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Regulated Social
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Slides
Go to refford.com
Follow the link in the orange bar.
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Agenda
Burning questions? Mr Startup vs. Mr PharmaBank Challenges Recommendations Who's doing social well
This presentation does not reflect the views of my employer
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Mr. Startup
Twitter: “We just launched version 1! Register for our beta at OurStartUp.com”
YouTube: Instructional videos Blog: Provide depth and purpose Facebook: Connect with early adopters
Focus:Awareness. As fast and furious as I can get it.
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Mr PharmaBank
Twitter: “Delete tweets we don't like?” YouTube: Doesn't support our brand
standards Blog: Subject Matter Experts are not
cleared to speak publicly Facebook: Do our customers want advice
on an open channel?
Focus:Don't jeopardize our integrity.
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Survey Time!
According to a July 2011 Cerulli Associates survey, what is the top social platform used by firms?
A. LinkedIn
B. Blogs
C. Facebook
D. YouTube
E. Twitter
38%
25%
38%
19%56%
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Challenges
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Authorized Spokespersons
Not everyone can speak for the company All spoke persons are media-trained Subject Matter Experts are likely not
cleared to speak Ultimately, limits your ability to generate
impressions on social via employees
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Regulatory Landscape
Blogs, Twitter, Facebook = “Advertising” Chat, Comments = “Public Appearance” Liking, Commenting = “Endorsement” Third-party URL= “Entanglement”
Supervise Recordkeep File
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Brand Management
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Third Party Linking
Defined: Linking to content on sites that aren't ours
Websites have Terms of Service “Deep Pockets” theory Outcome: A conservative Legal team may
want to approve each website's ToS and often obtain explicit authorization to link
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Survey Time!
According to a 2011 kasina report, what percentage of firms are measuring ROI for Social Media?
A. 33%
B. 37%
C.17%
D. 11%
E. 67%
winner
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Entanglement
Outlined in SEC regulation 10-06 Practically: If we link to a site, our firm is
potentially entangled with the content on that site
Outcome: Compliance must review each third party page before Marketing can use it
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Content
Discussing product introduces new issues Additional Compliance requirements Additional process
Tone is important
– “Money Ain't Funny”
– Maintain integrity (link baiting?)
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Costs
Social Media is cheap? All this adds up to expensive resources Leads management to ask “What's the
ROI of social”
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Survey Time!
According to a July 2011 Cerulli report, organizationally, where does Social Media reside?
A. Corporate Strategy
B. Retail marketing communications
C.Public Relations
D. Corporate marketing communications
E. Senior management
7%
27%
7%
39%7%
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Recommendations
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Well Rounded Approach
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Executive Support
Executive support is the only critical factor in getting a social initiative off the ground
– Clears a path
– Urgency
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Cross Functional Team
Marketing PR IT Compliance Support HR
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Strategy
Know why you're doing social
If ((social strategy <> marketing strategy) && (marketing strategy <> business strategy));
printf (“you're doing it wrong”);
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Manage Expectations
Don't expect social to carry the load
Pepsi 2010: 2010: Decides to forgo Super Bowl advertising and
instead invests $20mm in the “Pepsi Refresh Project” social media campaign.
Pepsi 2012:
Loss in market share Cut 8,700 jobs & $1.5 billion cost savings Boosting Ad spending $500+ mm
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Best Practices?
# early practices > # best practices Connect with others in your industry Seek advice of consultants and analysts Use industry examples to “normalize”
ideas
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Survey Time!
According to a 2011 kasina report, what percentage of firms are active in social media?
A. 48%
B. 80% winner
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Test and Fail Fast
Track metrics Test different:
copy content campaigns
What drives: impressions clicks conversions
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Invest in Tools
Social listening
– Socialmention.com
– Radian6, Lithium Social management
– Hootsuite
– Argyle Compliance
– Hearsay, Socialware, Actiance
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Metrics & Measurement
Key Performance Indicators Measure per platform Consider
Audience Engagement Referral Conversion
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Define processes
How to align social content with strategic business and marketing efforts
Content review and approval Internal contacts: sales, support,
complaints, media Content calendar Social Media Response Reporting
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Activation Strategy
How are you going to raise awareness? Sales support Marketing collateral: print, Advertising,
business cards, email signatures, website?
Internal communications Influencer outreach (media, analysts)
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Survey Time!
According to a November 2011, Ignites reader poll, what percentage of readers said social media is a fad?
A. 15%
B. 39%
C. 35%
D. 11% winner
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Who's doing social well?
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Managing Crisis
Listening to Customers
Disseminating news
Source: kasina
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MFS LinkedIn
Relationship building
Sales empowerment
Showcasing capabilities
Source: kasina
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Community building
Content promotion
Source: kasina
