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Social Media Compliance: Is Your Business Making These 4 Common Mistakes?

September 07, 2017 By Edmund Ewell - Archive Support Engineer

Social Media Compliance: Is Your Business Making These 4 Common Mistakes?

Written by: Guest Blogger - April Hatton

Social media is a low cost, go-to method for engaging current customers by reaching them directly on a more personal level. The approach has many benefits such as reduced overhead and quick audience feedback. However, with this new communication method comes the burden of social media compliance. As your company begins to use this open method of communication, it is essential to take additional protection measures. Applicable measures include putting policies in place to meet compliance standards set by federal and local governments as well as any entity that is part of your specific trade or industry.

Number 1: Regulatory Oversight & Failure to Comply

 
For many companies, social media is just an extra marketing bonus until they realize it is regulated just like any other public communication channel. This means posted information is subject to the same regulatory requirements including:

  • Truth in Advertising
  • Data Privacy Regulations
  • Language and Content Rules
  • Recordkeeping Requirements
  • Existing Earnings Disclosure
 
Yes, there will be repercussions if social media compliance is not part of your policy management! Regulations have been put into place to protect consumers against fraudulent claims, false advertising, and other misleading tactics. This does not mean your company is attempting to fool consumers, but will be held accountable when using social media as a method of marketing and communication.
 
Regulations come from several governing bodies including the Securities and Exchange Commission (SEC), Federal Trade Commission (FTC), and the Food and Drug Administration (FDA). The number of standards a company must comply with will greatly depend on what industries it operates in. Additionally, the amount of time set forth to maintain records for compliance varies per regulatory body and businesses must stay on top of these requirements to avoid penalty at a later time.

Number 2: Not Taking Your Brand Seriously

It is easy to only take into account what your company is posting on social media; however, the posts of employees and any affiliated businesses are equally imperative. A good example are employees making innocent posts on Facebook regarding the company. They may not put much though into how the post is viewed and doing so could result in the following:
 
  • Release of Trade Secrets
  • Tarnished Company Brand
  • Decrease in Overall Reputation
  • Confidential Materials Reaching the Public
  • General Harm to Business Success
 
An employee with the best intentions can place information on social media that is negative for your company. Policies and outlined procedures are the best way to avoid problems. It is a good idea to put an approval process in place prior to posting on social media. Determine who is allowed to post and take measures to ensure your brand is protected at all times.
 

Number 3: Having Slow Response Time

 
Once a company begins to use social media, it becomes easy for malicious posts and other problems to surface. Consistent monitoring of interactions including posts, user comments, and even those made by third-parties on each platform is a must. This type of public communications opens up new doors for individuals who prefer to do harm to your business. By monitoring these interactions, you will be able to respond quicker to any negative posts or comments. A slow response time is detrimental to any company as they begin to rely more on social media.
 

Number 4: Lack of Scalability and Network Capacity

 
Have you taken the necessary steps to remain compliant such as setting up policies, monitoring activity, and archiving the required information? It is easy to overlook another important aspect of social media compliance, even when these measures are in place. A large adoption of this communication method and increased regulatory constraints put a bigger strain on the capabilities of your network.
 
To accommodate these changes, it is essential to scale the business infrastructure so that it is capable of handling the increased workload. This includes having the ability to access social media information in real-time on the network and providing enough physical storage for archiving.
 

Ready to Get a Handle on Social Media Compliance?

 
Tangent offers a social media archiving solution your company can use to avoid these daunting difficulties. With DataCove Social, it is easy to meet compliance requirements and standards without breaking the bank or your infrastructure. If you are seeking an affordable, user-friendly social media compliance solution, we have you covered. Contact us today to learn more!