Social media risk management strategies are you rolling the dice

1. Brokers & Managers:
Are You Rolling the Dice?
Social Media Risk Strategies
Siêu thị điện máy Việt Long www.vietlongplaza.com.vn

2. Management Conference
December 11, 2008
Social Media Defined
“An umbrella term that defines the various
activities that integrate technology, social
interaction, and the construction of words,
pictures, videos and audio.”
Source: Wikipedia
Siêu thị điện máy Việt Long www.vietlongplaza.com.vn

3. Management Conference
December 11, 2008
Social Media Defined
Social media includes full suite of Web 2.0
tools – tools that enable interaction and
engage the user:
• Blogs
• Video logs (Vlogs)
• Micro-blogs
• Social networking, bookmarking, tagging
• Wikis

4. Management Conference
December 11, 2008
Social Media Defined
Look familiar?

5. Management Conference
December 11, 2008
Why Risk Management?
• Use of social media by REALTORS® is minimal
NOW
– 15-20% use some form currently
– Expected to explode in 2009
– Many using now are new and inexperienced
• It’s your company’s reputation
• It’s your license
• It’s your business (and assets)

6. Management Conference
December 11, 2008
What Are the Odds?

7. Management Conference
December 11, 2008
Avoiding a Social Media Crisis
Steps to Avoiding a Social Media Crisis:
1. Develop awareness
2. Implement policies & procedures
3. Educate yourself, staff and associates
4. Communicate the expectations
5. Engage your associates
6. Monitor what is said
7. Manage the process
8. Prepare for mishaps

8. Management Conference
December 11, 2008
Avoiding a Social Media Crisis
• Step #1: Develop awareness
– Become familiar with tools and sites
– Ask your associates which sites and tools they use
– Check out competitors
• Step #2: Implement policies & procedures
– Current P & P might be inadequate
– Check E & O, liability policies
– Seek legal counsel

9. Management Conference
December 11, 2008
Avoiding a Social Media Crisis
• Step #3: Educate
– Yourself, staff, associates
– Don’t leave it to learning through casual use
• Step #4: Communicate
– Make it a topic of sales meetings
– Write about it
– Distribute it
Siêu thị điện máy Việt Long www.vietlongplaza.com.vn

10. Management Conference
December 11, 2008
Avoiding a Social Media Crisis
• Step #5: Engage
– Connect with associates and staff on social
networking sites
– Subscribe to your associates’ blogs
• Step #6: Monitor
– Set up Google Alerts, Technorati blogs
– Pay attention to status alerts, profile changes

11. Management Conference
December 11, 2008
Avoiding a Social Media Crisis
• Step #7: Manage
– Designate time per week
– Delegate to management, staff or outsource
• Step #8: Prepare
– Even the best laid out and managed plan can go
wrong
– What do you do if problems arise?

12. Management Conference
December 11, 2008
Mitigating a Social Media Crisis
• Time is your enemy
– Act fast!
– Twitter can spread bad news faster than TV, and
YouTube is more viral
• Don’t take a knife to a gun fight
– Don’t use traditional media (solely) to counter
social media gaffes
– Respond in kind

13. Management Conference
December 11, 2008
Mitigating a Social Media Crisis
• Brandjacking
– Is your brand being used properly?
– Is it being used by those authorized to use it?
• Reputation management
– Are you researching your new hires?
• The Malicious Web
– What happens when consumers become so
dissatisfied that they take extreme measures?...

14. Management Conference
December 11, 2008
What Would You Do?
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15. Management Conference
December 11, 2008
Open Discussion / Questions

16. Management Conference
December 11, 2008
Resources
Electronic Frontier Foundation (EFF)
www.eff.org
Blog for Profit
www.blogforprofit.com
Bizomi Consulting
www.bizomiconsulting.com

17. Management Conference
December 11, 2008
Thank you for Attending!
For more information, visit
www.BradHanksSeminars.com or email
Brad@BradHanksSeminars.com.
Brad Hanks trains, speaks and
consults on social media, sales
productivity and management in
the real estate industry.