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Avoiding a Social Media Mess - Social mdia risk, remedies, governance

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Avoiding a Social Media Mess - Social mdia risk, remedies, governance

  1. 1. Avoiding a SOCIAL MEDIA messA Board, Executive and Management primer on risks, remedies and governance
  2. 2. social media gives everyone a megaphone
  3. 3. including customers, potential customers, and YOU
  4. 4. the power of social media attracts attention on a mass scale
  5. 5. content and engagement are crucial
  6. 6. THE ABILITY TO DELIVER YOUR BRANDS MESSAGE VIA SOCIAL MEDIA IS VERY POWERFUL
  7. 7. interactions can impact your brand’s image and bottom line
  8. 8. YET
  9. 9. boards are not discussing Social MediaStudy by The Conference Board and the Rock Center for Corporate Governance at Stanford University.
  10. 10. YET
  11. 11. “ The success and failure of a company’s strategic initiatives will be reflected in the dialogue that occurs in the social media space ” David Larcker Study by The Conference Board and the Rock Center for Corporate Governance at Stanford University.
  12. 12. so what are some questions that need to be addressed?
  13. 13. what is social media?how can it be used? what are the risks?how are risks managed?
  14. 14. social media is any web based or mobile service that allows people to share content and ideas with others
  15. 15. IT IS ABOUT CONTENT AND EGAGEMENT
  16. 16. there are 3 primary uses of social media
  17. 17. to inform
  18. 18. to educate
  19. 19. customer service
  20. 20. many choose to avoid social media altogether!
  21. 21. this is a big mistake!
  22. 22. here’s why!
  23. 23. ½ twitter followers more likely to buy
  24. 24. customers who engage sociallyare more likely to buy and recommend
  25. 25. you must manage your brand’s online image before someone else does
  26. 26. WHAT ARE 3 SOCIAL MEDIA RISKS YOU MUST BE AWARE OF
  27. 27. 1 - IDENTITY AWARENESS
  28. 28. The risk of not understandingand managing what is being said about you online
  29. 29. HOW DO YOU REMEDY IDENTITY AWARENESS RISKS
  30. 30. Be aware of what is being said track brand buzz
  31. 31. 2 – STRATEGIC RISKS
  32. 32. unclear strategy will derail the social media initiative
  33. 33. HOW DO YOU REMEDY STRATEGIC RISKS
  34. 34. Make social media strategy a subset of global strategy
  35. 35. put it in writing Formally inform employees
  36. 36. develop formal policies provide formal training
  37. 37. 3 - STRATEGY EXECUTION
  38. 38. failure to execute can literally kill your brand
  39. 39. REMEMBER!
  40. 40. IT IS ABOUT CONTENT AND EGAGEMENT
  41. 41. Beware and be aware of what, where and how you post
  42. 42. you are what you tweet
  43. 43. you are what you like
  44. 44. you are what you pin
  45. 45. you are what you friend
  46. 46. you are what you follow
  47. 47. social media provides theopportunity to introduce yourbrand to others
  48. 48. don’t be surprised by unmanaged risks
  49. 49. BOARDS, EXECUTIVES & MANAGEMENT MUSTidentify and discuss risks Implement process to control risksestablish appropriate governance
  50. 50. Avoid aSOCIAL MEDIA mess
  51. 51. Avoid aSOCIAL MEDIA mess
  52. 52. thatauditguy@gmail.comRobert Berry is a risk management,compliance and audit author,advocate, innovator and educator. http://www.linkedin.com/in/berryrobertHe provides valuable audit contenton his website and is the creator ofthe auditor exchange sharing http://www.thatauditguy.comservices. http://www.auditorexchange.com

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