Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

What’s the ROI on social media? Perhaps a better question is what’s the ROI on bankrupt?

with 3 comments

That’s the question Mark Schaefer asks in his post, It’s not just ROI. It’s RELEVANCE!

Do you use a Rand McNally map to get anywhere? Not likely. Smart phones, GPS, and mobile apps have left the long-time map maker in the dust.

Likewise Kodak. That venerable company is now being sold for parts because they didn’t see any value in digital pictures.

Don’t ask what the ROI is on social media. It’s the wrong question.

In a professional services firm, you can’t calculate the ROI on each component of your marketing efforts.  I mentioned that idea here.  What is the ROI on letting potential clients know you are available and do good work?  You get to stay in business and maybe grow.

Likewise with social media. You will need to get involved or you will get left behind.

I love this line from Mark:

I wonder what the ROI of bankrupt is?

I talked about that idea in my post Still wondering if Social Media is a big deal? Want to be in business 5 years from now?

Check out Mark Schaefer’s post.

Written by Jim Ulvog

July 13, 2012, 6:10 am at 6:10 am

Posted in Social media

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3 Responses

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  1. Good catch on this. I had flagged his blog post as something to write about.

    One of the things I wonder about is college professors in general and college professors in business. Largely, they are ignoring social media. They are severely limiting their ROI.

    David Albrecht

    July 13, 2012, 6:24 am at 6:24 am

    • Good point.

      Professors and CPAs are all knowledge workers. Seems to me like social media would be an ideal way to extend influence and relevance.

      Seems like it would be an easier thing to do for profs than CPAs. The everyday skills necessary to be professor, such as teaching, writing, and explaining complex ideas, should transfer directly to social media.

      When you think about those skill sets, jumping into social media should be easy for professors.

      The stereotype of a CPA would suggest it would be difficult for us to transfer our skills to social media, but look again at what we routinely do. We teach our younger staff how to do new, intellectually complex tasks. We explain to our clients complex ideas, whether new ASCs or tax issues. We try to write clear financial statement disclosures and persuasive recommendation letters. It used to be that writing fog-filled disclosures was the premium value, but that has changed in the last decade or so.

      When you think about those skill sets, lots of audit partners could make the jump. Tax partners? They could do it too.

      And having something to write about? Look with the eyes of a blogger and there are two or three or ten new topics every day!

      Jim Ulvog

      July 13, 2012, 6:54 am at 6:54 am

      • BTW Dave, please write something about his post. I’d like to see your thoughts.

        Jim Ulvog

        July 13, 2012, 6:56 am at 6:56 am

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