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The blending of social and traditional media and what it means for your financial services business
There’s no clearer illustration of the power of social media to deliver timely, proximate and relevant updates than in a natural disaster. As Hurricane Sandy bore down on New York, residents turned to social media to share their experiences and information. With widespread power outages, mobile devices were some residents’ only links to the outside world. The #sandy hashtag carried images, eyewitness reports, video links, as well as vital information from emergency services personnel.
The power of social media is not lost on mainstream media outlets. The New York Times and CNN, for example, used social media as their newswire service, receiving eyewitness, on the ground reports quicker than their journalists in the field could file. The Times included a slideshow of readers’ Instagram photos (some of which featured on the front page), live news stations incorporated Twitter feeds reporting on the ground and New York’s public services (fire and rescue, for example) used Twitter to communicate with residents.
So what are the lessons for financial services communicators?
First, know that social media is not just about personal networking; it’s the primary news source for millions of people and increasingly, for major traditional news outlets. If you’re not there, you’re missing out on a significant opportunity.
As communicators in financial services we tend to speak about social media and traditional media in isolation. However news coverage during Hurricane Sandy is a reminder that the line between them is rapidly disappearing. ‘Traditional’ news sources are increasingly integrating social media into their coverage, and not just when it comes to reporting hurricanes and power outages. 55 per cent of journalists say they source stories from Twitter. Moreover, virtually every major news outlet republishes its content on social sites. We need to realise that social and traditional media have become inextricably linked … and adjust our communication strategies accordingly.
Second, the rise of social media means that misinformation (and negative coverage) can be spread faster and further than it ever has before. That said, it also gives you the opportunity to monitor exactly what’s being said about your company and to respond swiftly to incorrect and negative information.
As we saw during the Hurricane Sandy coverage, social media is not subject to the same journalistic standards as traditional media and it can be more vulnerable to misinformation, rumour and exaggeration. @ComfortablySmug’s false claim about the NYSE trading floor being under three feet of water was retweeted 642 times and made its way onto national TV before the stock exchange responded. However, another breaking tweet that ConEd was shutting down all power to New York City was quickly refuted by the energy company.
The real message financial services can take from all of this?
Don’t let the public believe what everyone else says about your company. Do what ConEd did and report the facts yourself. ConEd was there to set the record straight during Hurricane Sandy. Could your company say the same?
