Pub. 3 2013-2014 Issue 4

10 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S  SOCIAL MEDIA – continued • Consumer endorsements: The idea is that if you endorse a product, you need to have enough knowledge about the product to make the endorsement; your own experience needs to support the claims youmake; and if an ad claims you are an actual customer, then that has to be true. If you are not an actual customer, then that information has to be made plain. • Expert endorsements: If someone gives an expert en- dorsement, then that person must have the necessary credentials to make the endorsement and the endorse- ment can’t be deceptive in some way. • Endorsements by organizations: Organizations consist of people with many different opinions and, often, dif- ferent levels of expertise. Therefore, if an organization endorses something, the organization has to have some kind of process in place to ensure the endorsement really does fairly reflect collective opinion about a product and also that the organization as a whole is qualified tomake the endorsement. • Disclosure of material connections: If a business hides information that would reasonably affect the way some- one evaluates a product, then that information has to be disclosed. Two of the examples deal with social media (the first involves a blogger, and the second involves an online message board). Summing Up Part of being a banker is being prudent, thorough, and me- thodical. Many people consider these to be old-fashioned virtues, but the truth is they continue to be useful because they help financial institutions stay out of all kinds of trouble, legal and otherwise. Social media may be new, but applying these virtues to your policies and procedures will go a long way toward keep- ing you, and your company, away from the court system and the kinds of headlines that no banker ever wants to see. n The newsLINK Group, LLC is a marketing firm that specializes in communication strategies for nonprofits, trade associations, and professional service firms. Reach your target audience a ordably. advertise get results DANI GORDEN Advertising Sales 855.747.4003 dani@thenewslinkgroup.com