There is a clear benefit to business in being present across social media platforms. It’s an excellent way to host business-to-individual communications. It allows a business to listen and learn from both satisfied and dissatisfied customers. It’s also a great space for gaining market research data, but social media comes with inherit risks for business.
Here are the top five risks and how to combat them and avoid becoming a victim.
- Security-Related Risks
This stems from lack of employee education in cyber safe practices. Many businesses are struggling with how to address the risk of inappropriate release of strategic company information which exposes the company’s network and systems to viruses and malware due to human error, phishing scams and identity theft.
- Law and Regulation Violation
When employees are posting and interacting on social media platforms there are risks of sharing data and information that violates laws, regulations and privacy rights. Again, this can be significantly avoided through standardizing policies and procedures for employees when interacting on social platforms. It’s critical to educate your staff.
- WWOM | Web Word of Mouth
Word of mouth has always been one of the best ways for businesses to get referrals and new customers. Today, most word of mouth happens through internet-based services and platforms. Largely through reviews left on social platforms. It can build your business and just as easily it can kill it. Being prepared is key. Remain aware of reviews left for your business and be responsive to both positive and negative review. How quickly you calmly react to a complaint can make a huge difference.
- Human Resources
Social media can prove to be both beneficial and harmful when it comes to human resources. It’s great to be able to connect to colleagues and find new team members. It also has the ability to backfire if team members are “stolen” by other companies or become disgruntled.
- Risk of Competitors
In general, the internet made it easier to find information, including analysis of other businesses in your industry. Social media not only opens your doors to customers, but it also gives a bigger picture to your competitors. By being present and transparent on social media and your website, you may be emulated or copied. As a business, it’s important to be visible on the internet, but some things you may not want to make available to the public.
When it comes down to it, the best way to combat cyber-attacks and to avoid greater risks on social media platforms is to educate your staff. This can be difficult if you aren’t sure where to start. JFG Business Tech listens to your needs, compiles policies and procedures specific to your business and helps educate you and your team. With guidance, you can be social and be safe.