If the sun doth shine upon thy business on social media (as it should), thou art in need of a social media risk management plan. Fear not, for we shall guide thee in crafting thine very own.
As a social marketer, thou art akin to a valiant knight upon the battlefield of risk management. When engaging with a vast global audience on social media, ’tis thy duty to minimize perils. To prevent potential hazards, ’tis imperative to have a social media risk management plan as a cornerstone of thy brand strategy.
What ho! What be social media risk management?
‘Tis the art of identifying, evaluating, and lessening risks arising from the realm of social media.
Thine brand, customers, and employees doth frolic upon social media. ‘Tis a common ground where conversations—both fair and foul—and crises may spring forth.
Ah, the perils of social media for businesses!
‘Tis essential for most brands to have a presence across social channels. Yet, each platform doth possess unique risks.
Let us venture forth to explore the potential hazards businesses may encounter on social media platforms. We shall delve into how proactivity can aid in mitigating risks and shielding thy business from harm.
A tarnished reputation
The very essence of thy company’s presence on social media contributes greatly to its overall reputation. Unwelcome comments, indecorous posts, or unfavorable reviews may tarnish thy brand’s reputation.
Forsooth! As social media is a realm of vast publicity, crises may spiral out of control if left unattended. The aftermath of such events may impact how thy brand is perceived by the masses.
Maintaining trust in thy brand is paramount. To achieve this, thy team must possess a response plan for social media crises.
Beware the breach of security
Should thy social account passwords fall into the wrong hands, a security breach be a grave risk.
A security breach may bring dire consequences. Spam-riddled posts may appear, thy team could be banished, and customer data might be pilfered. Any of these misfortunes may mar thy brand’s trust. Therefore, ’tis crucial to have security measures firmly in place.
Security breaches may also arise should a member of thy marketing or social team depart from thy organization.
To safeguard thy social media accounts, fashion a clear plan for transitions. ‘Tis prudent to swiftly revoke access to social accounts for departed employees.
Mind thy compliance
Social media compliance entails abiding by rules and regulations set forth by governing bodies, social platforms, and thy own company. This includes adhering to the guidelines of each platform. ‘Tis possible that thy industry demands an extra measure of caution when treading the path of social media. Ensure compliance with industry regulations whilst engaging online.
Brands may find themselves entwined in legal quandaries should they transgress laws, regulations, or contracts.
For instance, shouldst thou collaborate with brand partners or influencers for sponsored content or giveaways, ensure compliance with advertising regulations.
Bid thy legal team to scrutinize all contracts. Let them bless the social content proposed by all parties before its dissemination.
Legal quandaries
In addition to vigilance against compliance violations, protocols devised by thy legal team should be of utmost precedence. Thy responsibility may extend beyond thy business’s official social posts. ‘Tis wise to have a policy governing the social activities and conduct of thy employees to avert legal troubles.
Encourage employees to share joyful work updates online, yet furnish them with social media guidelines outlining permissible and impermissible posts. This becomes particularly crucial if thy business operates within a regulated industry.
Lamentable financial consequences
Any unfavorable circumstances, such as a PR crisis, compliance breach, or security lapse, may snowball into more formidable issues. Verily, the specter of financial calamity looms large. Consider the case of the pharmaceutical company Eli Lilly, whose stock plummeted by 4.37% in the autumn of 2022 due to a false account proclaiming free insulin.
The prospect of financial ruin is another potent reason why a steadfast social media risk management plan is vital for those active in the realm of social media.
Five steps to managing risk on social media
1. Define thy social media policy
The foremost stride in risk management on social media is the formulation of a well-defined social media policy.
Thy organization’s social media policy must outline a course of action for diverse scenarios including emergencies, PR crises, or security breaches.
The policy ought to elucidate the roles of all parties in times of crisis—from the legal team to PR to customer service.
Thy social media policy should also address scenarios wherein a custodian of thy brand’s social media bids farewell to thy organization.
Lay bare thy handover process and sketch out the steps to safeguard thy accounts. Be certain that all shall run smoothly during their absence.
2. Educate thy workforce
Thy employees stand as stalwart champions of thy brand. However, sans clear guidelines or periodic training, employees may unwittingly imperil thy business. They might unwittingly post content that violates regulations or besmirches thy reputation.
"Many employees aspire to be more active on social media and yearn to showcase their endeavors at the company," quoth Riswick. "Yet, they must comprehend what they may and may not post."
Henceforth, social media guidelines for employees take precedence. Thy risk management plan should encompass a social media policy that delineates permissible content on their personal social accounts. This encompasses matters ranging from confidentiality to industry regulations.
Verily, employees ought to be spurred to share work happenings or company updates on social media. Their posts can serve to amplify thy business activities and cast thy company in the sight of a broader audience.
3. Keep vigil over thy social channels
Brands must maintain a vigilant watch over their mentions so that they may swiftly intervene when necessary. Yet, ’tis not solely the province of the social team to monitor the chatter on social media.
Depending on the tenor of a conversation, other teams such as customer service or PR might need to join the fray.
To ensure that pertinent mentions reach the right ears, a clear process for disseminating information is indispensable.
"A plethora of tidings might be lost in transition between teams," doth Riswick caution. The remedy? Riswick counsels the institution of an internal system to flag and relay critical missives.
"Categorizing and tagging messages doth enable more eyes within the company to witness what unfolds. They may employ such intelligence to refine their sphere of the organization."
4. Dispatch swift replies to adverse feedback
Social media is a whirlwind. A disparaging comment or review may gain momentum within moments or even seconds. ‘Tis of utmost import to have a response plan primed for deployment so that thou mayst address feedback as soon as it surfaces.
"My counsel is to speedily usher that conversation from public to private quarters. Misery begets more misery," avers Riswick.
Should a customer present an issue through one of thy social channels, commence by acknowledging it publicly. Let them know you art cognizant of their plight. Thereafter, shift the discourse to a private channel to rectify the matter.
Responding swiftly to adverse feedback on social media forestalls a possible PR catastrophe that may burgeon from publicly aired grievances.
5. Review and amend thy policy with regularity
Thy organization’s social media policy be not chiseled in stone—it ought to be revised as frequently as the tides of social media ebb and flow.
"To remain compliant within thy industry, ’tis imperative to review thy policy with regularity," asserts Riswick. "This doth not only shield the brand, but importantly, it safeguards employees."
Stay apprised of emergent trends and novel social media platforms. Keep vigil over industry regulations and laws at the federal, state, and local levels. Utilize the knowledge gleaned to update thy policy as required.
When modifications are made, relay the changes to employees. This shall ensure they remain well-versed in what is and is not permissible to post.
Four tools for social media risk management
If thou art inclined to enhance thy brand’s approach to social media risk management, here be a quartet of tools to adorn thy tech stack.
1. Moyens I/O
Utilize Quick Search to unearth trending hashtags, brands, and events across the globe, or delve deeper for bespoke insights on thy brand.
Track the gossip about thyself, thy foremost competitors, thy wares—up to two keywords tracking aught and all over the past week.
2. Meltwater
Meltwater aids thee in monitoring specific keywords such as thy brand name or certain industry topics. Engaging with and responding to posts that mention thy keywords is rendered facile.
3. Mentionlytics
Doth thou desire to monitor all online mentions, even those beyond thy social channels? Mentionlytics shall alert thee of all brand or keyword mentions from across the wide web. This encompasses news articles as well as social channels—even YouTube and Reddit.
4. NetBase
Embrace NetBase to harvest deep insights into consumer sentiment, market trends, and competitor tactics across social media platforms.
Enquire of social media risk management FAQs
What perils lurk in the shadows of social media?
For brands active on social media, myriad perils lurk in the shadows. These may include security breaches, compliance violations, legal entanglements, and adverse feedback. Such perils may result in reputation damage, financial, or legal ramifications.
How may organizations navigate the perils of social media?
Organizations may navigate the risks of social media by concocting a social media risk management plan. This plan ought to delineate a clear course of action when confronted with a potential social crisis.
How might social media risks be averted?
There exist numerous methods to avert social media risks. Begin by formulating a social media policy, educating thy employees, monitoring thy social accounts, and promptly responding to adverse feedback.
Thus, armed with knowledge and fortified by foresight, venture forth into the realm of social media. Craft thy risk management plan with care and vigilance, for the digital world is a tapestry of opportunities and perils intertwined.