SOCIAL MEDIA RISK OVERSIGHT
R&C: To what extent have social media platforms become an integral part of doing business? How would you characterise their integration into corporate communication strategies in recent years?
Brady: Today you are unlikely to find many businesses that do not have some sort of social media presence. There is, however, still uncertainty in some businesses as to how to make social media platforms work for them. There are also big differences in approach and the social platforms used, depending on whether a company is business-to-consumer (B2C), business-to-business (B2B) or both. In terms of integrating into corporate communications, businesses have certainly witnessed the benefits of being able to reach their target audience, interact with them and create a community where communication is fluid. This has, however, changed corporate communications in a way that seems irreversible: hashtags, emojis, videos, quizzes, surveys and so on, are now part of a business’ interaction with customers, and the audience completes that communication process with its participation and engagement.
Nowak: In recent years, a growing number of companies have begun to rely on social media platforms for all aspects of their businesses. Unlike traditional forms of media, social media enables companies to connect with potentially millions of users all around the world with just the push of a button. While social media’s influence on business has been increasing for more than a decade, the coronavirus (COVID-19) pandemic has highlighted how important it is for businesses to have a strong social media presence to be successful and influential.
Oct-Dec 2020 Issue
Herbert Smith Freehills LLP
Mayer Brown LLP