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Social Media Best Practices Implementation Checklist

Social Media Best Practices Implementation Checklist






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    Social Media Best Practices Implementation Checklist Social Media Best Practices Implementation Checklist Presentation Transcript

    • Social Media Best PracticesImplementation ChecklistVictor GaxiolaSubject Matter Expert: Social Mediahttp://www.linkedin.com/in/victorgaxiola@victorgaxiolahttp://www.Actiance.com/VictorGaxiola #ActianceConfidential and Proprietary © 2012, Actiance, Inc.All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc
    • Agenda About Actiance State of the nation Social media maturity curve Risk of Doing Nothing Best Practices Checklists Upcoming webinars Materials#Actiance
    • Actiance.com/VictorGaxiola#Actiance
    • About ActianceA decade of expertise, a history of firstsGlobal Operations • 3 US offices, three continents • 260 employeesDedicated Social Engagement Team • Partnering: networks, platforms, service providers • Regulators: FINRA, IIROC, FSA, SEBI… • Best Practice enablement, educationClient Engagement • 9 out of the top 10 US Banks, Top 5 CDN Banks • 284 FINRA firms • 100,000 Social Networking users under license#Actiance
    • Why Customers Select Actiance“We chose Actiance because they had the resources and partnering culture to help us with our long term strategy” – VP Technology, Interactive Marketing, Top 3 Wirehouse“Actiance’s platform allows us to execute our long term vision of integrating our internal social platforms with consumer networks” – SVP & CIO, Major Mutual Fund Company“Socialite Enable and Engage offer the best mix of compliance and marketing capabilities allowing our advisors to develop their personal brands” – Marketing Director, Top Regional Brokerage #Actiance
    • 97% of people questioned in a survey said their buying decisions are influenced by social groups#Actiance
    • Social Media Maturity Curve Early Majority Early Adopters • Corporate SM • Corporate Presence presence Early Consideration • Acceptable use policy • Social media usage • Some Corporate by distributed teams • Social media being Presence advisors used by distributed Pre-Consideration • Banned/ restrictive teams/advisors • Acceptable use policy policy in place • No Social Presence • Need to: use social to • Next step, use social • Pilot program for develop, strengthen to develop, strengthen • Restrictive social content distribution relationships, for relationships, for some policy might be in place some also as a sales also as a sales channel • No Social Tools • Need to: justify channel • Previous concerns • Need to: identify distributed teams about FINRA and/ or options, best practices usage impact of social media overcome by market acceptance and demonstrable results.#Actiance
    • The Risk of Doing Nothing Loss of competitive advantage Early adopters are forgiven Seen as a non-innovator#Actiance
    • Lost Opportunities Generation Y and X are the most enthusiastic users (with 87% and 77% respectively) 47% of Boomers use social media1 Gen Y $2.4 trillion personal income By 2025, Gen Y will account for 46% of personal income in US2 Forrester Research, June 2011 1 USA, Source: Forrester Research, June 2011 2 Javelin Research http://www.stltoday.com/business/local/article_719f49d8-15e6-5c5d94b7992ab12d9f97.html?print=1#Actiance
    • Social Media Best PracticesChecklists for Implementation#Actiance
    • Create and Deploy a Social Media Policy Dedicate resources to project Assign a project manager and develop a timeline with key milestones Engage stakeholders in policy setting as soon as possible Form a Working Group with Legal, Compliance, IT, Security, Marketing, Investor Relations, Corporate Communications, Human Resources, Customer Service, Lines of business, and a representative from Senior Management (or a procedure for updating senior management) Gain commitment to meet on a regular basis to work collaboratively to define policy Attend industry events to tap expertise of colleagues and identify outside resources#Actiance
    • Create and Deploy a Social Media Policy (cont.) Conduct online research of other firms’ social media policies. However, be mindful that they may be incorrect or out-of-date Define Business, Legal, and Compliance requirements Develop an understanding of enterprise-wide technical requirements (IT, Security) Work with IT Security team to developed enhanced data security plan Determine the current use of social media landscape within your organization Identify third-party vendor(s) that meet combined requirements (automate content approval, distribution, monitoring, supervision, capture, archiving, and making all records discoverable) Research capabilities and conduct review of third-party vendors#Actiance
    • Create and Deploy a Social Media Policy (cont.) Select vendor(s) that best meets the requirement to initiate a short-term pilot Develop and follow rigorous testing processes during the pilot in order to test vendor’s capabilities and develop detailed polices. Include representatives from each of the major stakeholders, plus a small sample of financial advisors in the pilot Use results to work with vendor(s) to adjust settings, even customize platforms to meet requirements Enter contract negotiations and make commitment to a third-party vendor Monitor and adjust social media polices based on key learnings from the pilot#Actiance
    • Create and Deploy a Social Media Policy (cont.) Collaborate to develop and set the formal policy Publish policy Require attestation of social media policy from users prior to use Review and refine policies during rollout Review and refine policies based on key learnings, changes to social networking sites, regulations, and other legal issues#Actiance
    • Update Existing Policies and Procedures Identify and define risks, including particular staff Update electronic communications policies and procedures Update Written Supervisory Procedures to include social media Use existing processes to test for risks Assign and train staff on how to use system to monitor / approve social media Employee Use Policy, Termination Policy, Privacy Policies Define ownership of content, followers, etc., on social media#Actiance
    • Marketing Develop integrated marketing plan, where social media is just one of the elements Develop timelines, deadlines, launch plan Create budget and gain management approval Lead or participate in efforts of Social Media Policy Working Group Integrate Marketing Plan with Social Media Policy Incorporate social media into your crisis communications plan. Include business and personal contact information for each person who needs to be contacted, both during and outside of business hours#Actiance
    • Marketing (cont.) Prepare for cases of negative feedback and mistakes made on social media. Also, think through opportunities of using social media to communicate with staff, customers, and suppliers during emergencies Gain an understanding of the Federal Trade Commission’s disclosure guidelines. In short, firms must disclose sponsored communications within the content of the communications Work with Compliance to establish workflows for approvals on an ongoing basis Manage launch / rollout plan Develop plan to create and distribute templates of profiles#Actiance
    • Marketing (cont.) Develop a content creation plan:  Define type and volume of content (e.g., press releases, articles, analyst reports, video)  Identify existing content throughout the organization that can be leveraged for social media distribution  Research outside resources  Adapt content pre-approval workflows to include social media  Assign and train staff on how to disseminate content  Develop timeframes#Actiance
    • Marketing (cont.) Define adoption of social media networks based on business needs of organization Set measurable goals and timelines  Gather and analyze metrics  Report results back to Social Media Working Group and Senior Management  Share successes / case studies with end users#Actiance
    • Education Segment users by role and expertise Educate your users on social media usage and what is and is not appropriate, as well as “How To’s” and case studies Issue best practice guidelines, a reference that can be used on an ongoing basis to complement that training When setting policies and procedures, notifying RRs of why a particular function is blocked will assist in the training of employees Offer training in various formats to facilitate adoption (in-person, WebEx, video) Offer training on an ongoing basis to attract new users and to share success stories and updates on social networks#Actiance
    • Contact Information info@actiance.com 888.349.3223 @Actiance, @victorgaxiolaFurther reading: Marketers Guide to Social Media in Financial Services FINRA 10-06 and11-39 requirements mapped to Facebook, LinkedIn, and Twitter features Social Media Handbook Osterman Research: The Impact of New Communication Tools for Financial Services Firms Actiance Collateral Library http://actiance.com/resources#Actiance
    • Thank YouJoin us at Facebook.com/Actiance Victor Gaxiola Subject Matter Expert: Social Media http://www.linkedin.com/in/victorgaxiola @victorgaxiola http://www.actiance.com/victorgaxiola #ActianceConfidential and Proprietary © 2012, Actiance, Inc.All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc