The social media revolution taking place online is causing individuals and companies to jump on board without any knowledge or strategy in place. Just the other day I received a phone call from a friend who had just been asked to start taking over the social media responsibilities for her company. She was calling me for advice, tips and an overall consultation on how she should start managing their social media campaign. I said, “Wait, what do you mean by ‘start?’ If you’re taking over the company’s social media responsibilities, don’t they already have some systems in place?” She replied by telling me that while the company already has a website and social networks setup, there is no active management or strategy in place. Not surprised, I began to explain to her the importance of active social media management.
I think it’s great that more and more businesses are realizing the power of social media. However, introducing your organization to social media without a strategy in place is like jumping into the deep end and not knowing how to swim. And while a lifejacket or floatation device may save you from drowning, it won’t make you a successful swimmer. In order to be successful in using social media, you have to learn, or employ the services of an expert. While the absence of a social media strategy for your organization is the number one killer, there are also myriad other mistakes that you can make online. Let’s go over the most popular social media mistakes that businesses make and provide solutions to overcome these common social media blunders.
- No social media strategy. Simply setting up social media accounts and then letting them go inactive is worse than not having any accounts at all. Creating and following a social media strategy is not only easy, but will almost guarantee the growth and success of your networks.
- Using your social networks as advertising platforms. Using your company’s social media accounts to engage in shameless self promotion, advertising or irrelevant activities will deter your brand from sending out the right message. You will not only attract the wrong following, but you will also lose the interest and connection of the audience you are trying to attract. Your main goals while using social media should be to interact, listen and participate with your followers.
- Misunderstanding of industry rules. As a member of the financial industry you are probably all too aware of the strict regulatory environment you face in dealing with social media. As a registered rep you must refer to the rules of your B/D, even if they are a bit stricter than those suggested by FINRA. As an RIA or life/heath agent, you aren’t off the hook. FINRA lays out a great set of guidelines and I suggest you follow them as well. For an overview of these guidelines you can download our Social Media Compliance Guide over on the right hand side of this page.
- Being dishonest/unauthentic. Don’t shoot yourself in the foot. You should treat your online communications in the same way you would treat your offline communications, and I’m sure you wouldn’t lie to one of your partners or clients in the face, would you? You also wouldn’t represent your company as something that it’s not – so do
n’t do it online either.
- Not respecting intellectual property. It’s extremely simple to cross the line when it comes to intellectual property, but even more so online. With loads of personal photos, images, blog posts, articles, videos and more streaming across the networks, it’s easy to copy, save, and redistribute someone else’s content as your own. And it’s not just the principle here that matters, but it’s also unlawful and disrespectful to misrepresent intellectual property. However, this mistake is avoidable – ask the creators if you can use their content, and make sure you give credit where credit is due. If you’re looking for photos or graphics that are free to use, do a simple search online for those that are part of the public domain.
- Not monitoring your brand. Word travels fast online; if you’re not careful about your brand’s image you could risk damaging your representation, client and business relationships, and ultimately your profits. With social media’s immense scope and ability to quickly go viral, you have to stay on top of what people are saying about your brand. On the same note, take advantage of the internet’s capability to go viral rapidly and spread the word around about your brand. If you see anything negative about your brand act fast – stop the spread before it event begins.
- Not respecting your clients. This is a given, but it is incredible how many companies cross the line when it comes to the privacy and respect of their consumers. Don’t give out email lists or contact information of your clients, and keep professional relationships intact by setting up your account settings to reflect just that. It’s easy cross the personal-professional boundaries online, but doing so can inadvertently affect your relationship with your clients.
- Not knowing your audience. Making the mistake of marketing to the wrong audience can not only severely hurt your profits, but it can also tarnish your company’s image as well. Unlike traditionally marketing, social media marketing has the unique ability to target markets down to very small details. Take advantage of this by aiming for the right demographic for your business. When it comes to adding connections or reaching out for followers, simply adding anybody just to look like you have impressive numbers will bog down your marketing campaign by not allowing you to reach out to the right people. Make sure you’re doing your research and investigating into the right users. Try Facebook Ads – they target specific individuals by their profile information, meaning you can target your ads down to interests like movies, books, and even relationships.
Social media strategy, online brand control and crisis management are increasingly becoming critical themes for businesses, and neglect here can have devastating ramifications for the longevity of an organization. Social media’s viral ramifications have made it possible for the single voice of an individual to transcend boundaries and rally millions against any unjust behavior of a corporation. What are some other mistakes you’ve seen individuals or businesses making online? Feel free to add to our list and help educate us about the social media mistakes to watch out for.
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