Social media in regulated industries (my SXSW notes)

Pharma-social-media-150x150

Below are my notes and audio I recorded during the panel “Slaying the Four Horsemen of the Social-Media Apocalypse” at this week’s South by Southwest (SXSW) Interactive Conference. The presenters covered a lot of good points about how to implement and advocate for social media strategies in internally and externally (ie: SEC, FTC, FDA, etc.) regulated industries such as law, finance and pharmaceuticals. Feel free to leave a comment. More SXSW notes to come. (please note: I tried to capture as many points as possible, hence the shorthand and occasional misspelled word. Also, the audio is not the best quality)

Panel: Slaying the Four Horsemen of the Social-Media Apocalypse

Speaker: Jaime Punishill, Greg Matthews

Twitter hash tag: #apocalypse

Worked for Citi and Pfizer

“I feel like I’m talking abt flight to someone who hasn’t seen an airplane”, re: social media implementation

Show the finance and healthcare ppl Twitter so everyone is on same page

Tech will always outpace president. re: attorney scepticism

Don’t focus on tech but rather what you’re doing with it

Try associating social media with email compliance

Find real world/analog examples to give you virtual approval

Get creative and find similar policies rather than invent new ones

In pharma there are things you can’t talk abt on Twitter bc of regulation

Lawyers and compliance ppl hide behind regulation

Routing social media use thru email allows for archiving for regulation compliance

It’s hard to show a direct ROI with social media

Problem with soc media is always how to deal with customers AFTER they make comments

Start with awareness of soc. media. Example: get a log of current customer social media conversations abt company and show to execs

Use logs to prove that there already is a conversation, then develop a strategy to get involved

Find the dial that matters to your organization Exanple: If they like customer service, tie soc media initiatives to that

If you want to do this in your co., realize that you are risking your corporate career

They’re waiting for excuses to shut it and you down

Get team together to help sell the idea in co.

Find the co. that your company envies and use as leverage. Example: “Bank of America is already doing it”

Find current employees that are already engaged in digital and try to get them to chip in to the budding soc. media efforts

Pull together passionate current employees to chip in

Try not to look like you are trying to create an empire within the company

Find a project that the company’s already pushing for and attach soc. media to it

If CEO is already pushing a project, it’s easier to get your soc media efforts funded if it’s connected to the project

The idea that the executive leadership get involved in social media efforts is ridiculous

Execs can’t be required to use social media to get funding. They are very busy

Get rid of social media metrics as proof

Clicks, and “likes” aren’t relevant metrics for most companies

Profit and loss are more in line with most company metrics and what they value