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Scoop.it!
...In much the same way that a mission statement provides overall direction for a company’s strategic decisions, and a style guide directs the way that your brand is presented visually to the public; a social media policy establishes a set of guidelines that govern how various company stakeholders represent your brand on various social networks. Here are some practical considerations to have in mind when writing a social media policy for your organization.... 
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Scoop.it!
To reduce the risk of social media blunders gone viral, develop a company-wide policy that defines acceptable (and unacceptable) social media behavior, and dictates how employees can effectively communicate your brand culture, voice, and message....
Does the saying "There's no such thing as bad publicity" apply to social media blunders gone viral? Your brand ending up as a gag skit on "SNL" because of a social media mishap is probably not part of the PR strategy. As opposed to the social media sentiment when you land an interview with Oprah that trends on Twitter, gets replayed on YouTube, and shared on Facebook with a behind the scenes shot on #Instagram.
If you think social media and public relations are two different departments with separate agendas, think again....
Jeff Domansky's insight:
If you want to manage risk, there's no better way than implementing a social media policy.
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Good starting point in developing your social media policy.