Social Media Risk Management Strategies: Are You Rolling The Dice?

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A topic that few have chosen to address in the real estate (or any other) industry with any great detail, this presentation provides an overview of some of the considerations for business owners in the realm of social media. Whether it's staff or independent contractors, there are a whole host of points to address in your policies and procedures regarding social media use. And if you don't have those, we need to talk.

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  • Fantastic presentation.
    To read more about social media and risk, see here.

    http://www.sr7.com.au/?page_id=9
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Social Media Risk Management Strategies: Are You Rolling The Dice?

  1. 1. Brokers & Managers: Are You Rolling the Dice? Social Media Risk Strategies
  2. 2. Social Media Defined “An umbrella term that defines the various activities that integrate technology, social interaction, and the construction of words, pictures, videos and audio.” Source: Wikipedia Management Conference December 11, 2008
  3. 3. Social Media Defined Social media includes full suite of Web 2.0 tools – tools that enable interaction and engage the user: • Blogs • Video logs (Vlogs) • Micro-blogs • Social networking, bookmarking, tagging • Wikis Management Conference December 11, 2008
  4. 4. Social Media Defined Look familiar? Management Conference December 11, 2008
  5. 5. Why Risk Management? • Use of social media by REALTORS® is minimal NOW – 15-20% use some form currently – Expected to explode in 2009 – Many using now are new and inexperienced • It’s your company’s reputation • It’s your license • It’s your business (and assets) Management Conference December 11, 2008
  6. 6. What Are the Odds? Management Conference December 11, 2008
  7. 7. Avoiding a Social Media Crisis Steps to Avoiding a Social Media Crisis: 1. Develop awareness 2. Implement policies & procedures 3. Educate yourself, staff and associates 4. Communicate the expectations 5. Engage your associates 6. Monitor what is said 7. Manage the process 8. Prepare for mishaps Management Conference December 11, 2008
  8. 8. Avoiding a Social Media Crisis • Step #1: Develop awareness – Become familiar with tools and sites – Ask your associates which sites and tools they use – Check out competitors • Step #2: Implement policies & procedures – Current P & P might be inadequate – Check E & O, liability policies – Seek legal counsel Management Conference December 11, 2008
  9. 9. Avoiding a Social Media Crisis • Step #3: Educate – Yourself, staff, associates – Don’t leave it to learning through casual use • Step #4: Communicate – Make it a topic of sales meetings – Write about it – Distribute it Management Conference December 11, 2008
  10. 10. Avoiding a Social Media Crisis • Step #5: Engage – Connect with associates and staff on social networking sites – Subscribe to your associates’ blogs • Step #6: Monitor – Set up Google Alerts, Technorati blogs – Pay attention to status alerts, profile changes Management Conference December 11, 2008
  11. 11. Avoiding a Social Media Crisis • Step #7: Manage – Designate time per week – Delegate to management, staff or outsource • Step #8: Prepare – Even the best laid out and managed plan can go wrong – What do you do if problems arise? Management Conference December 11, 2008
  12. 12. Mitigating a Social Media Crisis • Time is your enemy – Act fast! – Twitter can spread bad news faster than TV, and YouTube is more viral • Don’t take a knife to a gun fight – Don’t use traditional media (solely) to counter social media gaffes – Respond in kind Management Conference December 11, 2008
  13. 13. Mitigating a Social Media Crisis • Brandjacking – Is your brand being used properly? – Is it being used by those authorized to use it? • Reputation management – Are you researching your new hires? • The Malicious Web – What happens when consumers become so dissatisfied that they take extreme measures?... Management Conference December 11, 2008
  14. 14. What Would You Do? XX XX XX XX XX XX Management Conference December 11, 2008
  15. 15. Open Discussion / Questions Management Conference December 11, 2008
  16. 16. Resources Electronic Frontier Foundation (EFF) www.eff.org Blog for Profit www.blogforprofit.com Bizomi Consulting www.bizomiconsulting.com Management Conference December 11, 2008
  17. 17. Thank you for Attending! For more information, visit www.BradHanksSeminars.com or email Brad@BradHanksSeminars.com. Brad Hanks trains, speaks and consults on social media, sales productivity and management in the real estate industry. Management Conference December 11, 2008

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