What are the true opportunities of social media for CPA firms today?

Social media has opened a big fat door in the world of professional services marketing. I only wish more would walk through! My clients have achieved between 10% and 25% return on investment on their personal social media campaigns. The trick is to know:

• your target audience (your ideal client)
• how to find them, and
• what they need from you

Many professionals today no longer see value in turning off their computers and cell phones in order to drive to a networking event, a seminar or even a client meeting – when they can stay connected, in front of their computer – and reach 200% more people in the same amount of time – while saving money and supporting a clean environment (gas).

Social media plays a significant role in assisting professional service providers in targeting their messages appropriately to those who can specifically hire them – or introduce them to someone who can.

Sadly, I still work with many CPAs who are still either confused about the value this provides – as well as hesitant to make the shift toward using the vehicle of say, LinkedIn, as opposed to broadcast e-mail. These firms would rather spend money to purchase e-mail lists when the same folks have given them permission to contact them for FREE on the very subject matter they will discuss on LinkedIn groups.

I saw the same hesitance when e-mail came into the American work environment (yes, I’m old!) and I have heard that telephones were also discouraged in the workplace – back in the day (I’m not that old!).

Someday, our Outlook address books will be replaced with an Internet-based world-wide CRM of sorts and we will all be connected. The prediction of six degrees of separation will be proven – and improved upon. We will probably,over time, be connected by more like 3 or 4 connections wiht each other around the world. It is certainly an exciting time to be a marketing professional!

I was recently asked what's the biggest hurdle to long-term commitment to business development?

I believe the biggest obstacle remains the lack of understanding of just what marketing is in professional services. Simply put, it is the nurturing of relationships. Everyone has the ability to do this - uniquely and independently. In today’s marketplace, each and every professional is capable of - and really has an obligation - to help to grow the practice. The most successful CPA firms are those who demonstrate the value of focusing on business development by regularly communicating success stories in a way that shows everyone HOW and WHY it works.