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Social Media in Regulated Industries
1. Knowledge is Power: Overcome
Social Media Fears Today
Presented to: PACB
By Rachel Strella
www.strellasocialmedia.com
2. Today, We’ll Discuss:
Fear & Social Media
Internal/External Monitoring
Creating a Presence, Despite
Compliance Issues
Social Media in Regulated
Industries
Social Media Best Practices
Making the Case for Social Media
8. Fear
To ease fear
Don’t try to transform
organization all at once
Focus on areas where
there are obvious
opportunities for social
communications
9. Fear
To ease fear
Start small
This will help you begin to
understand where your
opportunities are
12. Monitoring
Internal monitoring
Clearly define roles
Create methods for
tracking and archiving
social media content
Develop procedures for
responding to customers
14. Monitoring
External monitoring
Manage your online
reputation
Sign-up for Google alerts:
google.com/alerts
Sign-up for social mentions:
socialmention.com
15. Monitoring
External monitoring
Have systems in place for
responding to all feedback
Respond publicly and take
conversation offline
Management should be ‘on-
call’ for immediate concerns
17. Creating a Presence
The benefits
Market your
products/services
Communicate with
customers
Get a pulse on brand image
and manage it proactively
18. Creating a Presence
Know the regulations
Research industry
regulations
Address them
Learn to safely navigate the
social media landscape
19. Creating a Presence
Example: Citibank
The case of Stacy Small
The Challenges
A Case for Taking it Offline
Solutions that Work
21. Regulated Industries Using
Social Media
Medical
Medical providers are
prohibited from using or
disclosing protected health
information without
written authorization from
the patient
22. Regulated Industries Using
Social Media
Medical
Existing content is not lost;
rather providing it to the
audience in the
appropriate place
24. Regulated Industries Using
Social Media
Pharmaceutical
Regulated by the FDA who
had an eerie silence on the
topic of social media until
the end of 2011
25. Regulated Industries Using
Social Media
Pharmaceutical
Policy states that
companies respond to
social commentary by
providing a private and
direct communications
channel with customers
27. Regulated Industries Using
Social Media
Financial
FINRA: Must maintain
regulatory compliance in
all communications
RIA: Must comply with
antifraud and record
keeping requirements
28. Regulated Industries Using
Social Media
Financial
Must periodically evaluate
the effectiveness of
compliance program as it
relates to social media
especially recordkeeping
42. Social Media Best Practices
General guidelines
Do not mention specific
cases or reveal customer
data
Do not offer financial or
banking advice publicly to
specific parties
43. Social Media Best Practices
General guidelines
Educate and inform about
universal policies or
financial/banking info
Share something of value –
other sites, articles, links,
tools, tips
44. Social Media Best Practices
And…
Plan ahead and try to think
of all possible outcomes
Use critical thinking
skills/best judgment
Be flexible as you work
through kinks
46. Making the Case for
Social Media
Do your homework
Poll customers to find out if
it’s something they need/want
Check out your company’s
online reputation
Compile data to support its
use
47. Making the Case for
Social Media
Plan for management resistance
Share findings
Explain regulations and ways
around them
Offer to help draft policies
and procedures
48. Making the Case for
Social Media
Plan for management resistance
Share ways it could save $$
and/or be integrated with
current efforts
Suggest a trial period
Acknowledge and document
customer feedback