How is your client message playing?


What buyers of professional services value

Source: The Visible Expert, p. 21, Figure 3.1


Why buyers seek out visible experts



How buyers find visible experts



How buyers search online for visible experts



How buyers evaluate visible experts



How the screened visible expert is selected



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


Social media is nothing newImage credit: Huffington Post


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?


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


Social media enables connections

Social Media

Clients(and potential clients)

Colleagues

Referral Sources(and potential referral sources)


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


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


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


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


And what’s that worth?

Social Media Social Network

Intellectual Capital

Value Creation

expands


SM PLATFORMS FOR BVFLS


How do you pick the right hangout?


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?


Major social media platforms for BVFLS


Why I like Twitter

I use Twitter primarily to find relevant content that I can share elsewhere …


And sometimes I get this


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.


Why I like YouTube


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!


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!


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


Headline … what not to do


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


Contact information

Provide all of your contact information

EmailAddressPhoneSocial mediaWebsites


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


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


Where do keywords show up?


Experience

Not your average resume


Where do key words show up?


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


Example CTAs

Like here

And here


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)


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

LinkedIn


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 _____


Backup your profile


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


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


Change how you connect … from this


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.


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.



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?]



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)


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


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)


Most in-demand content is industry insights


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)


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?


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


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


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


SOCIAL MEDIA ETIQUETTE


You will get all you want in life if you help enough people get what they want.

- Zig Ziglar

Golden Rule of Selling


Thus, social media is NOT all about you


The online community

Embraces:

- Usefulness- Authenticity- Altruism- Social proof

Dislikes:

- Advertising- PR Spin- Self-Promotion

(You don’t get it)


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


Best summaries I’ve seen


RESOURCES


Books to get you started or keep you going


Social media blogs

www.socialmediaexaminer.com/top-10-social-media-blogs-2014-winners/


Best book I’ve found for LinkedIn

Profile tips

How to make money

Now in 2nd edition

Kindle version < $8


LinkedIn blogs

LinkedIn Official Blog

Wayne Breitbarth’s Blog

Linked Into Business

http://blog.linkedin.com/

http://waynebreitbarth.wordpress.com/

http://linkedintobusiness.com/my-blog/

http://linkedintobusiness.com/my-blog/


WRAPPING UP


Thought for the day on change


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


Q & A

Thank you!

Rod Burkert, CPA/ABV, CVA215.360.6100

[email protected]

[email protected]

www.burkertvaluation.com

Using Social Media to Grow Your BVFLS Practice

Social Media

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