Social media has become mainstream, but many businesses still aren’t quite sure how to cultivate an effective social media policy. This is a problem, especially for financial institutions, as there are many privacy, compliance and other issues to consider when dealing with social media. This is why it is important for financial institutions to ensure that their social media policy template has clear goals, clear rules and a clear approach.
Protect your Brand
Do ensure that your social media policy explains why people should care about interacting with your brand, why they might like or need your services, and what makes your institution stand out from competitors. Create a list of your financial institution’s quirks to add personality to your content: Dog-friendly! Cookies on Friday! Additionally, create an outline on how to answer questions to look approachable and compassionate while keeping messaging consistency.
Don’t get into fights on social media and create a protocol for answering negative comments, reviews and posts. Always have your legal department review any possibly contentious language. In a firefight, it is better to be perceived as unresponsive rather than unprofessional, so craft emergency plans in a crisis before acting too swiftly.
Do remember that your social media accounts are an extension of your institution, and will be viewed as such by regulatory commissions as well as the public. Your social media policy template should encompass language you can and cannot use, and should comply with all acts and policies that govern the rest of your business.
Don’t unintentionally advertise on social media without using the proper compliance language. Since it is a public platform, you must be able to back up any claims you make, or risk accusations of false advertising and breaking compliance protocol.
Train Your Staff
Do keep in mind that an untrained employee can be very dangerous to the institution. That’s why a strategic social media policy template accounts for employee training. Employees that are not properly trained with your social media policy template can accidentally create a major blunder or violate compliance.
Don’t allow workers to use social media at work under their own accounts without making clear that such use falls under the same guidelines that you’ve set for company accounts.
Developing a solid approach toward social media use has several benefits; including brand promotion, reputation management and helping employees and customers become positive promoters of the institution. Creating a strategic social media policy template will help your financial institution capitalize on social media and help increase the ROI of marketing efforts.
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