In this Spotlight on IMS, Shwen Gwee sits down to discuss the implications of digital media in a highly regulated industry.
What happens when your company is in a highly regulated industry?
Know Your Company’s Risk Tolerance
In order to understand your company’s risk tolerance, one must first be aware of the organization’s approach to social media and digital marketing for the company and/or its products.
Companies that take a conservative approach to social media and more risk averse should utilize platforms and channels that allow social media managers to utilize these channels as a tool for social listening and market research. Use these options to take a passive approach to a social media strategy and learn about your targeted market’s wants and needs. Shwen uses the examples of producing podcasts and YouTube videos (with commenting disabled) as possibilities for companies look for a one-directional social media strategy.
Businesses who take a moderate approach to social and digital marketing have a variety of options for their social media strategies. For these companies, using channels that allow for users to add comments and content are acceptable, but the comments must be moderated. Social media managers for these companies need to maintain a level of control where they can steer conversations while lessening the risk factor.
Many large brands use their social media channels actively and use them as a means of carrying on a two-way conversation with their customers. These companies are those that are willing and ready to execute more complex social media campaigns, engage with their customers during these campaigns and encourage user participation.
Work with Legal and Regulatory Teams
By working with your company’s legal and regulatory teams, social media managers can set expectations for the timelines surrounding content publishing. Does every Tweet need to be reviewed by upper management? Does every Facebook post need to be approved before it is shared?
In the past, traditional media – newspapers and magazines, for example – had a timeframe for when written content could be approved before publication. This timeframe is much longer than what social media allows for. In social media, content is created on a much more frequent basis, so creating an efficient means for creating, approving and sharing is critical. A company’s legal and regulatory teams can assist with defining what content needs approval and what can be published by social media managers as well as the appropriate channels for response.
Set Explicit Expectations
Be transparent about your social media guidelines with your audience. By setting terms and rules and informing users that inappropriate comments or conversations will be moderated, users will be able to have a better understanding of what to expect from an organization’s specific social media channels. This will help social media managers drive and manage the engagement and conversations.
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Check out the rest of our Spotlight on IMS New York series, featuring some of the brightest minds from the IMS Community, as we roll them out over the next few weeks leading up to the show.
*Please note: Since the time of filming this IMS Spotlight, Shwen Gwee has moved on to become Chief Digital Officer at Chandler Chicco Companies.