Pub. 3 2013 Issue 1

ARIZONA BANKER ~ January/February 2013 23 You can hurt your brand. Think about what happened to Toyota when it became widely known that the company had serious problems with the quality of its cars — and specifically with its mechanical braking systems, as scientists ultimately discovered. Massive recalls between 2009 and 2011 involved approximately 9 million cars worldwide. Obviously, when it comes to cars or anything else, there is no number of acceptable deaths, but it’s safe to say that when 37 alleged deaths cause huge recalls and a corresponding amount of negative publicity, both brand damage and media involvement have been substantial. You can lose customers and employees. The problem with losing customers is obvious: no customers, no bank. But it is important to realize that in the long term, losing employees is an equally a serious matter. As a banking leader, you understand the costs involved when employee turnover is high. Losing any experienced employee costs you money because you’ve also lost that person’s valuable experience. Don’t underestimate it. Writing a Social Media Policy Experts on social media all agree that as organizations prepare to embrace social media, it is important to remember that a social media policy is paramount for many reasons. Shama Kabani, author of the <iÊvÊ-V>Ê i`>Ê >ÀiÌ} and President of The Marketing Zen Group, asks, “What are they saying about you, your company, and your practices? Better yet — how are you responding? Having a social media policy in place does not mean that you get to dictate your im- age. But, you do get to interact responsibly in the conversation that forms your image.” The same can be said for banks. Fortunately, writing a social media policy is mostly a matter of asking banking employees to be both sensible and thoughtful when they interact online. Kabani offers some suggestions: 1. Decide what you want social media to do for you, and decide how deeply you want to monitor what your employees are doing. For example, you should consider using it to help people recognize your brand and, if applicable, improve sales. It can also be a tool for talking both to employees and customers. Think about whether you want to initiate actions, or if you prefer reacting to the actions of other people. 2. Decide how you define social media, and write it down. A broad definition is better than a narrow one, because social media is changing fast. (Kabani defines social media as websites or mediums where open communication can take place.) Ask yourself about how your bank will get involved. Name the specifics (for example, Facebook, Q Social Media | continued on page 24