Common wisdom says that being a large company in a regulated industry somewhat forfeits your ability to conduct business in a social manner. There are just too many rules; it’s just too risky. Right? There is some truth to this belief, but we think there are several ways to engage. Think of social engagement in phases, balanced by the risk and reward of each, as illustrated in the graphic on the right.
Fear of the unknown is an issue for any company engaging in social for the first time. Companies wonder: “What are people saying about us? Are their comments positive or negative? Will our efforts to engage be looked upon favorably? Do we even want to know? Is social even relevant to us, or is it just a fad?”
Unfortunately, ignoring the conversations that are already occurring doesn’t mean they will go away. Listening provides an opportunity to dip your toe in the social pond. In fact, we recommend that companies have a firm grasp on their social media landscape before jumping in to any social effort. Listening is not only a low-risk way to begin, but also a way to mitigate the overall risk of engagement. It is better to know what is being said about you and be prepared to respond accordingly.
We recently finished an engagement with a client that operates in a regulated industry. We conducted a thorough analysis of their social media landscape and recommended several ways to move towards becoming a more social business. To learn more about our process and recommendations, download the full case study.
If you are interested in learning more about your company’s social media landscape, please contact us. We would love to work with you.
Very nice piece. Have no yet read full case study but will do so. We are addressing this issue with global financial services firm this very evening. Our approach is to take small steps addressing each stakeholder’s concerns.
We like Twitter and Linked In as places to start. How much trouble can anyone get in on those two sites? Ok,Ok, no horror stories please! lol
I like the overall point. After reading the pdf attachment though, it does not seem like a case study to me. More like a blog post since there is no context or information about the particular case under discussion, its ecosystem, or internal organizational dynamics.
Really liking your description of the quick wins phase, Pete. Could company firewalls be more hurtful than helpful as businesses opt to connect what they’re doing externally with what they’re doing internally?
I think that they already are…
Sorry Ellen, I came here from Peter Kim’s blog and didn’t see that you wrote this post until after I hit submit… #awkward