Subscribe to LexTalk to stay on top of today’s legal issue and trends.
Catapult Your Career |
Industry Insights & Trends |
Product Training & Tips
When consumers have questions about issues in their lives, it’s no surprise to where they turn for answers: Social media has become the forum for questions about everything. But for the companies operating in financial services, pharmaceuticals and law, social media has been almost completely off limits, according to this Forbes article.
The regulators who govern their industries have struggled to apply the standards they developed for traditional media onto interactive media. The murkiness of what is and isn’t allowed has created the natural chilling effect for many companies in these highly regulated industries – why take a chance on social media? But as traditional means of reaching consumers have struggled and the rest of the marketing business has embraced this direct means of reaching consumers, the tide is now turning for the regulated industries.
So what should CMOs in these industries learn from their peers when touting the creating o they are probably a good four years ahead of them?
1. Compliance can’t stop you from reading. Create a presence on social media to monitor what’s being said about you. Twitter, for instance, is a great way to keep up with media in your space. Many reporters use it to preview stories they are working on which can give you a heads up on something that might impact your company.
2. Look at the new social CRM tools. New tools have just launched to connect the social media profile of clients with contact information. Companies are finding it to be an incredible tool for deepening their connection with customers.
3. Blogging for dollars.While a recent study of social media among law firms showed that 76 percent of potential clients used legal blogs to assess a firm’s capabilities, only 34 percent of law firms had blogs. In financial services, one advisor, Jason Wenk of Retirement Wealth Advisors, says he acquired $30 million in investable assets through his ultra-targeted blog.
4. Listen to the interns. Basically, learn from younger employees for whom these tools are second nature.
This article is an excerpt as reported by Forbes.com.
Did you find this topic of interest? What other topics or information would be beneficial to you as a professional in a highly, risk-adverse industry?
It is important to see Social Media as a benefit for the business as well. For many companies their employees' social media can be a good marketing and advertising option.