Social Media, Wall Street, and the Big Questions Still Being Asked

July 10, 2014

By M. Joe Curro, Media Relations Specialist, Business Wire

Show me something innovative, not just new. I have a wide range of interests, but one thing that really gets me going is finding a creative approach, a new way of presenting what I’ve seen before. A triple-A game studio released yet another first-person military simulation? Meh. Astoria is getting another fusion restaurant? Yawn. Netflix is suggesting another season of Star Trek… OK, bad example. How do they know me so well?

I had the opportunity to witness a creative approach last Thursday at PRSA-NY’s inaugural #SocialWallStreet Meetup. Held at the Museum of American Finance, the event featured a discussion of how to address the questions facing Wall Street’s use of social media. New regulations have been passed, but few companies seem eager to embrace the opportunity. The decision to frame the event as an “unconference” was more than the cheerful adoption of an undefined buzzword. It was brilliant.

prsa socialwallstreetBusiness Wire has been a part of this debate for years, encouraging our clients to use social media channels as part of a well-rounded communications strategy for both PR and IR. While there are plenty of risks to keep in mind, social media has the potential to be incredibly valuable. I was glad to see that Business Wire’s message has clearly been getting out there. As a refresher, check here for a white paper on the risks and rewards of social media for regulated companies.

David Rosen, SVP of Digital Corporate & Public Affairs at Edelman, ably played MC to a group of about 50 participants from agencies, financial companies and others. David got the ball rolling by laying the framework for the day — namely, that we were not there to debate whether or not permission had been granted from a regulatory standpoint for companies to use social media. We were working from the assumption that it had, and the question we needed to answer was: Now what?

The event started with brief presentations and a free-form Q&A session with David’s experts, Joyce Sullivan, VP of Social Business Programs at Socialware, and Tom Chernaik, CEO and Co-Founder of CommandPost/CMP.LY.  We then brainstormed in groups of five or six, while David, Joyce and Tom circulated among us, and came up with the most immediate concerns preventing a company from embracing social media as part of its communications strategy.  Once we had around two dozen questions, we voted to determine the top six that we felt needed the most urgent attention. Each group took one question and proposed specific answers that could be implemented to address the concerns of cautious social media adopters.

The groups considered:

  1. How to convince senior management that social media isn’t just for teenagers
  2. How to make the business case for social media
  3. How to create compliant content
  4. How to help people realize that social media is more than just Twitter
  5. How to do real-time response
  6. How to respond if your social channels are hacked

We arrived at some clever answers and heard a broad range of ideas. But the part I like best is that we’re not done. The #SocialWallStreet event was not intended to be a one-off experiment. It was a seed to get a conversation growing in our industry. There will be future Meetups (and I look forward to them), but we should be talking about this constantly.

The answers proposed by the attendees of Thursday’s event can be seen here. I invite anyone and everyone to join the conversation, and if you’ve got an idea to share, let us know.  Post a comment to the event summary. Start a debate within your own company. Heck, send me your idea! This is just going to get more interesting, and I want to see how it turns out.

Joyce captured the attitude of the event perfectly as she wrapped up her opening remarks: “The regulations are in place, but you’re all waiting for someone to give you permission. OK, fine. I give you permission. Now get to it.”  Sounds good to me.


Twitter Introduces a New Mute Feature

May 19, 2014

Have you heard about Twitter mute?  The new feature gives Twitter users the option to stop (or mute) unwanted tweets from showing up in your timeline. Business Wire’s Senior Vice President of Global Marketing, Tom Becktold, discusses this new feature in CommProBiz.  Tom goes beyond the idiosyncrasies of the feature, talking about how you can prevent your account from being muted.

Some of the key points include.

  • This feature will not block the person from sending you a direct message.
  • Muted users can still interact with your tweets.
  • The user will not be aware they are being muted.
  • All of the previous tweets, prior to muting that user, will still show up in your timeline.

Twitter, social media , mute feature
Do you believe that Twitter has offered a solution that takes away the guilt of unfollowing someone while adding value to your twitter experience?

Will you use this new Twitter feature?

Let us know what you think.

Read the full story: http://bit.ly/1lFpBqV
Retweet the story: https://twitter.com/BusinessWire/status/468416364432990208


Kraft Strikes Cheesy Gold at Super Bowl: A Lesson on Turning Crisis into Opportunity

May 19, 2014
Meghann Johnsonby Meghann Johnson, Sales Manager, Business Wire Chicago

Crisis communications: two words that can mean success or failure for any organization. No matter what industry your business operates within, there are always threats that can sour public opinion, create a media firestorm, or worse yet, ensnarl your company in legal battles. Given this, crisis communications may be the two scariest words in PR.

But what if companies used information gleaned from crisis situations to improve their value proposition? Or took the opportunity to listen and react to their audiences? Kraft’s Velveeta brand recently did just that.

Kraft’s Super Bowl Meltdown

As reported by AdAge,  in the weeks leading up to this year’s Super Bowl, Velveeta had a shortage of its popular processed cheese product. This dilemma was jokingly dubbed by media as the “Cheesepocalypse” and even birthed its own hashtag. Almost immediately, brand aficionados took to social media to declare their love of the brand, desperately urging Kraft to find a solution. As a result, the topic soon went viral (I even received an email from an old college roommate about the news).

By the time the topic had reached a frenzied level, Kraft’s spokeswoman Jody Moore issued a statement to quell the chatter and put the situation into perspective, stating, “Given the incredible popularity of Velveeta this time of year, it is possible consumers may not be able to find their favorite product on store shelves over the next couple of weeks. Our retail customers are aware of the situation and we expect it to be a short-term issue.”

By February, the crisis had been averted and fans enjoyed their Super Bowl dips. But in the end, the real winner was Kraft, who was able to identify their most active brand advocates (and detractors) by closely monitoring social media conversations. This led to the emergence of so-called “Super Consumers,” or people with a high affinity for Velveeta. Now, Kraft is engaging them further through focus groups and meal diaries in order to understand what ads and products are most appealing to this meaningful market. This could yield big insights and it only took one minor cheese meltdown to happen.
cheese-lo-res

Post-Game Huddle

So what lessons can be learned from the Cheesepocalypse? Number one is that crisis communications is all about planning. It’s important to craft a plan that has time to evolve and change, as opposed to creating a strategy once the wheels are in motion. For tips to ensure your company is prepared, check out this article from Hutchens PR (http://hutchenspr.com/resources/crisis-communications-tips/).

As important as planning may be, however, it can be just as critical to glean insights once the crisis has occurred. In Kraft’s situation, the company identified loyalists on social media who are likely to help grow the brand over time. This is the case for any company in the public spotlight as 43% of online news sharing occurs via social media networks.

Employing a social media monitoring service such as Business Wire’s partner, NUVI, is key for any company needing to identify and understand the voices impacting their brand. And with NUVI, it’s easier than ever before to instantly see what people are saying about you across the Internet, respond to the most important conversations and influence behavior in real time. All brands should be in tune with the conversations taking place about them, in times of crisis or not. And once these influential voices have been identified, savvy companies will employ a robust influencer program to continue to engage and build affinity among their key audiences. For steps on creating, and successfully executing, an influencer program, check out our recent blog post on Bulldog Reporter (http://www.bulldogreporter.com/dailydog/article/thought-leaders/the-age-of-influencers-how-to-engage-influencers-to-amplify-your-pr).

So next time you have a crisis situation, be sure to employ pre- and post-event tactics to ensure you’re able to capitalize on your #Cheesepocalypse moment.

Interested in learning more? Keep following the BusinessWired blog to stay on top of the latest social media updates and please contact us with any specific questions you have!

Meghann Johnson is the Regional Sales Manager for Business Wire Chicago and a devout follower of PR trends. Connect with her via Twitter @MeghannJohnson5.


Twittiquette: How to Keep your Tweets Safe for Work

May 7, 2014

Keep your tweets professional bird

 

As Twitter usage continues, we frequently see the self-regulation of tweets decrease. The information or verbiage one would never consider sharing publicly their first week, somehow finds its way into an update and out across the platform the second week.

In this piece on CommPro.Biz, Business Wire editor Luke O’Neill discusses best practices for tweeting, and shares Twittiquette best practices:  http://bit.ly/Twittiquette

What are your favorite tips for utilizing Twitter?  Let us know in the comments below.


Introducing Facebook’s FBNewswire, A New Resource for Journalists

April 28, 2014

FB Newswire Today in CommPro.Biz, Business Wire’s Senior Vice President, Global Marketing, Tom Becktold discusses Facebook’s latest offering, FBNewswire. This new offering  is “a resource for journalists that aggregates newsworthy content shared publicly on Facebook by individuals and organizations.”

FBNewswire aggregates highly shared news content into one place, allowing media outlets to quickly see the news resonating, in real-time by Facebook’s users.

Read more about this offering now:  http://bit.ly/WhatsFBNewswire

Like this blog post? Share it out in just two simple clicks: http://ctt.ec/0rZJ5


PR Pros Bridging Industry’s Divide with Social Media

April 25, 2014

In case you missed it, Business Wire’s editor Luke O’Neill  wrote an article in PR Daily that discusses the gap between social and PR . In the story Luke discusses how social media is part of the requirements for a PR professional including how traditional media consolidation and the rise of social media as a channel for news and commentary were the main forces merging the two sides.

Some of the key focus points include:

  • The best communication programs use both traditional PR and social messaging to ensure maximum reach and return on investment.
  • PR people should embrace the idea that different people from their organization are communicating interactively online.
  • Organizations have embraced social by inserting social sharing prompts within their news releases to initiate sharing from the release end.

    business-pros-bridgePlease give us your thoughts on the story. Does this change your view on the role of a public relations practitioner?

 

 

Read the full story http://www.prdaily.com/Main/Articles/16291.aspx#
Retweet the story https://twitter.com/BusinessWire/status/459048767010775040


How Sensory Preferences Impact the ROI of The Press Release

April 23, 2014

April 23, 2014

This week, Business Wire Marketing Specialist Fred Godlash has an article featured in CommPro.biz on How Sensory Preferences Impact the ROI of The Press Release.

Purple BrainTo understand the impact of multimedia within your marketing, advertising or public relations programs, you first must recognize how your audience absorbs and retains information. Did you know that recollection is more difficult when hearing things rather than seeing or doing them and that a whopping 65% of the population are visual learners. This means that the standard textual press release does not resonate as thoroughly with more than half of the world!

To be a very good communicator in a ROI-oriented environment, you now must consider how today’s humans learn and consume information.
Read the full story at http://www.commpro.biz/public-relations/science-sensory-preferences-impact-roi-press-release/

Tweet this post: https://twitter.com/BusinessWire/status/459000420031934464


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