Adopting “social business” strategies is a tall order for many businesses, and professional services firms are among the most sceptical. While social media has become a pervasive means of communication outside the workplace, businesses often struggle to tie their social media efforts to demonstrable business results.
A variety of factors contribute to social media’s dubious presence in the office. Lack of support from senior management, pre-conceived attitudes about the appropriateness of social media and concerns about the return on time invested to learn something different are some of the most frequent criticisms.
Seeing social media as a potentially untapped source of revenue, a recent article from our FTI Journal report looked at pragmatic and immediate solutions that professional services can implement on social media. Importantly, these solutions are designed to show results in a short time frame.
Key to our findings was that “active users” of social media have found the medium helpful in achieving their business goals; that is, reaching sales targets and winning new clients. Active users make new connections through social media then compile and disseminate knowledge over the platform, which cultivates prospects and enhances business relationships. As a client communication tool, social media has the potential to build a uniquely positive external reputation, with businesses finding ways to balance the power of social media while meeting their regulatory compliance obligations.
FTI further found that, for internal purposes, social media provides another valuable function particularly for professional services firms as an “on-demand” training tool. The platform is an ideal means of providing education and training, especially around compliance policies, while encouraging the creation of meaningful content. It’s an ideal solution for showcasing best practice and sample content on a single platform which professionals can access quickly and easily, especially around today’s busy schedules.
The trend toward social media acceptance is occurring across the globe, and Australia is no exception. A recent survey commissioned by Zurich Financial Services Australia (Zurich) found that more than one third (34.5%) of financial advisers in Australia are using social media to connect with their clients. Philip Kewin, General Manager Retail for Zurich’s Life and Investments business, noted that “… the most prolific users of social media are younger financial advisers who have been in the industry for between five and 10 years … This demonstrates that the next generation of advisers are helping shape the future of the industry through their enthusiasm and understanding of social media.”
While compliance and reputational concerns remain an issue, evidence increasingly points to social media as a source of major revenue for professional services firms. Those businesses which ignore the opportunity to engage over social platforms risk missing the next big growth opportunity.
View the full report on ‘Social Media Power Users And Why They Matter’ in the FTI Journal
