The Financial Industry Regulatory Authority has issued a guide on how financial companies can use social media. Many in this highly regulated industry are loathe to venture into the social sphere. Hopefully this document will help Guidance on Blogs and Social Networking Web Sites: http://www.finra.org/Industry/Regulation/Notices/2010/P120760
Latest Updates: WOM Ethics RSS
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The FINRA Weighs in on Social Media Use
Pat McCarthy
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Some Questions We Need Answered
Pat McCarthy
The FDA is trying to decide on the rules for healthcare and pharma using social media markeing. We need your opinion on these questions:
• What type of “code of ethics” or “code of conduct” for pharma advertising should WOMMA establish that may be useful as a template for the FDA?• What specifically do you need from the FDA in terms of regulations? What type of standards should the agency enact?
• What challenges are you facing with your pharma clients? What can the FDA do to assist you in promoting useful information to consumers in the form of marketing?
• What are the specific instances where pharma would accept responsibility by comments made about their products through 3rd party statements?
• Do you believe that the FTC standards are useful for your pharma clients? Why?
Got some answers? Then post your comments on our open discussion blog: http://bit.ly/72S6IA
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Only 1 Day Left to Comment on our Living Ethics Blog: What is Effective and Meaningful Social Media Disclosure?
Pat McCarthy
Tomorrow, January 5, is the last day to comment on our Living Ethics Blog. Please take ten minutes to have your voice heard. Our industry is still developing and we want to give you an opportunity to help shape it. The annual Living Ethics call for comments is your platform to influence the future of word of mouth marketing.
Please add your comments here: http://bit.ly/70osCE -
Call for Comments: Best Practices for Social Media Disclosure
Pat McCarthy
Your time to comment on our annual Living Ethics Review is coming to an end. Get your comments in by January 4th or hold your peace until next year.
Comment here: http://bit.ly/LivingEthics2009 -
Mobile Ethics: A Case Study
Pat McCarthy
As mobile marketing expands, it is bound to test the waters of ethics. Just like the Internet, everyone now has access to mobile phones. 7-Eleven recently had a test run of a mobile marketing push that gave away coupons. Aside from the technical problems, they found the coupons were being redeemed by children. WOMMA’s Ethics Code states that marketing to children under the age of 13 goes beyond ethical boundaries. But restriction on mobile is a tricky problem. 7-Eleven’s target age was 16-24. Inserting an opt-in option that requires age verification is one option, but getting complete honesty when free Slurpee’s are involved would clearly be difficult. Let us know what you think. What methods could be employed to ensure ethical mobile marketing? Please leave your comments below or visit our Living Ethics Review here
Read more on the 7-Eleven Ethics case study at CBS News -
Call for Comments: Best Practices for Social Media Disclosure
Pat McCarthy
Your time to comment on our annual Living Ethics Review is coming to an end. Get your comments in by January 4th or hold your peace until next year.
Comment here: http://bit.ly/LivingEthics2009 -
What Now WOMMA? Living Ethics Review is Live
Pat McCarthy
Living Ethics Review
WOMMA is proud to announce the launch of its annual review of the WOMMA Ethics Code, as part of our annual Living Ethics Project.The importance of the WOMMA Ethics Code and the Living Ethics Project is most notable in the recent announcement of the FTC Guide changes. The FTC referenced and adopted WOMMA’s guidance in several instances, looking favorably upon the Association’s own Ethics Code, and adopting WOMMA’s suggestion that only “sponsored” communications should fall within the scope of the Guides.
Have your voice heard! Visit the Ethics Review here and post your comments: http://bit.ly/EthicsReview09
WOM-COMM
Gain the skills you need to learn and maximize WOM tools as part of an overall integrated marketing campaign. The use of WOM is everywhere and the benefits are tremendous and proven! Classes start Jan. 5, 2010. Reserve your seat here: http://womma.org/certificate/We are looking for whitepapers to add to our website and member center. Our content sharing agreement with the AMA could mean that your whitepaper will not only be featured on our site but theirs also! Get your submissions in before Dec. 1 or forever hold your peace. Email them to Tarah@WOMMA.org.
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What Now WOMMA?
Pat McCarthy
Brands Council Jam Session: The Internal Sell: Getting Buy-In for Your Next WOM Program
Presenter: John Moore, WOMMA’s WOM Enthusiast and Marketingologist at Brand Autopsy
When: Tues. Nov. 3
Time: 10am PST | 12pm CST | 1pm EST
Registration: http://bit.ly/JamSessionInternalSell
Please note, registration is Limited to WOMMA Brand and Nonprofit Members. Our Agency Members Can Invite Their Brand Clients.Zuberance and WOMMA Webinar: Creating & Energizing Brand Advocates
Presenter: Rob Fuggetta, Zuberance Founder & CEO, and John Moore, WOMMA’s WOM Enthusiast and Marketingologist at Brand Autopsy
When: Wed. Nov. 4
Time: 11am PST | 1pm CST | 2pm EST
Registration: https://www2.gotomeeting.com/register/281436202Tweetup: FDA & Social Media Hearing Analysis
Presenters: John Bell, WOMMA President & Managing Director, Oglivy PR, and Tony DiResta, WOMMA General Counsel
When: Thurs. Nov. 12
Time: 6:30-8:30pm EST
Where: The Mall, 1111 19th St. NW, 10th floor, Washington, D.C. 2003
Info: http://bit.ly/FDATweetUpInfo
RSVP: http://bit.ly/FDATweetUp -
Who’s Monitoring the Journalists?
Pat McCarthy
The revised FTC Guides were a milestone for WOM ethics. But now that bloggers and endorsers are held to higher standards, a few people have brought up another lingering problem: Journalists. For years, journalists have leveraged their position as industry authorities to receive perks very similar to those that many top bloggers enjoyed. One reason the revised FTC Guides only covered online endorsements was because the general public was not privy to the freebie marketing practices. They concluded that the public did assume that those in traditional media had received free trials of products that they reviewed. However, a magazine reviewing a type of soap that was given to them is a far cry from a free week long trip to Berlin to test drive the new line of BMW’s. The FTC Guides will help reinforce the validity of the blogosphere’s voice. Maybe they should do the same for traditional media.
More on journalistic ethics at CBS -
FTC Resources - Upcoming Summit 2009 Session
Pat McCarthy
The revised FTC Guides have generated a lot of chatter, questions, and concerns in the last couple weeks. Below are resources WOMMA has made available for you and your colleagues to learn everything you need to know about the Guides.
Summit 2009:
Get a jump on the FTC Guides before they go into effect! Chuck Harwood, Assistant Deputy Director, FTC Bureau of Consumer Protection, will provide Summit 2009 attendees with his insight on their role and what you need to know for you business practices. Mr. Harwood will then join our distinguished panel of industry insiders for a round-table discussion.
http://bit.ly/Summit_FTCBlogs:
DiResta-The-Law Blog: Commentary from WOMMA’s General Counsel, Tony DiResta’s: http://womma.org/diresta/
WOMMA Ethics Blog: http://womma.org/ethicsreview/NPR Segment:
Tony DiResta was recently interviewed in an NPR segment about the new FTC Guides. Listen here: http://bit.ly/NPRsegmentSlidecasts:
John Moore posted some new Slidecasts as an update to last week’s FTC webinar presentation. See them on his blog here: http://allthings.womma.org/Practical Answers to Important Questions about the FTC Guidelines
http://www.slideshare.net/WOMMAssociation/practical-answers-to-important-questions-about-the-ftc-guidelinesUnderstanding the FTC Guidelines (Short Version)
http://www.slideshare.net/WOMMAssociation/short-version-understanding-the-ftc-guidelinesFrom the FTC:
Mary Engle, Associate Director - Bureau of Consumer Protection, FTC - Discusses What’s New About the Endorsement Guides http://ftc.gov/multimedia/video/business/endorsement-guides.shtm