With the recent announcement of the Google and Twitter partnership, it is even more imperative for brands to think before they tweet. Social media posts showing up in search engines can be a rewarding tool for companies if used correctly. For any category of business controlled by government rules, social media posts must go through a stringent approval process before they can be shared. The process may be different for businesses in other industries, but there are still valid reasons for regulated businesses to be engaged on social media.
Marketing Information
Marketing strategy within regulated industries can be challenging, though necessary. Regulated businesses must be especially wary about making any sort of claim about a product or service. Every marketing campaign will be evaluated for approval by the company’s marketing department and legal department. A single social media post can cause a firestorm of legal risk and violations if it is not representative of the company or makes false claims. Strategically, social media can be very powerful for informing the market about any new offerings, products or services.
Corporate Social Responsibility
Public awareness of a company can greatly benefit the company’s bottom line. Now more than ever, businesses are being scrutinized before consumers choose to do business with them. Investors and other interested parties want to know that the business is giving back to the community it serves or socially responsible in some way. Sharing these messages via social media shows transparency and can help to gain approval from those interested parties.
Shareholder Communication
As with any publicly held company, regulated businesses may choose to share quarterly results via social media. In fact, social media is beneficial for quickly distributing press releases with any information for public interest and the interest of shareholders. Although these messages are public information, they are still legally approved before being posted.
Customer Service
Customer service may be one of the most important reasons a regulated business should be on social media. Companies should have interest in monitoring what is being said about their products or services, especially if it could lead to a crisis, legal or reputation risk. In some cases, there may even be a risk to human lives. Monitoring is also used to ensure that social mentions are not in violation of a regulated business’ approved messages or industry regulations. These social mentions may need to be escalated and handled immediately.
As you can see, process and strategy can be challenging for regulated industries on social media. The rewards are worth the risk, if handled correctly and with premeditated thought. With approved messaging and monitoring for social mentions, a regulated business can feel confident that the needs of its audience meets the needs of its corporate responsibility.
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