14th June 2013

Social Media Compliance & how to get it right

Authorised Firms use of Social Media can be hard to understand for some people as it is not simply using one channel in isolation. Twitter or Facebook alone will not generate more than a very slight trickle, simply because your online presence through these platforms is miniscule and there is no cohesion between them and your website. Simply put you need to have further activity to complement these public facing tools. Building a following and using these magnets to attract the right prospects is what Social Media is all about. Just advertising is a shotgun approach whereas Social Media can be laser focused.

Saying that, once set up, your Social Media activity need not be more than 15-20 mins per day or an hour to an hour and a half maximum per week; unless you want it to.

Using primarily free tools, a small company can run a successful Social Media campaign with appropriate themes and content and also engender the understanding that you care about your clients, as well as demonstrating you are a subject matter expert in your particular area. Larger firms may need to spend a little for licenses to manage greater numbers of accounts and large firms can actually run a very smooth and fully compliant system for up to around £50 per month per user.

If you cannot find the right content to use, you can of course rent a monthly supply of Social Media content, like Social Stream, and simply vet and upload the content in your choice of media.

Key to designing and implementing any Social Media Campaign is the planning. To do that you have to be aware of the limitations of the platform, and the rules on Financial Promotions, an area that larger firms are still coming to grips with.

The rules are simple; 

1. Digital media may stay in circulation longer than traditional media channels.
2. Consider whether the media channel is a suitable method for the type of product or service promoted.
3. Make sure that risk information (if required) is prominent and clearly displayed.
4. Ensure the promotions and communications meet FCA requirements for stand-alone compliance.
5. If you can’t make the promotion compliant within the allocated space, you can’t advertise.

In this free EBook we will show you; 

• The top platforms to use and how they work
• Getting a professional appearance
• Attracting professionals as prospects
• What content works best
• Why content marketing works
• The new sales cycle in the digital age
• And much more

Now, this does not mean you can launch into using Twitter, Facebook or other Social Media, it just means that if you are Social Media savvy and compliant in its use, you can very quickly launch a marketing campaign that is measurable and provides a superior return on investment compared to traditional advertising many times over. CEI Compliance is experienced in all areas of Compliance and governance as well as risk management and can advise you on your Social Media Campaign and help you design the elements within the whole package in a compliant and user friendly way.

Business Development, Regulation