CEOs finally start to cotton on to social media changes

Social media is at last becoming a board-level issue.

Unless you have been living on a different planet for the last five years, you will have noticed that your business or practice has changed. Or rather, you will have noticed that the conversations around you and your organisation have changed, and either you have adapted and adopted new ways or you might soon be losing business to rivals who have. The change in question is the arrival of social media. What five years ago seemed like an interesting fad for a few geeks and the better-connected type of nerd has blossomed into a major part of most business life.

While professional services may be some way behind the most up-to-minute, youth-oriented, consumer-facing brands, more forward-thinking firms within the sector have nevertheless reacted to this increasing demand for a meaningful social conversation and have put in place some sort of social media strategy.

The full impact of some of these changes is well highlighted in a new report by Useful Social Media (USM). In its third annual State of Corporate Social Media briefing, it reveals the extent to which social media is maturing. Having been introduced to organisations largely as an addition to the marketing function (which itself partly explains why B2C firms are much more comfortable with the subject than B2B firms), social media has, according to the USM report, started to spread across organisations. Issues as diverse as gaining better customer insight, protecting (and improving) corporate reputation and even developing stronger employee engagement are all being tackled through social media. With the exception of the employee engagement element, B2C companies are more likely to use social media for all of these things than their B2B counterparts.

So what are the lessons for professional services firms from the latest trends in social media? It’s unlikely that many accountancy firms, however large, will benefit from the kind of resource put into social media by a consumer-facing company such as American Airlines, which reportedly responds to over 8,000 tweets a month. And each within 15 minutes. But there are clear advantages from central marketing departments learning to let go and encouraging social media for business purposes to spread through the organisation. One lesson is that the most prolific and effective social media users allow at least four named individuals to run the social media and often have more than six working on it. While for the world of B2B that mostly means LinkedIn, along with Twitter and some Facebook, for B2C that means Facebook as well as a host of newer growing social media outlets such as Pinterest and Instagram.

But statements about the effectiveness of social media highlight the area of greatest concern. How do you measure return on investment in social media? What does an effective social media campaign look like? Is it simply about driving traffic to a website or (worse still) about simply counting the number of followers you have? As the USM report makes clear, this is one area where there is still much to be learned right across the market. If consumer brands sometimes struggle to understand exactly why they are engaging so heavily in social media (are they keeping in touch with consumers or keeping up with competitors?), then how much rarer must it be to find an accountancy firm that understands what it is all for?

Of course, some accountants and firms have managed to build up impressive reputations and followings on Twitter, while LinkedIn is bursting with groups of finance directors and practitioners sharing grievances and sometimes solving problems together. In a profession that’s all about people, it follows that building a strong reputation as a key expert and knowledge point within a community can help you to build influence and might ultimately lead to more business. The issue is that so far there is very little real evidence to back up this common sense.

According to the USM report, it is apparent that “the advent of corporate social media adoption has had a deep and lasting impact on organisational structures”. It is clear that social media for some will become a catalyst for change within large organisations. What was once a grand experiment is now a routine part of how firms interact and learn about customers. As the USM report explains, “It has forced organisations to re-think how, when, where and why they communicate with their customers.”

For larger global firms, social media is also boosting global collaboration. Previously, where organisations were often highly compartmentalised or stuck in silos, the development of new models for working with social media has led to new ways of thinking more generally and is forcing teams to realise social media cannot be “owned” by the marketing team or any other single business unit.

Perhaps most importantly, social media is at last becoming a board-level issue and a concern for CEOs and senior partners. It may feel like something for younger practitioners or smaller firms, but even if you’re not sure why it matters just yet, and regardless of what type of business or practice you work in, social media will only get more important in the years ahead.

This article first appeared on economia

Twitter. Photograph: Getty Images

Richard Cree is the Editor of Economia.

Nicola Sturgeon. Photo: Getty
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For the first time in decades, there is genuine dissent in Scottish Nationalist ranks

The First Minister is facing pressure to talk less about independence - and bring on new talent in her party.

She so recently seemed all-powerful, licensed to reign for as long as she chose, with the authority to pursue the return of our national sovereignty. We would then have the ability to strike our own deals on our own terms, a smaller, smarter, leaner nation freed from the stifling constraints of partnership with a much larger neighbour. There was, she repeatedly told us, nothing to be afraid of.

Now, suddenly, she is the victim of her own miscalculation: having misread the public mood, having raced too far ahead of moderate opinion, she finds herself at bay. The voters have delivered a public humiliation, while an opposition party until recently lampooned as unelectable is on the march. There is, suddenly, talk of her departure sooner rather than later.

Yes, this is a tough time to be Nicola Sturgeon…

Let’s not overstate it. The position of Scotland’s First Minister is considerably more secure than that of the UK’s Prime Minister. Theresa May wants out as soon as is feasible; Sturgeon, one suspects, will have to be dragged from Bute House. Sturgeon retains enough respect among the public and support among her colleagues to plough on for now. Nevertheless, things are not what they were before the general election and are unlikely ever to return to that happy state.

It’s all because of Scexit, of course. Sturgeon’s unseemly sprint for the indy finishing line left enough Scottish voters feeling… what? Mistreated, taken for granted, rushed, patronised, bullied… so much so that they effectively used June 8 to deliver a second No vote. With the idea of another referendum hanging around like a bad headache, the electorate decided to stage an intervention. In just two years, Sturgeon lost 40 per cent of her Westminster seats and displaced half a million votes. One could almost argue that, by comparison, Theresa May did relatively well.

For the first time in decades, there is genuine dissent in Nationalist ranks. Tommy Sheppard, a former Labour Party official who is now an influential left-wing SNP MP, published an article immediately after the general election calling on the First Minister to ‘park’ a second referendum until the Brexit negotiations are complete. There are others who believe the party should rediscover its talent for the long game: accept the public mood is unlikely to change much before the 2021 devolved elections, at which point, even if the Nats remain the single largest party, Holyrood might find itself with a unionist majority; concentrate on improving the public services, show what might be done with all the powers of an independent nation, and wait patiently until the numbers change.

There are others – not many, but some – who would go further. They believe that Sturgeon should take responsibility for the election result, and should be looking to hand over to a new generation before 2021. The old guard has had its shot and its time: a party with veterans such as Sturgeon, John Swinney and Mike Russell in the key jobs looks too much like it did 20 years ago. Even the new Westminster leader, Ian Blackford, has been on the scene for donkey’s. There are more who believe that the iron grip the First Minister and her husband, SNP chief executive Peter Murrell, have on the party is unhealthy – that Murrell should carry the can for the loss of 21 MPs, and that he certainly would have done so if he weren’t married to the boss.

The most likely outcome, given what we know about the First Minister’s nature, is that she will choose something like the Sheppard route: talk less about independence for the next 18 months, see what the Brexit deal looks like, keep an eye on the polls and if they seem favourable go for a referendum in autumn 2019. The question is, can a wearied and increasingly cynical public be won round by then? Will people be willing to pile risk upon risk?

As the hot takes about Jeremy Corbyn’s surprise election performance continue to flood in, there has been a lot of attention given to the role played by young Britons. The issues of intergenerational unfairness, prolonged austerity and hard Brexit, coupled with Corbyn’s optimistic campaigning style, saw a sharp rise in turnout among that demographic. Here, Scotland has been ahead of the curve. In the 2014 referendum, the Yes campaign and its can-do spirit of positivity inspired huge enthusiasm among younger Scots. Indeed, only a large and slightly panicked defensive response from over-65s saved the union.

That brush with calamity seems to have been close enough for many people: many of the seats taken from the Nats by the Scottish Tories at the general election were rural, well-to-do and relatively elderly. The modern electorate is a fickle thing, but it remains rational. The Corbynites, amid their plans for total world domination and their ongoing festival of revenge, might bear that in mind.

Chris Deerin is the New Statesman's contributing editor (Scotland). 

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