When it comes to tackling social media for financial institutions and other highly regulated industries there are a whole lot of hurdles to jump and a ton of potential headaches. In fact, in all candor, when someone calls us about working with them and they’re involved in a highly regulated industry, I might be known to groan audibly. Social media strategy, execution and day-to-day management is hard. When you’re dealing with the financial industry, add in compliance and risk management, multiply what you’re dealing with times twelve.
Our friends at Spiral16, a Kansas City-based social media monitoring and engagement solution, have developed a white paper specifically for financial institutions and I think it’s pretty awesome. And we figured you might, too.
The white paper is chock full of good information but, bottom line, it’ll provide you with a five-step outline that will allow you to focus on the following:
Developing a Social Media Policy
Developing a social media policy is not only an important first step, it’s a crucial one. And it’s one that many businesses either don’t yet have in place and/or something that was created at one point and now should be reviewed and updated. A social media policy should be a living, breathing document and should be regularly reviewed, updated, distributed and discussed with your employees.
Reputation management has never been more important than it is today and there are key things that every business (and individual) should be doing to stay on top of that. This white paper will help you understand the importance of online reputation management and walk you through the steps of developing a strategic online listening program and monitoring the web for brand mentions.
Developing an Integrated Social Media Strategy
The importance of developing a social media program that’s strategically based and designed to serve your business goals cannot be overstated. In other words, not just being in the social media space because everyone else is, but instead, integrating social media into your overall marketing strategy and tying social to your business objectives. Sounds simple, but it’s something that many businesses don’t do. Marketing shouldn’t be siloed – what you’re doing off line and what you’re doing online should be integrated into a comprehensive marketing strategy.
Developing Training Programs
Social media isn’t a set-it-and-forget-it undertaking. To do it correctly, it requires training your team as your program is getting underway and requires continuous and on-going training and education. It’s important to understand that your people don’t instinctively know what to do, and many are nervous about taking on the responsibility of being the voice of the brand in the online space. Training programs are imperative. And like many things associated with integrating the web into your business operations (social, content development, marketing automation, etc.), they need to be an on-going part of your business operations.
Documenting, Archiving and Measuring the Impact of Social Media
Measuring the impact of social media should be a part of every social media strategy, yet it’s often overlooked and/or people just don’t know what or why or how to measure. When it comes to the financial services industry, that’s important, but documenting and archiving content is critical. That’s some of the content that’s the heart of this white paper and something I think you’ll really benefit from if you’re in the financial services industry.
That’s it. If you’re in the financial services industry there’s every reason to stop what you’re doing and go download that white paper. While you’re at it, check out what Spiral16 has to offer – they are an awesome company with a terrific product.
You can download the white paper here:
Social Media for Financial Institutions in 5 Steps
This post originally appeared on Integrated Marketing Summit Blog