What are the challenges of integrating social media into your business?
In this post, I’ll look at the obstacles that businesses encounter in fitting social media into their day-to-day activities without disrupting the workflow.
Today’s consumers expect their brands to be social. They want to engage in a two-way conversation with organisations on their own terms and they want the businesses they like to be a constituent in their own personal brand.
And in return, this conversation makes them closer, more trusting and more loyal to a business. As a result, many organisations have seen this opportunity and have developed Facebook, Twitter and LinkedIn presences with different degrees of detail and success.
However, this move to social has caused almost as many challenges for businesses as it has opportunities.
For example, in January, the newly appointed head of Comms at Ryanair, Robin Kiely, made his first significant strategic announcement, revealing he would focus more on what he referred to as “traditional” media, and turn Ryanair’s back on social media.
One of the main reasons for this decision was his claim that Facebook is a ‘two-way tool’ and maintaining a dedicated account would probably mean ‘hiring two more people just to sit on Facebook all day’.
Another example, especially significant in the Financial Services sector, is compliance. Compliance legislation requires financial institutions to be incredibly cautious with their communication with the outside world.
The FSA, SEC and FINRA recently issued new guidance for FS companies using social. Promotion and advertising, supervision and monitoring, and recordkeeping have all come under the spotlight, and FINRA now requires detailed recordkeeping to prove inappropriate claims have not been made to a customer or prospect.
As a result social media is rightly viewed as a serious compliance risk.
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