Social media risk management strategies are you rolling the dice

Brokers & Managers:Are You Rolling the Dice?

Social Media Risk Strategies

Siêu thị điện máy Việt Long www.vietlongplaza.com.vn

Management ConferenceDecember 11, 2008

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

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

Look familiar?

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)

What Are the Odds?

Avoiding a Social Media Crisis

Steps to Avoiding a Social Media Crisis:1. Develop awareness2. Implement policies & procedures3. Educate yourself, staff and associates4. Communicate the expectations5. Engage your associates6. Monitor what is said7. Manage the process8. Prepare for mishaps

• 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

• 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

• 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

• 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?

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

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?...

What Would You Do?XX

Open Discussion / Questions

Resources

Electronic Frontier Foundation (EFF)www.eff.org

Blog for Profitwww.blogforprofit.com

Bizomi Consultingwww.bizomiconsulting.com

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.

Social media risk management strategies are you rolling the dice

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