[Editor’s Note: Which organizations make the social media grade, and which don’t? In this new feature, PR News, with the help of guest digital PR experts, assigns grades to prominent social media campaigns.]

Sept. 14, 2010, will mark the second anniversary of the bankruptcy filing by Lehman Brothers, an event that sent the markets into a tailspin. Financial giants crumbled, jobs were lost, homes fell into foreclosure and the financial services sector as we knew it changed forever.

Today, as Washington continues to haggle over financial reform and works to rebuild the economy, financial services firms are struggling to gain back the trust of governments, businesses and consumers.

OUT OF TUNE...

Unlike companies during the Great Depression, financial services firms today have the opportunity to rebuild trust through open, two-way dialogue with their key audiences by using social media. Yet, many of these companies continue to get tripped up trying to employ a broadcast mentality and don’t actively listen to their constituents.

For instance, Experian, owner of FreeCreditReport.com, has paid $1.25 million to the Federal Trade Commission to settle claims that it misled consumers seeking a free copy of their credit score. The charges allege that FreeCreditReport.com lured consumers with the offer of a free credit score while enrolling them in a monthly “Triple Advantage” program at a cost of $14.95 a month (on average).

In an effort to reshape its brand, the company has changed the name to FreeCreditScore.com and has launched an online program to find a new band to replace the ubiquitous “Pirate Guy” musical act featured in its commercials. The problem is that this is the same misleading approach, just set to a new tune.

Experian had an opportunity to create an open dialogue about managing credit wisely and offer insight into the mystery surrounding how your credit score is calculated and more transparency about the value of the service they provide. Unfortunately, its social media presence is focused on simply pushing out marketing messages that provide little value and don’t address the consumer backlash over their offerings.

...IN TOUCH

On the flip side, Citigroup has taken a more open and transparent approach to its social media strategy. As one of the largest institutions on Wall Street, Citigroup had one of the biggest bailouts—$45 billion.

Citigroup has been serious about restoring its reputation. Citibank started a new blog in February 2010, featuring videos from employees, executives and partners, and improvements the company will make in the future.

Updates include company awards, announcements, information about community projects that Citi has funded and industry analysis. The blog actively calls for readers to submit ideas and questions with the acknowledgement that they can’t rebuild Citi without customer input.

By addressing its issues head-on and fostering two-way communication with audiences, the Citi program has all the hallmarks of a successful social media program. PRN

CONTACT:

Peppercom Strategic Communications, www.peppercom.com.

Report Card: Experian (FreeCreditScore.com)

Subject	Grade	Comments
Transparency	F	The Facebook fan page was switched from FreeCreditReport.com to FreeCreditScore.com without addressing any of the issues the company has publicly faced. Homework: Address the issues and dispel rumors on the name change.
Responsiveness	D	While the Facebook fan page is updated frequently, Experian fails when it comes to engaging with its fans. Negative comments are left unanswered, which has turned the wall into a negative free-for-all. Homework: Communicate directly with consumers to help answer their questions or concerns.
Authenticity	C	Avoiding the name and product change lead fans to question the brand’s authenticity. This falls in line with the original reason FreeCreditReport.com was fined by the FTC. Homework: Be honest so that the brand stands its best chance to regain consumers’ trust.
Spreadability	B	The current promotion, which aims to find a new band for promos, does encourage fans to rally around a group, vote for their favorite and share information. Homework: Add links from FreeCreditScore.com to the promotional microsite and other platforms to garner more attention.
Relevance	B	The chance for struggling bands to make it big is a theme that resonates with the target market. Homework: While independent musical acts may be relevant to some, the brand must be sure the campaign reinforces the company’s positioning.
Overall Mark	C-	Experian’s unwillingness be up front with consumers about its problems hurts the brand and results in a below-average grade.

Report Card: Citigroup

Subject	Grade	Comments
Transparency	B	The Citi blog openly discusses the mistakes made amid the financial crisis and is straightforward about sharing the ways the company is making changes for the better. Homework: Create an “About This Blog” section to help clarify the purpose of the site.
Responsiveness	C	The blog, on average, is updated three to four times per week, which is ideal. However, Citi must respond better to reader comments. It is important to note that comments are moderated but not censored. Homework: Incorporate user comments, feedback and ideas into future posts.
Authenticity	A	The voice, tonality and focus of the blog content has been geared toward building a better Citi. Homework: Customer testimonials or “what happened next” or “three months later” posts linking back to original posts will help bring stories full circle.
Spreadability	C	Video content is not available on YouTube or Ustream, so the content cannot be embedded elsewhere. Additionally, the corresponding Twitter account broadcasts more than it provides dialogue, aside from responding to customer service issues. Homework: The video content can play in a blog post (functionality needs to be developed). Add in “share this” links to all content so people can tweet, post to Facebook, etc., as they choose.
Relevance	A	More so than any other financial services company, Citigroup is tackling its reputation issues head on with the content on this blog. By launching this blog, the company is directly addressing the issues that led to several problems and looking for ways to improve their business, customer service and constituent engagement. Homework: Discuss topics in a balanced way that cuts through the news clutter and gloom and doom.
Overall Mark	B+	For a company that’s in the thick of financial crisis controversy, Citi has proven to be a good student when it comes to communicating honesty and transparency.