RachelStrella@gmail.com

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

3. Introductions

4. Introductions
 Strella Social Media
 Attendees:
 Name
 Role or Title
 One Social Media
Challenge You Face

5. Fear

6. Fear
Universal fear of social media
 Fear of what to say
 Worry about negative
feedback
 Privacy concerns

7. Fear
Regulated industry fears
 Legal and privacy concerns
 Management ill-advised
 Excuse to avoid risk?

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

10. Monitoring

11. Monitoring
Internal monitoring
 Develop a social media
policy
 Be sure to include
guidance on employees’
personal use
 Revisit policy regularly

12. Monitoring
Internal monitoring
 Clearly define roles
 Create methods for
tracking and archiving
social media content
 Develop procedures for
responding to customers

13. Monitoring
Internal monitoring
 Determine channels
 Build your audience
 Plan your strategy
 Execute your strategy
 Evaluate results

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

16. Creating a Presence
Despite Compliance

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

20. Regulated Industries
Using Social Media

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

23. Regulated Industries Using
Social Media
Medical – Example

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

26. Regulated Industries Using
Social Media
Pharmaceutical - Example

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

29. Regulated Industries Using
Social Media
Financial: Example

30. Regulated Industries Using
Social Media
Notice a common theme?...
GRAY AREA!

31. First National Bank of Omaha

32. Cambridge Savings Bank (MA)

33. Riverview Community Bank (WA)

34. Popular Community Bank (FL)

35. Avidia Bank(MA)

36. Social Media
Best Practices

37. Social Media Best Practices
Decide if/how social media
would benefit your audience

38. Social Media Best Practices
Define goals for social media

39. Social Media Best Practices
Put procedures/policies in place

40. Social Media Best Practices
Execute, but be flexible

41. Social Media Best Practices
Evaluate the efforts

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

45. Making the Case for
Social Media

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

49. Questions

50. Connections and Resources
Website and Blog:
StrellaSocialMedia.com
Facebook:
Facebook.com/StrellaSocialMedia
Twitter:
Twitter.com/RachelStrella
LinkedIn:
LinkedIn.com/in/RachelStrella