Twitter is a great place to do business, if you follow some simple best practices.  Twitter has done a nice job of outlining core advice on the subject in their welcome center:

Glen Gilmore

Image from Wikipedia.com

1.  Tell Your Story in Social Media or Someone Else Will
Wall Street brokerage powerhouse, Morgan Stanley, made a bold investment decision:  within the year, all of its 17,800 financial advisors will be tweeting on Twitter and connecting on LinkedIn.  Bullish on Social Media, its head of U.S. sales, Andy Saperstein, proclaimed:

MSSB is committed to continue leading our competition in innovation.  This will be a significant competitive advantage.

So where did Morgan Stanley break this bold announcement?  Well, ah, it didn’t….That announcement came in an internal memo that was leaked to the press and whizzed through the corridors of social media until Morgan Stanley finally acknowledged that the memo was genuine.  Social media moves in real time.  Not having a presence in social media assures that you will be chasing the story rather than telling it.

2.  Just Because You’re the Biggest, Doesn’t Mean You’ll Be the Best

Morgan Stanley, the world’s largest brokerage firm, with over 60,000 employees, in 600 offices, in thirty-six countries around the world, has mind-boggling resources at its disposal.  What hope is there for medium-sized and small brokerage firms to compete in social media if such a giant is entering the arena?  There is great hope and opportunity for smaller financial firms to join the social media conversation and leap frog the giants.

Spam from 18,000 Brokers?

Glossed over by many reports touting Morgan Stanley’s decision to invest in social media are the details of the announcement.  According to the internal annoucement memo, directed to an inaugural class of 600 of their most successful brokers who will be given the chance to begin using Twitter and LinkedIn by late June of this year, “You will have the ability, with a click of a button, to share pre-approved ‘status updates’ or ‘tweets’ with your social and professional networks.”

Though the roll out will begin with 600 of its advisors in late June, it will include all of its nearly 18,000 financial advisor before year is out.  What will be the effect of 18,000 brokers tweeting the same “pre-approved” content?  Morgan Stanley could very quickly find its Twitter accounts suspended as Twitter has gotten much stricter about fighting spam and content farms.

Social media engagement that consists of scores of brokers sharing the same content from a library of pre-approved content is doomed to failure.  Smaller and medium sized firms that decide to follow Morgan Stanley’s entrance into social networking, but with real commitment to human, real-time engagement, will quickly surpass Morgan Stanley in building a community and connecting with consumers.  Smart social media investors will manage their social media porfolio much more effectively if they follow not only the clear rules set by the financial industry’s lead regulatory authority, FINRA, but the unwritten rules of effective social media participation:  it’s about listening, learning, sharing and connecting — not about spamming “pre-approved” content.

Smaller, independent brokerage houses that can move with greater agility and less bureaucracy, will have an even greater opportunity for social media success than larger firms that just don’t understand the human component and real-time nature of social media.

Regulatory Authority Guidelines Met with Industry Social Media Paralysis

Although the Financial Industry Regulatory Authority (FINRA) had provided the financial services industry with social media guidelines in January of 2010, the highly-regulated financial services sector largely greeted the Authority’s invitation to participate in social media with paralysis.  Responding, nonetheless, to a keen, continued interest in social media by brokerages, FINRA even provided a session on social media compliance at its 2011 annual conference.

Technology Aids Compliance, Spurs Social Media Participation

Although various archiving vendors exist, Saperstein’s memo suggests a “technological solution” that may well be proprietary in nature.  Whatever it is, it will be closely scrutinized as an industry standard.

Limited Launch in Late June; Full Roll Out Within 6 Month

Announcing a tight timeline, Saperstein explained that the first 600 advisors would begin their social media participation in late June, “with access to LinkedIn and partial use of Twitter”, with ”the rest of the field” having access within six months.  (It is worth noting that Morgan Stanley reportedly reaped huge fees from recently underwriting LinkedIn’s IPO.)

Firm to Provide Content for Sharing; Participation Preceded by Training and Profile Approval

Saperstein informed employees in his memo that the firm would provide “a tool for Advisors to distribute Firm approved research and content, providing you with a powerful way to share our unique intellectual content with clients and prospects.”  Providing employees with content to share through social networks to clients and prospects could have a two-fold benefit:  it could ensure that the content shared was branded as well as scrutinized for regulatory compliance.

The lucky 600, who will become Morgan Stanley’s social media pioneers, were also told that they would receive an e-mail “with more details on training and how to get started by getting your profiles approved.”

No Mention of Facebook and Only “partial use of Twitter”

RFID “Smart Tags” Connecting

Physical Things to Virtual Things

Radio-frequency identification technology (RFID), a technology that uses “smart tags”, tags with microchips, to provide information to a virtual network, is considered to be a primary technology in advancing “the internet of things.”  In 2011, RFID revenue is expected to exceed $6 billion, with more than 750 million so-called “item-level” RFID tags used in global apparel markets alone.  In Europe, about one billion “smart tags” are expected to be used in 2011, linking many “things” to the virtual world.

The European Union (EU), representing twenty-seven member states, has expressed grave concerns about the privacy implications of an unregulated internet and unchecked technology.

Responding to the privacy concerns it perceived as being presented by the “the Internet of Things”, the EU, in 2009, adopted a fourteen-point strategic plan of action:

EU’s 2009 Internet of Things:

14-point Strategic Action Plan

1.  Governance. The Commission will work on the definition of a set of principles underlying the governance of the Internet of Things and the design of an architecture endowed with a sufficient level of decentralised management.

2.  Privacy and data protection. The Commission will observe carefully the application of data protection legislation to the Internet of Things.

3.  The right to the “silence of the chips”. The Commission will launch a debate about whether individuals should be able to disconnect from their networked environment at any moment. Citizens should be able to read basic RFID (Radio Frequency Identification Devices) tags – and destroy them too – to preserve their privacy. Such rights are likely to become more important as RFID and other wireless technologies become small enough to be invisible.

4.  Emerging risks. The Commission will take effective action to enable the Internet of Things to meet challenges related to trust, acceptance and security.

5.  Vital resource. In connection with its activities on the protection of critical information infrastructures, the Commission will closely follow the development of the Internet of Things into a vital resource for Europe.

6.  Standardisation. The Commission will, if necessary, launch additional standardisation mandates related to the Internet of Things.

7.  Research. The Commission will continue to finance collaborative research projects in the area of the Internet of Things through the 7 th Framework Programme.

8.  Public Private Partnership. The Commission will integrate, as adequate, the Internet of Things in the four research and development public-private partnerships that are being prepared.

9.  Innovation. The Commission will launch pilot projects to promote the readiness of EU organisations to effectively deploy marketable, interoperable, secure and privacy-aware Internet of Things applications.

10.  Institutional awareness. The Commission will regularly inform the European Parliament and the Council about Internet of Things developments.

11.  International dialogue. The Commission will intensify the dialogue on the Internet of Things with its international partners to share information and good practices and agree on relevant joint actions.

12.  Environment. The Commission will assess the difficulties of recycling RFID tags as well as the benefits that the presence of these tags can have on the recycling of objects.

13.  Statistics. Eurostat will start publishing statistics on the use of RFID technologies in December 2009

14.  Evolution. The Commission will gather a representative set of European stakeholders to monitor the evolution of the Internet of Things.

The “Internet of Things” Privacy Framework

Completing the promise of their earlier action plan, the EU and private stakeholders, with a simple, two-page press release and signing ceremony in Brussels, on April 6, 2011, announced that they had established of a voluntary Privacy and Data Protection Impact Assessment Framework for RFID Applications“, dubbed the “Internet of Things Privacy Framework” by the New York Times.  Specifically, the framework establishes “guidelines for all companies in Europe to address the data protection implications of smart tags (Radio Frequency Identification Devices – RFID) prior to placing them on the market.”

At the signing ceremony, one industry representative observed, “Data protection authorities sometimes seem to be one-track minded and force compliance with data protection rules….Today, we have overcome this very unfruitful deadlock….” Despite the fanfare of many signatures, the framework is voluntary, with no express auditing mechanisms, though record-keeping procedures are outlined, and no defined penalties for non-compliance.

Coincidentally, the announcement of the EU’s voluntary framework came within one week of the release of a report by Carnegie Mellon University showing “lagging compliance” with U.S. industry self-regulation in online behavioral advertising.

Four-step Privacy Impact Assessment (PIA)

Under the Commission’s framework, RFID operators would be required to complete a four-step Privacy Impact Assessment (PIA) process prior to introducing a new RFID application into the market:
1. Describe the RFID Application;

2. Identify and list how the RFID Application under review could threaten privacy and estimate the magnitude and likelihood of those risks;
3. Document current and proposed technical and organisational controls to mitigate identified risks; and
4. Document the resolution (results of the analysis) regarding the Application.

Let the Internet of Things Begin!

So what is the most significant impact of the framework? Privacy? Perhaps not. Instead, the real significance of the framework may have been captured in an observation made in the official press release from the signing, namely, that the framework will give the business sector the “legal certainty that the use of their tags is compatible with European privacy legislation.” In other words, the framework gives private stakeholders the green light to continue full-steam ahead with their already massive investment in RFID technologies and the “internet of things” it heralds.

Why might industry leaders have been concerned about limitations on RFID technologies? The EU has also just reaffirmed its commitment to “Privacy by Default” as the core of its data protection laws.  So Europeans are now given “the right to be forgotten” online and the right to be remembered in real life…

The Internet of Things?

The EU Commission website provides an example to illuminate the “internet of things”:

Take one example: a suitcase itself can indicate which plane it should be sent to. This is possible thanks to Radio Frequency Identification (RFID). With RFID, more and more objects communicate with each other, slowly creating a network of information, a so-called ‘internet of things”.

This network could potentially make our lives much easier…No need to worry about your suitcase being sent to the wrong plane anymore! But we must also be careful how we use it, and avoid certain pitfalls.

Thanks! Your pants just told us where you are.

Worried that your smart phone is broadcasting your whereabouts?
Your pants may be doing the same.
What sort of privacy concerns are raised by RFID tags?

According to the commission, one concern the new Framework seeks to address is “the possibility of a third party accessing your personal data (e.g., concerning your location) without your permission.” How could that happen? Well, the pants you just bought might come with a small, RFID tag that has an “electronic memory that is readable and perhaps writable, and antennae.”

The U.S. Approach

Ever lagging behind the EU’s privacy initiatives, the U.S., in a staff report from the Federal Trade Commission (FTC) concluded:

The FTC staff also agrees with the EC that there is a need to raise consumer awareness about RFID technology, in order to enhance consumer trust and to give consumers the tools to protect themselves from the risk of misuse of their information. Given the current stage of deployment of consumer-facing RFID applications, however, the FTC believes that mandating or encouraging specific technological tools for protecting consumer privacy is premature.
How Will the Internet of Things Be Social?

The New York Marathon provides a great example of how the “internet of things” will interact with the virtual world and integrate with social:

What are your thoughts? Please let me know!

Glen Gilmore

Please join me on Twitter:  @GlenGilmore and @SocialMediaLaw1

A picture may be worth a thousand words — but a video is even better:

13.  Using Their Profiles to Bring Viewers to Their Blogs & Main Sites

The writer is an honorary member of the Mercer County Central Labor Council, NJ,  AFL-CIO

Please join me on Twitter:  @GlenGilmore

* Photo credits: Flickr: Zuckerberg by Carlo Nicora; Dorsey by David Shankbone

1. Do a Twitter search of users to identify and follow thought leaders in your niche.

Once you’ve decided what field you would like to establish yourself as a leader in on Twitter, do a Twitter search of users and begin following those who are already sharing content in the space. Listen to what they are saying and how they are saying it and follow their lead. Check in on them regularly to keep abreast of the latest content and share what you consider to be best. Retweeting the latest content from thought leaders is a great way to develop your niche, as well as an easy way to get the attention of and connect with established thought leaders.

2. Create and save Twiter searches for your niche.

Twitter lets you set up and save searches. Create some permanent search topics and check them regularly for good content. Retweet the best of what you find.

3. Create a Twitter List of content stars

Twitter lists are an easy way of keeping track of great curators of information, i.e., people who consistently find and share great content. As you come across users who consistently share great content, add them to your content star list and regularly check in on what they’re tweeting. You will learn much and have much to share as well! (OK, I must confess that this is the only list of mine that I keep private. Seems I’ve read that you shouldn’t give away all your secrets…You will find that a good group of Twitter content curators will quickly best the content you may have found previously using Google alerts.)

4. Set up Google alerts

Creating several Google Alerts related to your field is a great way to identify and share original content. You can let the story items pile up and pick through them at your leisure – though keep in mind that the live-stream, real-time nature of news today gives added points to those who share great content first. Use terms in your search that will narrow the results and focus your niche.

5. Create an AllTop account

This one step should help you enormously in staying on top of the latest developments in your niche: go to AllTop and set up your own niche listening post; the site makes easy the process of tracking the best articles on the web. Look for AllTop pages set up by thought leaders in your field to see what they are reading on a regular basis. It’s how I start my morning: http://AllTop.com/GlenDGilmore

6. StumbleUpon great content

I’m a fan of StumbleUpon, a site where users identify what they believe to be the best content on the web. The site let’s you set up your account to focus you on your own areas of interest. Add a toolbar to your web page and when you need a break from your work, stumble. You’ll find some really great content to share!

Now be sure to folllow me on Twitter at @TrendTracker and share in the Comments suggestions you may have for finding that great content! Thanks! Glen (aka, TrendTracker)

Photo Credits:

Twitter Bird: Flickr: Guy Kawasaki
Google Alert: Flickr: Ari Herzog

1. Find and learn from a model of success. Greyson chose for his inspiration Lady Gaga. Not a bad choice considering the fact that she is the first entertainer to achieve one billion views on YouTube.

2. Find your voice and sing. Greyson Chance has never had a voice lesson, yet he has a voice that has propelled him to stardom. What made all the difference in the world was his decision to sing.

3. Share your passion. Ah…just watch the video that follows.

4. Be authentic. Be yourself. Chance chose to sing an extremely popular song from an extremely popular singer. Yet, he made the song his own. His version of “Paparazzi” is not an imitation of the original: it is an original, new version of the original.

5. Don’t give in to skeptics: convert them. As Greyson began his performance at his sixth-grade talent show, the expressions of his classmates seemed to convey disinterest at best: his performance visibly transformed skeptics into fans.

6. Content is still king. All the search engine optimization in the world still has a tough time trumping raw talent. Content, really good content, whether it’s a song or story, is still the best way to be found.

7. With compelling content, video is a viral rocket. YouTube is celebrating its fifth-year anniversary with two billion daily views. Twelve-year old Greyson Chance is one if its users who decided to upload a video from his sixth-grade talent show. 15-million views later, the video shows no signs of slowing down in its viral trajectory.

8. Give your friends more than one forum to connect. Greyson first uploaded the video of his performance to his Facebook page, then to YouTube. He has since added a Twitter account.

Greyson Chance’s 6th Grade Talent Show Performance