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Navigating Regulatory Waters: Friend or Food? How To Stay Ahead in Financial Services

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Trouble Ahead Concept

The old axiom: “Failing to prepare is preparing to fail” is perhaps never truer than when applied to safeguarding online reputation and using social media to manage crises and issues. While you may not be able to control external negative forces, the way you respond and engage with your stakeholders is within your control. Here are some insights into harness that power before disaster strikes.

Take the most recent flooding disasters, for example. You can't help but feel a sense of deja vu watching television footage of torrential rain and devastating floods hitting Queensland and northern NSW – in many of the same areas that were affected in early 2011. You just have to wonder, haven't these people suffered enough? Mother Nature can't be tamed – which is just another reminder for governments, emergency services and private enterprise that preparation is key to disaster management.

As a communications adviser, I have watched in utter admiration the professionalism of many of the agencies involved as they’ve communicated vital information to their communities. And the fact that social media is playing an increasing role cannot be escaped.

It's worth reflecting on the short history of social media in disaster situations in Queensland. It was less than three years ago that the QLD Police Service (QPS) set out to establish an active social media presence. Prior to doing so, the media unit observed international practice in emergency and crisis management and observed the trend of social media as a driver for community disaster response. Accordingly, the QPS decided to get itself social media ready, with a focus on Twitter and Facebook. This entailed an education process for staff and establishing protocols for social media use in a disaster situation. By November 2010, the QPS had a modest presence of some 1,000 Twitter followers and around 17,000 Facebook fans.

Fast-forward to January 2011, when the flood waters reached their peaks: affected residents were desperately seeking information on evacuations and safety precautions; friends and relatives were seeking information about loved-ones; and both domestic and international media shone a spotlight on the unfolding disaster. In less than 24 hours, the QPS Facebook channel increased to 100,000 likes, with 39 million post impressions (some 450 views per second!) from a worldwide audience.

It's extraordinary stuff – and while it's too soon for analysis of the current situation, from the early indication of more than 360,000 fans on QPS’s Facebook page its social media strategy seems to be hitting the mark. What stands out is the way QPS has become attuned to the needs of its vast audience. It consistently delivers timely, accurate and helpful updates that inform and reassure the audience.

Natural disasters are events which touch upon millions of people in one way or another. While your company's potential crisis is unlikely to reach such a cataclysmic scale, there are lessons that can be learned from the best practice engagement shown by QPS.

Lesson 1: Preparation is vital. Establish your voice in social media before disaster strikes. Social media is just another channel which will complement (if not potentially dominate) your communications in a crisis. Your organisation’s issues and crisis management planning must establish how your social media will be used, by whom, when and how.

Lesson 2: Equip your people. A key part of the preparation is equipping your team. Classify your team into “digital natives”, those who instinctively understand and regularly use social mediaand those who need more guidance, and train the groups accordingly (hint: use your digital natives as champions and de facto trainers). Test your capability through extensive and realistic simulation exercises.

Lesson 3: Know your stakeholders. Above all, know your stakeholders: be they media, customers, advisers, government, employees or any other audience. Ensure the channels you intend to use are appropriate to your audiences, and that you use the channels in an appropriate way (e.g. consider topics, tone, syntax and frequency). There is no use communicating on a channel with no-one tuned in.

 

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