The Next Chapter for Social Finance and Three Things to Consider
Some of the biggest news the past two weeks in social media surrounded the SEC’s announcement and Bloomberg’s news around social media. But what does this mean for communicators? While this is a big win for Facebook, Twitter and LinkedIn, it means we need to be even more engaged as communicators with these platforms. First, let’s look at a round of each announcement.
Securities Exchange Commission
The Wall Street Journal does a quick FAQ on the news and what it means. Over at CNBC they tell investor relations professionals to relax and enjoy some sleep. And Dominic Jones points out that the “devil is in the details” when it comes to interpreting the guidelines. So while the guidelines are meant to help companies, did anyone think of investors? Managing the information is important and Hootsuite offers some thoughts (we’re a Hootsuite client — and here’s a list of financial services firms currently using Hootsuite). In 2010 I wrote about why investor relations professionals need to use StockTwits, and Howard Lindzon sums up his approach to what they have done and the SEC’s announcement:
“No matter what others call us or think, Stocktwits is a NEWSWIRE. Information is flowing from one to many, all day, every day and it is full of context.”
The others news came from Bloomberg and that they were now adding Twitters posts about companies to their terminal feeds. Mashable offers a screen shot of what this will look like. And Venture Beat points out that this won’t be a “firehouse” of tweets, so we’ll need to see what is chosen and what is not. With many financial companies still blocking social media, the importance of this is that people in the markets can now gain access to tweets that matter. And as Joe Weisenthal pointed out during the crisis in Cyprus Twitter was beating most other sources.
Why This Matters
Back in 2011 I pointed out that social finance had arrived. Traders, analysts and financial firms were already mining Twitter for data. The news this month continues the evolution of social finance and further emphasizes the importance and seriousness of the information that is being shared. Here are three things B2B firms need to think about as the SEC and Bloomberg help advance the significance of your posts.
- It’s time to revisit your guidelines and disclosure rules. If you haven’t sent the news about what just happened to your compliance and investor relations teams then stop reading and do that now. If you are still pitching internally to use social media this will show that you are on top of the news and give you further leverage to discuss how you can build your social media strategy. At the very least, it should continue to build your relationships internally, and that’s always a good thing.
- What you post matters (even more). Think carefully about how you word, when you post and what you want to say about your firm. And don’t be afraid to repost extremely important information. As information gets posted in more venues, and now pulled into the Bloomberg terminal, content management gains in influence. I would also continue to pay attention to what Bloomberg does with social media and integrating it across all of its media.
- Register for StockTwits. It’s value as a company just went up, but more importantly for you it’s value as a reputation tool to promote and protect your brand just increased. If you are not using it for your company then integrate it with your Twitter account (and don’t forget to add your Hootsuite account). And if you’re a PR Newswire client (we are) you get the added benefit of having StockTwits on your side too.
I’m a long-time believer that social media can be a catalyst for change within B2B organizations — from sales to investor relations to content management — and this month was significant. The amount of discussions online around what the SEC and Bloomberg have announced, both in agreement and disagreement, makes the value of what has been accomplished in the past decade of information exchange and disclosure both challenging and exciting. As communicators, it’s just discussing “why” we should use these tools but the thinking has advanced to “how” we use them.
Do how do you think this news changes social finance? Or is it business as usual? Let us know.