“Being compliant is non-negotiable. Being social is non-negotiable. An end-to-end social relationship infrastructure is also non-negotiable.”
-Jeremy Humphries, Social Media Manager at Farmers Insurance
In just a few short years the relationship between regulated companies and social media has undergone massive transformation — from willful ignorance to outright hostility, to necessary evil and now to long-term optimism. Each step in this transformation has been enabled by an ever improving understanding of regulation and compliant participation.
Today, we can say without hesitation that the debate is over: regulated brands must engage with the social customer and they must do it in a compliant way. There are simply too many examples after examples after examples to ignore what happens to brands when they fail to engage effectively. From Bank of America’s Twitter fail, to the pink slime crisis started by a Texas mom blogger, to Chrysler’s F-bomb tweet, and Progressive’s PR crisis — the risks of poor engagement are evident.
At the same time, there are many examples of companies, like Citi, that illustrate the benefits, in terms of efficiency (a 20% reduction in response time) and effectiveness, by building better relationships with customers in a compliant way.
So, how can brands ensure social media compliance?
1. They need Social Compliance
2. They need Social Listening
3. They need Social Engagement
The rules are simple: Every brand must listen and monitor. Every brand must engage and take action. Every brand must participate in a compliant way.
But that’s easier said than done. Most companies cobble together their social technologies to achieve these goals from a handful of different vendors, all of different quality and different capability.
Most do their social monitoring through an enterprise-grade platform, engagement through a consumer-grade tool, and compliance through prayers and dream catchers.
In reality, that’s just not enough.
The Fork in the Road: High Risk or Compliant Social
Given what we now know, enterprises basically have two choices:
Option 1 “Not To Be” – High Risk / Non-Compliant
If even one of your social listening, engagement, or compliance technologies are vulnerable, then everything is vulnerable.
You are at risk.
Option 2 “To Be” – Risk Managed / Compliant Social
A single integrated provider for listening, engagement and compliance that enforces policy, workflow, archiving and risk management for social across your enterprise.
Which Companies Offer Compliance, Listening and Engagement?
Over the past 13 months, Forrester Research has conducted three separate research Waves, reviewing 24 different vendors in Social Engagement, Social Listening and Social Media Risk Management.
If every brand needs to be social, and every brand needs to manage risk, then where should companies turn for help?
It turns out that there is only one answer: Sprinklr integrated compliance.
Out of 24 different vendors in the three most recent Forrester Waves(™) only Sprinklr was reviewed in all three of the Social Media Risk Management, Social Listening and Social Engagement Waves.
The Choice That Others Have Made
Sprinklr is the platform of choice for four of the top five U.S. banks, three of the top six insurance companies and numerous others in regulated industries including DuPont, Springleaf Financial, Experian Services Corp, Frost Bank and Zions Bank.
When regulated companies make this choice, they confirm that Sprinklr is the only compliant, integrated social relationship platform for enterprise in the market.
To help other companies be both compliant and social, we’re sharing some of the knowledge we’ve gained in serving these great companies.
It includes a step-by-step guide to evaluating your social vendors as well as a simple social solution shopping list to help you make the best decision for your enterprise.
And if you’re in banking, you might like the report put out by CEB ranking the top Social Networking Management Solutions for retail banks.