What Worries Compliance Officers?

what worries complaince officersWhen it comes to regulated markets, compliance is a major issue, especially when it comes to social media, it worries compliance officers and has held back the use of social media in regulated markets.

So, what keeps compliance officers up at night and what do they do about it.

In short, anything posted on social media is amplified and can have an impact on the brand and the reputation and once the cat is out of the box, getting it back in the box is rather difficult.

As Warren Buffet said:“It takes 20 years to build a reputation and five minutes to ruin it.”

Of course, there are ways to mitigate risk. For one thing, a social media policy explaining who can post on social media sites, how they post and what they can or cannot say, what requires compliance approval before posting.  Yous social media policy should also define the steps to follow in case of crisis

The other challenge is what employees post about the company on their personal social media accounts.  Their post can be perceived as representing the views of the companies and can have an impact on the company reputation and/or have repercussions from the regulatory authorities

What makes it even more challenging is that be it in healthcare or financial services there are no set social media rules.  The regulatory authorities (FDA, FINRA, SEC, OCC and others) have not created a framework to regulate social media, they have only issued guidance on how to apply traditional communication with the public regulations to the electronic era and social media. The guidance seems to be a lot clearer though in the financial markets; in the medical market, the FDA is still going back and forth and the guidance can be confusing at best.

In addition, social media platforms are diverse and so are the posting modes and the number of character allowed creating challenges especially when it comes to disclosures.

Read more about what keeps compliance officers awake in financial services.

Facebook Algorithm Likes and Dislikes

Facebook algorithm likes and dislikesFacebook may not have a dislike button but its algorithm, so to speak, does and knowing what Facebook algorithm likes and dislikes greatly influences whether your post will show on your followers wall or not.

Knowing how it works, what it likes or dislikes will go a long way to get your post seen by your audience and improve your ROI.

So, here we go, Facebook algorithm likes and dislikes:

What Facebook algorithm loves:

  • Posts with lots of comments
  • Posts with lots of likes
  • Post types with photos videos (posted to Facebook instead of linked) or status update
  • Posts that reference a trending topic but don’t abuse it
  • Posts that receive a high volume of likes, comments, or shares in a short time
  • Posts with links, there is a way Facebook prefers it done
  • Videos uploaded to Facebook (instead of just linked) with a large number of views or long viewing time
  • Posts that tag other pages
  • Posts that your friends like or comment on
  • Posts from pages that have a lot of interactions
  • Post types with a lot of interactions
  • Posts from pages that have completed profile information (about tab)
  • Posts from pages whose fan base overlaps with the fan base  of recognized quality pages
  • Original images and videos not previously referenced in the Open Graph
  • Original Links

What Facebook algorithm dislike:

  • Clickbait
  • Frequently circulated content and repeated posts (duplicate content)
  • Like-baiting now banned by Facebook
  • Posts that include spam links
  • Text-only status updates from pages (no photos or graphics)
  • Posts that are frequently hidden or reported (a sign of low quality)
  • Posts that contain the words “like, comment, or share”
  • Posts with unusual engagement patterns or schemes (a like-baiting signal)
  • Posts that are classified as memes by Facebook (memes are images withf overlayed text)

Facebook Bans Like Gating

Facebook bans fan gatingIf you have been using the “like gating” technique it’s time to stop, as of November 4th Facebook bans like gating

If you don’t know what fan gating is, like gating is enticing your followers to like your page ot posts in exchange for freebies

Harshdeep Singh, a software engineer at Facebook, wrote in an August blog post that  people “like pages because they want to connect and hear from the businesses, not because of artificial incentives”.

The ultimate goal of Social media is to build relationships and banning the practice will force brands and organizations to create  quality content that engages their audiences and builds relationships instead of relying on technical tricks

No doubt some marketers will suffer but ultimately, building better relationship with quality content will lead to better quality likes and more engaged audiences.

In addition, social media should be a means to an end, no matter what you do you do not control the medium and one of your goals should be to get the data on followers out of the platform and into a platform you have more control over like traffic to your website or building your mailing list.  Building better relationships will help you build better quality mailing lists more engage traffic to your websites and ultimately generate more ROI

Stopping Spam in LinkedIn Discussion Groups

Stopping Spam in LinkedIn Discussion GroupsWe all know spam has become a plague in LinkedIn discussion groups and the big challenge for most owners is stopping spam in LinkedIn discussion groups.

I a previous post, I showed how to spot fake LinkedIn profiles, usually created for the sole purpose of spamming.  Spotting them and banning them is one of the steps you can take to help manage the problem.  LinkedIn gives us other tools to help us and if you know them and know how to use them, you can help make the group discussion a much better experience for your users and stem the flow of users leaving because of the spam. Continue reading

Seven Reasons Businesses Lose Customers

A May 2014 onliSeven Reasons Businesses Lose Customersne survey conducted by Harris Poll points out seven reasons businesses lose customers.

Poor customer service is costing American consumers 30.8 work hours which translate into $108 billions a year in missed work time and productivity

Poor customer service costs a lot more to businesses and brands when you take into account that 35% cancelled their service or stopped using the brand or business and factor in a customer’s long term value (LTV), lost referrals or worse, since 13% have taken to social media

What frustrated them the most?

  • 44% waiting for a service rep
  • 43% being put on hold
  • 38% feeling that service representatives didn’t know how to fix problems.
  • 35% service rep did not understand their problems
  • 32% having to call back because the problem wasn’t fixed
  • 21% billing issues
  • 12% trying to schedule an appointment

“These service frustrations are significantly impacting service businesses today because consumers are becoming more and more likely to demand not just a great price but a great service experience,” Timms said. “Companies that offer the best experience in all parts of the service process will be the ones that retain their customers, grow, and succeed.”

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Focus On Internal Metrics to Measure Social Media Marketing ROI

There is no denying marketers, businesses and brands are sold on social media marketing, the same cannot be said of executive management still looking for hard figures on the effectiveness and the impact on the bottom line.  The big contention point remaining: how do you measure social media marketing ROI

Nearly nine in 10 US marketers are using social media marketing. It is clear they consider it a necessity for doing business. But there is still a sense of unease about what works and doesn’t work as well as how best to manage the effort, according to a new eMarketer report, “Social Marketing Update: Eight Trends to Help Prepare for 2015.”

For as long as social media marketing has been around, marketers have struggled with how to determine return on investment (ROI). Despite a multitude of available metrics, the question still tops the list of challenges marketers face with social media.

In a June 2014 study of marketers’ usage and attitudes toward digital marketing conducted by Gigaom and Extole, more marketers said they would increase spending on social media marketing than on any other type of marketing. At the same time, 52% said it was difficult to prove ROI. That led the researchers to conclude that “marketers may be buying on faith with social.”

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