Last week we caught up with two of Reuters Consumer Media’s digital heads; Ilicco Elia, who’s responsible for mobile globally and Chris Parker, who looks after social media. There’s a lot to be learned from the way in which large broadcasters and publishers deal with their online presence, so the pair talked to us about the company’s foray into live-streamed video interviews and how a measured, transparent approach is key.

“Through our media partners like The Guardian, our content reaches something like 1.2 billion people per day,” said Elia. “From a revenue perspective, around 92% comes from our financial and professional clients and the rest of it from our news (which we’re better known for). Of that remaining 8 per cent, maybe 10% is direct to consumer, and just 10% of that again is mobile. Social media is even smaller. So even though it’s front of mind for so many at the moment, it’s still a tiny part of the business. Context is important in this case as it’s such a over-hyped space.”

That’s not to say that it’s importance is as low, far from it. The very reason the company invests in social media outreach is to deliver its news to a different audience, and bring the voice of ‘normal people’ into interviews. It’s about differentiation rather than volume. A large part of this includes recent sessions with the likes of Robert Zoellick, President of the World Bank, Nick Clegg and David Cameron. These interviews, streamed live and sourcing questions from Twitter, 12seconds and more, were some of the first of its kind by such a large publisher (alongside innovative moves from Sky and The Telegraph).

This tendency to champion new methods of news gathering is not a new thing. Social media has been on Reuters’ agenda since its first blogging platform in 2006, with Reuters Messaging (similar to MSN’s offering) providing traders with a secure and recorded way to discuss news or business for years before that.

One of the reasons this is made possible is mass buy-in internally. Parker is responsible for consumer-facing social media, but Reuters financial community is taken care of by Mark Jones and an internal ethics committee ensures consistency across all channels. “Different approaches to this new space allow us to learn from each other,” said Parker. “It’s constantly changing and we have to remain fluid.”

“One of the main challenges we see is that our journalists that have previously had an element of anonymity. Their writing isn’t credited and they present news in an unbiased light. Suddenly, social media has given them a way to voice individual opinion. It’s difficult to police, but there’s a huge element of trust involved. We make sure people clearly brand their own profiles as being Reuters employees, but that views are their own.” continued Parker.

Elia added that this doesn’t only apply to the journalists employed by Reuters. “Take me for example, I don’t write news content, but I’m representing Reuters by default in everything I say because I reference my position in my bio. I make sure that what I say reflects that.”

Both believe that there’s a lot that brands – of all sizes – can learn from the way Reuters approaches social media as an online-only business. “A lot of our success is based around access and transparency,” said Elia. “We give people access to ‘VIPs’ and allow them to become the news-makers. In a way, you’re relinquishing some control, but your trust is rewarded in kind. Of course, our discussions are moderated, but other than that – we don’t control the questions people ask.”

Parker also said that the way Reuters deals with its news reporting is mirrored in its social media strategy. “If we make a mistake on a story, we don’t just go in and edit it – we issue a correction. This is reflected in the way we approach social media, we’re up front about things and try remain as open as possible.”

The pair discussed the notion of accuracy over speed being an important lesson in terms of making your first steps into the somewhat overwhelming world of digital. According to Elia, anyone can be fast – what you really want is authority. “It’s easy to be duped by fake Twitter accounts, or bad sources. We as a company are religious in our fact-checking and it’s a good way to look at social media as a whole. Is creating a podcast or some kind of mobile app really going to add value to your customer’s life? Check, research and check again before you make the leap. Otherwise, getting involved in one network or another could prove to be a costly ad time-consuming waste of time.”

Images via AP Images and World Editors Forum.