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.


Introducing The Underdogs of the Social Media World

January 23, 2014

By: Ciaran Ryan & Zara McAlister , Business Wire Toronto Editors

The odds are forever stacked against them, and yet we can’t help but cheer them on. They may not be as big or as strong as their rivals, but they all hold the potential for greatness. They are underdogs. They’re the stuff of sport’s Cinderella stories, history’s conflicts, and Hollywood’s scripts. If you look hard enough you can always find the underdog. Even in the social media landscape, dozens of underused platforms are waiting for brands to try them on for size.

Facebook and Twitter may be the current top dogs, but other platforms boast their own unique strengths that could be beneficial for your brand. We’ve paired these platforms with notable underdogs of the past for entertainment value.

G+ & Rocky Balboa

rocky

Image source: IMDB

Google + is a lot like Rocky Balboa, the “Italian Stallion” from the Rocky movie series. On paper the diminutive boxer stood no chance against powerful fighters like the Soviet Union’s Ivan Drago. But the manly Rocky persevered when few believed in him, save his trainer Mickey and his love interest Adrian.

G+ has more supporters than Rocky ever did, with 540 million users. This social networking platform may not have Facebook’s numbers, but it’s quickly gaining ground. About 70% of its users are manly men, like Rocky. Typical users are in their mid-twenties to early thirties with technical interests such as engineering and modern technology. If this fits your brand’s target demographic, then appeal to these users by using G+ Hangouts to connect directly with them in a video chat environment. G+ is also useful for sharing learning-based content, hosting product demos and Q&A sessions. Sidneyeve Matrix, media professor at Queen’s University in Kingston, Ontario suggests making use of your brand’s evergreen content (not time sensitive) on G+ or posting information exclusive to your G+ circle.

If you need another reason to try G+, it’s no surprise this social network is the number one driver of Google SEO.

Pinterest & Danica Patrick

Few people thought Danica Patrick, a high school dropout, would succeed in the male-dominated sport of auto racing. Yet she defied the odds in 2008 to become the first woman to win an IndyCar Series race. Patrick’s underdog status and photogenic appeal have made her a household name.

Pinterest has also made a name for itself with 70 million users worldwide. The photo sharing community-based platform has a predominately female user base that works well for consumer brands. Pinterest ranks higher than Twitter for driving SEO on Google according to Search Metrics. What’s more, a recent study by GIGYA found Pinterest generates more e-commerce traffic than Facebook. And Pinterest’s industry leading 85% click through rate means more visitors following advertised links to get additional information about your brand. Ms. Matrix thinks Pinterest works best for brands that are rich in original content. “Think outside the box. You’re not always trying to sell. Sometimes you’re just trying to inspire,” she says. If your company fits the Pinterest bill, add a pin tool to your social sharing buttons, create targeted boards and consider running contests to get your customers more involved.

monet

Image source: Wikipedia

Vimeo & Monet

Two years ago Monet’s “Water Lilies” painting sold for over $43 million USD. Not bad for an artist whose work was initially panned by critics in France. Monet was an artistic underdog because most 19th century art critics didn’t know what to make of his Impressionist style. Eventually the Impressionist movement flourished and Monet became one of the most celebrated painters of his time.

Much like Monet is his early years, video sharing site Vimeo flies under the radar. Its 100 million unique monthly victors are a drop in the bucket compared to YouTube’s 1 billion. But for what Vimeo lacks in size, it makes up for in the quality of its content. Vimeo is a hotbed for indie filmmaking. You may not find tributes to Miley Cyrus’s “Wrecking Ball” or music videos about what foxes are really trying to say to us, but you will likely stumble upon something like this emotional ad produced by Google.

Vimeo is well categorized and less cluttered then other video sharing platforms. It’s not necessarily the right network for launching viral videos, but if your brand is interested in showcasing high quality content to a creative audience, then this is the place to do it. Last year Vimeo started the Brand Creative Fund, which helps to connect brands with Vimeo registered filmmakers, to create branded content that the community will appreciate.

These social media platforms are only a sample of the ones out there that encourage creative content and “out of the box” thinking. Always keep your target market in mind when considering what platforms will work best for your brand. Can you think of any other social media underdogs? Share your thoughts with us.


Boston PR Groups Suggest Social Media Strategies for Success

February 17, 2011
by Liz Koch, Media Relations Representative, Business Wire/Boston

Liz Koch

Social Media Club Boston and Publicity Club of New England co-presented an evening panel discussion on social media campaign successes using Facebook, Twitter and blogging. The Social Media Club Boston chapter hosts programs that promote and educate anyone interested in learning more about social media literacy and best practices for social networking. The Publicity Club of New England promotes and encourages the profession of public relations by holding monthly educational programs, maintaining a job bank, and hosting the annual Bell Ringer Awards.

The discussion, hosted by Constant Contact, was shaped by a dynamic panel of speakers and led by moderator Julie Hall (@juliehall) of Schneider Associates (of the Tweet Me Sweethearts campaign). Panelists included Amy Kenly of Kalypso (thought leadership and “thoughtware”), Tyson Goodridge of Dialogue, Evan Falchuk of Best Doctors, Josh Mendelsohn of Constant Contact, Joselin Mane of 451 Marketing (and @BostonTweetUp founder) and Mike Proulx of Hill Holliday.

Photo credit: Todd Van Hoosear (@vanhoosear on Twitter)

Some of the practical social media strategies shared included:

  • The quantity of fans/followers your organization has is less important than how effective that same group is in promoting you to others. You have to be sure you are giving them the right tools to market for you. For example, if offering a discount for checking in with FourSquare at a restaurant garners 10 new patrons for a lunch special, this is more valuable than 100 followers who don’t ever visit the restaurant. Joselin Mane used Turner Fisheries as an example: The restaurant went from not being open for lunch to serving 40 plates regularly.
  • Visitors to your website or brick/mortar business that came from an existing social network were more than three times as likely to share your message than those who happened upon it. For example, Mike Proulx of Hill Holliday described a campaign for which Marshall’s engaged in producing “haul videos,” a social media format which already had credibility with teen shoppers.
  • Don’t get hung up on “the next big thing” – this adds extra distance to the social media learning curve. Instead, utilize the current available networking strategies!
  • Use a URL shortener (in your tweets, press releases, etc.) that provides analytic data like clicks, traffic, and sources. Bit.ly offers free analytics for any link as well as a host of other tools.

For additional insights from the program check out related tweets under the event hashtags #PubClubofNE and #SMCBoston.


Follow

Get every new post delivered to your Inbox.

Join 38,061 other followers

%d bloggers like this: