7 Must Knows About Social Media Compliance

When it comes to social media I often find myself remembering the fable of the town gossip. Overcome with shame at his misconduct, the gossiper asked the town elder how he could repair all the terrible things he’d said. In response, the town elder split open a pillow and watched as the feathers were cast out, every which way, into the wind. He turned to the troubled gossiper and asked him to go collect all the feathers. “That’s impossible,” said the man.

So too, what you say in social media cannot be taken back no matter how hard you try.
Social media can be a particularly tricky environment to navigate for such a highly regulated industry like that of Finance. Goldman Sachs only uttered its first tweet as of May 2012. Caution is key, but it’s no excuse to sit this one out. Here are 7 Things To Know About Social Media Compliance:

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LinkedIn Expands Features and Analytics

Social media sites are valuable tools in the retirement plan industry and LinkedIn is one of my preferred connection resources. The professional networking site is not the answer to business success–nothing is that simple–but it does offer some pretty nifty features to make your life easier. And lucky for all of us, it keeps getting better!

Within the last few days and months LinkedIn has reacted to member wants and concerns by offering better data collection and search features, dropping the character limit on posts, and providing more customization options with your settings. Read on to discover the must-have updates for LinkedIn marketing for financial services.

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The Internet: An Unbreakable Must-Do

Have you ever attended a social event and ended up talking to a young adult, perhaps new to the workforce and most likely clueless about investing? You may have tried to explain all the merits of getting started early. You’re aware how these situations end: the slightly dazed twenty-something politely thanks you and immediately discards everything you’ve said. Investing often seems daunting to newcomers. There seems to be too much information to get started, so many younger professionals get a late start, and then find they must struggle to catch up to their peers.

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Digital Trends for 2014

I have a friend named Ernest whom I deeply respect. He’s an old-world kind of guy who has seen it all and done it all, but he isn’t a know-it-all. He’ll dispense advice, but only when asked, and only if he has a definite answer. Ernest has been happily married for 41 years. I recently asked him, “What is it about your wife that makes you so happy? He responded immediately, “She isn’t a nag.”

While he was probably joking—I know his lovely and fun wife—his words actually contained sage advice that made me think of this in-progress blog and how my interaction with Ernest was representative of how people are starting to feel about information and marketing.

We have been in the everything-digital landscape long enough that we are so tired of being bombarded with information. We are done with the maelstrom of advertising, not only on every bus and bottle cap, but online too. Everyone, everywhere is nagging us. It’s just too much!

So, how do you get your message out to the right people without being a contributor to the information overload? Be very specific and intentional with your messaging and communications. Know your exact audience; otherwise your message won’t land. Sounds like a plan, but how do you get your word out to the right people?

Keep current on the digital trends of 2014 to keep your social media messaging on course and headed in the right direction. Here are a few must-know trends to keep on your radar:

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Social Media Policy: Getting Clear on the Rules

We’ve heard stories of disgruntled employees who are pink-slipped after committing some social media sin deemed unacceptable by their powers that be. To avoid a similar fate, take a close look at the principles and standards that govern your employees’ or firm’s use of Facebook and other social media channels. Are they clear and accessible, undefined, or vague?

There’s no room for ambiguity here, particularly given the question of financial advisor compliance. Social media policies are akin to the investment policy statements you draft to define and confirm financial objectives. A social media policy ensures your firm’s management and staff have a clear understanding on how social media activity needs to work in relationship to the business. The policy eliminates any confusion and helps protect the best interests of your firm, brand, and its employees.

Here are a few tips to help educate yourself on a social media policy and also to get you started on establishing a policy to serve your own company:

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ShoeFitts Marketing Finds Super Bowl Ads Illustrate Key Marketing Strategies and Lessons for Financial Advisors

 

Financial Advisors should understand why some Super Bowl commercials were immediate hits and others completely missed the mark or were poorly timed. By using this knowledge they can apply the lessons to their own financial services business development and marketing strategies.

Portland, OR
February 05, 2014

The 2014 Super Bowl game may not have played out as anticipated, but the much-hyped commercial onslaught was true to form this year as viewers were blitzed with cute kids and dogs, celebrity appearances, patriotism, rock stars, and explosive promos for upcoming action flicks and TV shows.

“The important take-away for financial advisors is to understand why some commercials were great and others entirely missed the mark, and then to apply this knowledge to their own financial services business development plan and marketing strategies,’’ explains Sheri Fitts, president of ShoeFitts Marketing. Ms. Fitts is a celebrated global speaker and her company specializes in marketing strategy and social media development for the retirement plan industry.

According to Ms. Fitts, financial advisors can take note of the following key lessons from the Super Bowl commercials:

Visual Trumps Verbal: “Okay, admit it; the reunion of the lab puppy and the Clydesdale horse in the Budweiser ad did not need words,” says Ms. Fitts. “ Remember, no matter what product or service you are offering, we live in a visual world where imagery can resonate long after the verbal message has been forgotten.”

Don’t Take Yourself too Seriously: The first commercial for Wonderful Pistachios was a sleeper, but turns out that was intentional; the follow-up was hilarious when spokesperson Stephen Colbert livened up his outfit and antics. The upshot: don’t be afraid to interject humor and levity.

Marketing is a Long-term Game: Remember the ground-breaking “1984” Apple commercial 30 years ago? This ad was just the starting point for Apple’s Macintosh and not once did the commercial show a computer. Ironically, this year Microsoft took the same tactic with story-telling examples about the impact of computer technology. “While the Microsoft plan is unclear, we can definitely see that Apple’s long-term marketing plan was successful,” Ms. Fitts says and points out that “some wins are quick and easy, but most are about relationship-building and they take time to cultivate and nurture.”

Does Rebranding Work? Kia is making a big push to rebrand with its K900, stating “It challenges everything” but will it work? The Super Bowl commercial featuring Laurence Fishburne as his Matrix character was mysterious and moody but seemed to miss the rebranding mark. Arnold Shwarzenegger’s rebranding attempt, on the other hand, was funny. In the Bud Light commercial, his Bobby Riggs plays table tennis persona easily removed any serious images of the actor and former California governor. Clearly, rebranding is tough and can have mixed results, particularly if the new approach is not purposeful or specific.

Hashtag Popularity Grows: According to MarketingLand 57% of the Super Bowl ads included hashtags, up from the 50% noted in 2013, with most of them directed at Twitter. Social media links were minimal and nearly a quarter of the commercials still included a URL. Interestingly the marketing group found some hashtag links were not up-to-date and/or did not reference the commercial. A big miss! Hashtags provide a great conduit for immediate interaction and ongoing conversation, yet the execution cannot be overlooked or minimalized in today’s savvy marketplace.

Timing is Tricky: Who knew the Seattle Seahawks would make the fourth quarter (okay, the second half) a sleeper? Certainly not the ad writers or the folks buying time. “Was there anything more off-target than Bruce Willis launching the Honda commercial in the fourth quarter by saying ‘Great game, right?’” asks Ms. Fitts. “Keep that in mind next time you set up automatic Twitter or LinkedIn postings; timing is everything!”

Call to Action: The U2 and Bank of America commercial garnered immediate attention following the partnership’s call to action in support of the AIDS nonprofit (RED). In the 24 hours following the Super Bowl, Bank of America donated $1 dollar for every free download of the new U2 song “Invisible” on iTunes. Initially BofA set a $2 million cap, but agreed on Monday to keep donating beyond the maximum throughout the 24-hour free download period. A call to action is a powerful tool, particularly when there is a reward or win for the recipient or client.

About Sheri Fitts and ShoeFitts Marketing:
Sheri Fitts is a celebrated global speaker and presents keynote addresses, breakout sessions, webinars, and daylong boot camps. She engages audiences by sharing stories of her own experiences and experiments, successes and learning moments, as well as a sweeping range of marketing and social media strategy-based topics, weaving humor and sincerity into her delivery.

ShoeFitts Marketing is a Portland, Oregon-based company specializing in marketing strategy and social media development for the retirement plan industry. The company’s approach is simple: use the right tool for the right job. ShoeFitts knows how to work within the parameters of the regulated environment from decades of experience working in the financial services marketplace. The company has galvanized industry marketing and social media efforts by developing a cache of premium products and customized training sessions, and using progressive strategies to provide fresh opportunities for clients to establish standout roles in their industry.

Super Bowl Ads Provide Marketing Fodder

The 2014 Super Bowl game may not have played out as anticipated, but the much-hyped commercial onslaught was true to form this year as viewers were blitzed with cute kids and dogs, celebrity appearances, patriotism, rock stars, and explosive promos for upcoming action flicks and TV shows.

Phew! Time to digest all the snacks and the take-away knowledge from the good and bad commercials that you can apply to your own financial services marketing strategies.

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