Event Recap: CSR and Social Media
"New communication technologies tend to strengthen democracy", mentions an article in last week’s The Economist. Interestingly, the particular claim was also evident during a conference I attended on CSR and Social Media held recently at the Sheraton in Toronto. Social media is democratizing information, and in light of this, organizations will be well-served if they are able to utilize social media tools towards achieving their CSR goals. The conference was packed full of learning and interesting speakers, and below is a summary of some key takeaways from the event.
Mr. Boyd Neil, chair for the day, set the tone when he suggested in his opening remarks that social media is not so much about the newest technology, but rather how people are engaging with one another as a result of the technology. As Mr. Neil and Ms. Celesa Horvath both pointed out, what really lies at the heart of social media is the fact that it has allowed individuals to come together to co-create content, and share that content at the speed of light. This is what makes social media a game-changer, and, if used correctly, an effective tool towards achieving an organization’s CSR goals as well.
Ms. Horvath further elaborated on how organizations can leverage social media to enhance the value of their CSR initiatives. From a CSR perspective, engaging in any social media activity requires that organizations are transparent and open in their communications. Gone are the days when information used to flow primarily from company headquarters down to the consumers – as is the case in a traditional “push model” of information flow. Today consumers and other stakeholders define their information needs and seek out those that meet these needs, giving way to a “pull model” of information flow. In addition, given that much of the social media content is user generated, organizations can quickly lose control over their CSR messaging, as evident in the Nestle vs. Greenpeace story. Please see this link for a copy of Ms. Horvath's presentation.
In light of the above, Ms. Deb Berman emphasized the need for organizations to establish a concrete strategy in order to effectively utilize the available social media tools to achieve their CSR goals. According to Ms. Berman, an organization should clearly articulate the purpose of its social media strategy; it should create opportunities for the relevant audiences to gather; and it should start the conversation and join it too. This just means that organizations should be taking a proactive approach to managing their CSR message, rather than a reactive one.
In the afternoon, Ms. Dorothy Engelman stressed the importance of crowdsourcing. Given that most organizations find it hard to get the right CSR message out, crowdsourcing can provide organizations with an efficient way to engage and harness the power of the crowd. A copy of the presentation and videos can be viewed here.
Another way that an organization can capitalize on social media’s vast reach is through the art of storytelling. Mr. Billie Mintz, storyteller and filmmaker, highlighted the need for organizations to go beyond simply delivering their CSR message and move towards actively engaging and leading their stakeholders through effective storytelling. And using Twitter as an example, Mr. Chris Jarvis shared with the audience four easy steps to creating successful CSR conversations. First, enter the world of social media; second, find and engage your community; third, build in your community by bringing value to your community; and fourth, watch your influence by finding out what your community is saying.
Organizations, therefore, should not be afraid of social media. Social media can be a particularly powerful tool in achieving an organization’s CSR objectives. And in order to successfully achieve these objectives, organizations should create certain parameters around their social media strategy, find and engage with their community, and learn from what works and what doesn’t.
So how can social media be applied in the context of social finance? In particular, social media can serve as a platform for organizations and individuals to come together and share the story of the social and/or environmental impact of their investments. Through social media, social finance practitioners have the opportunity to showcase how finance can be harnessed towards achieving greater social justice and/or environmental sustainability. In addition, social media will allow organizations and individuals to expand the scope of their work by getting the story out, and engage with the larger constituency. The event highlighted the importance of utilizing social media towards achieving an organization’s CSR goals - the same holds true for social media and social finance.
