Monday, May 20, 2013
Consulting firms are using Facebook to focus on specific topics and build relationships… but need to provide more commentary from experts within the firm…
A report published on 20th May 2013 by Source Information Services (Source) has found that whilst consulting firms are using Facebook to build their brand, highlight issues and experiences to potential clients, their pages lack the input and commentary from experts within the firm.
The report ‘Facebook, thought leadership and consulting firms’ analyses the Facebook activities of 12leading consulting firms[1] and how they highlight issues or solutions in order to drive demand for consulting work from a Facebook community of nearly one billion active users worldwide[2].
The report says that amongst this vast number of active Facebook users there are a group of people who are the potential clients of today, and an even bigger group who are the potential clients of tomorrow. Even if firms are not convinced about the potential of Facebook to highlight issues or solutions for organisations or in raising brand awareness, the report asks whether they can really afford not to have an active Facebook page.
Rachel Ainsworth, Source’s Head of Research, and author of the report, said:
“A potential client could take a look at your Facebook page to get a sense of what type of consulting firm you are, and if they discover nothing there, or find a page that’s badly put together, it’s going to be very difficult to convince them of your technical know-how.”
“Facebook is also a great opportunity to convey something of your firm’s personality to potential clients. It’s unique in providing opportunities for both visual and written communication multiple times a week. Users expect to see personality, wit and humour. It’s a chance for a firm to demonstrate what it really stands for.”
Measuring success
While a number of likes gives an indication of a page’s current potential audience, Source says that it provides little on how engaged that audience is with the consulting firm.
Source’s analysis showed that five pages made it through the 100,000 ‘likes’ barrier by mid-March 2013: IBM (203,000), Accenture (171,000), Deloitte (130,000), PwC (128,000) and McKinsey Quarterly (103,000). However, the first four pages in the list are owned by huge organisations offering an array of services, not just consulting, with a vast number of employees, many of whom have no doubt pressed the like button themselves.
The report says that engagement is a much more effective measure of Facebook prowess as it relates to how many fans are liking, sharing and commenting on content. Also, looking at posts that achieve higher levels of engagement provides numerous lessons for all consulting firms.
Offer some value
McKinsey Quarterly’s Facebook page has attracted over five likes for each of its 20,000 employees worldwide. The Source report says that if this were the B2C world, many of these fans would be customers expecting to receive discounts and promotions. As this doesn’t apply, it indicates that Facebook users see liking McKinsey Quarterly as a sign of intellectual prowess. Furthermore, McKinsey & Company has about half the number of likes in comparison to McKinsey Quarterly, meaning people may be more interested in, and willing to associate themselves with an entity that offers them value.
Without insider knowledge, it’s difficult to know what else McKinsey may have done to drive interest, but the report identifies some important areas for those hoping to compete:
1. 1. Identify your target audience –The very first question for a consulting firm has to be ‘who is our audience?’ It is much easier to engage fans on a specific topic, to generateconversation and debate and really to add value to the reader.
2. 2. Build Relationships – Even if firms are selling to businesses, they are building relationships with individuals who have emotions, so content should be humanised.
1. 3. Curate Content – None of the consulting firms Source studied curate and comment oncontent from sources other than their own organisation. This is not about promoting competitor firm thought leadership, but curating content from other sources is one way of becoming a valued destination.
2. 4. Provide expert commentary - Informal input from the brightest minds within the firm on key topics is highly valued by readers. Experts should also be encouraged to enter into conversation with people commenting on the firm’s posts. The more people involved, the greater the volume of content and diversity of thought – which will entice more people in.
[1] All figures in this report are based on research carried out on the 14th and 15th March 2013 when we gathered data from the last 20 posts on each of the 26 pages chosen.
[2] Correct at the time of writing the report.