Social Media, Wall Street, and the Big Questions Still Being Asked

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.

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