Social Media in Regulated Industries

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Fear of social media in the workplace is not limited to the banking and medical industries. In fact, many businesses struggle to embrace social media due to fear of negative feedback, uncertainty of what to say, and privacy concerns.

Do not let fear keep you from pursuing social media. There’s power in leveraging these channels to reach customers – and it’s often an untapped market because other companies have the same fears as you!

In this session, we’ll discuss:
• Internal/external monitoring
• Creating a presence despite compliance issues
• Other regulated industries using social media
• Social media best practices

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Social Media in Regulated Industries

  1. 1. Knowledge is Power: Overcome Social Media Fears Today Presented to: PACB By Rachel Strella www.strellasocialmedia.com
  2. 2. Today, We’ll Discuss: Fear & Social Media Internal/External Monitoring Creating a Presence, Despite Compliance Issues Social Media in Regulated Industries Social Media Best PracticesMaking the Case for Social Media
  3. 3. Introductions
  4. 4. Introductions Strella Social Media Attendees: Name Role or Title One Social Media Challenge You Face
  5. 5. Fear
  6. 6. FearUniversal fear of social media Fear of what to say Worry about negative feedback Privacy concerns
  7. 7. FearRegulated industry fears Legal and privacy concerns Management ill-advised Excuse to avoid risk?
  8. 8. FearTo ease fear Don’t try to transform organization all at once Focus on areas where there are obvious opportunities for social communications
  9. 9. FearTo ease fear Start small This will help you begin to understand where your opportunities are
  10. 10. Monitoring
  11. 11. MonitoringInternal monitoring Develop a social media policy Be sure to include guidance on employees’ personal use Revisit policy regularly
  12. 12. MonitoringInternal monitoring Clearly define roles Create methods for tracking and archiving social media content Develop procedures for responding to customers
  13. 13. MonitoringInternal monitoring Determine channels Build your audience Plan your strategy Execute your strategy Evaluate results
  14. 14. MonitoringExternal monitoring Manage your online reputation Sign-up for Google alerts: google.com/alerts Sign-up for social mentions: socialmention.com
  15. 15. MonitoringExternal monitoring Have systems in place for responding to all feedback Respond publicly and take conversation offline Management should be ‘on- call’ for immediate concerns
  16. 16. Creating a PresenceDespite Compliance
  17. 17. Creating a PresenceThe benefits Market your products/services Communicate with customers Get a pulse on brand image and manage it proactively
  18. 18. Creating a PresenceKnow the regulations Research industry regulations Address them Learn to safely navigate the social media landscape
  19. 19. Creating a PresenceExample: Citibank The case of Stacy Small The Challenges A Case for Taking it Offline Solutions that Work
  20. 20. Regulated Industries Using Social Media
  21. 21. Regulated Industries Using Social MediaMedical Medical providers are prohibited from using or disclosing protected health information without written authorization from the patient
  22. 22. Regulated Industries Using Social MediaMedical Existing content is not lost; rather providing it to the audience in the appropriate place
  23. 23. Regulated Industries Using Social MediaMedical – Example
  24. 24. Regulated Industries Using Social MediaPharmaceutical Regulated by the FDA who had an eerie silence on the topic of social media until the end of 2011
  25. 25. Regulated Industries Using Social MediaPharmaceutical Policy states that companies respond to social commentary by providing a private and direct communications channel with customers
  26. 26. Regulated Industries Using Social MediaPharmaceutical - Example
  27. 27. Regulated Industries Using Social MediaFinancial FINRA: Must maintain regulatory compliance in all communications RIA: Must comply with antifraud and record keeping requirements
  28. 28. Regulated Industries Using Social MediaFinancial Must periodically evaluate the effectiveness of compliance program as it relates to social media especially recordkeeping
  29. 29. Regulated Industries Using Social MediaFinancial: Example
  30. 30. Regulated Industries Using Social MediaNotice a common theme?... GRAY AREA!
  31. 31. First National Bank of Omaha
  32. 32. Cambridge Savings Bank (MA)
  33. 33. Riverview Community Bank (WA)
  34. 34. Popular Community Bank (FL)
  35. 35. Avidia Bank(MA)
  36. 36. Social MediaBest Practices
  37. 37. Social Media Best PracticesDecide if/how social mediawould benefit your audience
  38. 38. Social Media Best PracticesDefine goals for social media
  39. 39. Social Media Best PracticesPut procedures/policies in place
  40. 40. Social Media Best Practices Execute, but be flexible
  41. 41. Social Media Best Practices Evaluate the efforts
  42. 42. Social Media Best PracticesGeneral guidelines Do not mention specific cases or reveal customer data Do not offer financial or banking advice publicly to specific parties
  43. 43. Social Media Best PracticesGeneral guidelines Educate and inform about universal policies or financial/banking info Share something of value – other sites, articles, links, tools, tips
  44. 44. Social Media Best PracticesAnd… Plan ahead and try to think of all possible outcomes Use critical thinking skills/best judgment Be flexible as you work through kinks
  45. 45. Making the Case for Social Media
  46. 46. Making the Case for Social MediaDo your homeworkPoll customers to find out ifit’s something they need/wantCheck out your company’sonline reputationCompile data to support itsuse
  47. 47. Making the Case for Social MediaPlan for management resistanceShare findingsExplain regulations and waysaround themOffer to help draft policiesand procedures
  48. 48. Making the Case for Social MediaPlan for management resistanceShare ways it could save $$and/or be integrated withcurrent effortsSuggest a trial periodAcknowledge and documentcustomer feedback
  49. 49. Questions
  50. 50. Connections and Resources Website and Blog: StrellaSocialMedia.com Facebook:Facebook.com/StrellaSocialMedia Twitter: Twitter.com/RachelStrella LinkedIn: LinkedIn.com/in/RachelStrella

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