Levergaing Social Media to Manage Reputation and Keep Customers Happy Getting Social in Times of...

Levergaing Social Media to Manage Reputation and Keep Customers Happy

Getting Social in Times of Crisis

22Source: Quotes as attributed. Artwork courtesy of TheFinancialBrand.com 

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Case Study: AIG

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Case Study: AIG

Situation• Big target• Angry mob• Misperception of the truth• But no plan on how to handle the online fall out

Take-aways • Understand the power of the social media space• The best defense is a strong offense• Have a crisis management plan that includes social media

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A Rapidly Changing Communication Landscape

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Economic, social, and technological trends are collectively forming the basis for the next generation of the internet - a more mature, distinctive medium characterized by User Participation, Openness, and Network Effects.

Institutional Control Consumer Control

Push/Publish Listen/Collaborate

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A Rapidly Changing Communication Landscape

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Economic, social, and technological trends are collectively forming the basis for the next generation of the internet - a more mature, distinctive medium characterized by User Participation, Openness, and Network Effects.

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An Evolution Not A Revolution

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Channels• Blogs

• Discussion Boards

• Wikipedia

• Web Services

• AJAX

• Widgets/Gadgets

• RSS

• Open – Source

• Social Networks

• Virtual Worlds

• Contextual Media

• Search

• Mash-Ups

• Pod Casting (A/V)

• Viral

• Instant messaging

• Personalization

• Alerts

• Streaming Media

• Directories

• Reviews

• Polls

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Taking Part in the Conversation

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Dialogue, not Monologue• Social media must facilitate

two-way discussion, discourse, and debate with little moderation. It must be OPEN to everyone.

Honesty and Transparency• Social media is often a

painfully candid forum. Attempting to control, manipulate, or spam a conversation can backfire.

Pull, not Push• eMerging Media lets people

pull the content that they want, instead of having it forced upon them by an external entity.

Distribution, not centralization

• eMerging media (content and applications) is highly distributed and made up of many voices making it far more textured and rich than “old” media.

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Who Is Using Social Media?

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Who Is Using Social Media?

Rank Online SegmentGlobal1 Active Reach Dec 08

Global1 Active Reach Dec 07

% Point Increase in Active Reach

1 Search 85.9% 84.0% 1.9%

2General Interest Portals & Communities

85.2% 83.4% 1.9%

3 Software Manufacturers 73.4% 72.0% 1.4%

4 Member Communities 66.8% 61.4% 5.4%

5 E-mail 65.1% 62.5% 2.7%

Source: Nielsen Online, Global Index, December 2007 – December 2008. E.g. In Dec 08 the Search sector reached 1.9% (points) more of the world’s online population than it did in Dec 071 ‘Global’ refers to AU, BR, CH, DE, ES, FR, IT, UK & USA only 

Social network and blogging sites (Member Communities) are now the fourth most popular activity on the Internet

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Who Is Using Social Media?

Social Networking Site Users in Select Countries in Latin America

Source: comScore World Metrix as cited in a press release on November 19, 2008

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Who Is Using Social Media?

Source: Altimeter/Wetpaint ENGAGEMENTdb study of the social media engagement of the top 100 brands, July 2009

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Social Media Engagement Correlates to Financial Performance

Source: Altimeter/Wetpaint ENGAGEMENTdb study of the social media engagement of the top 100 brands, July 2009

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Guide to a Well-thought-out Social Media Strategy• Be proactive

• Don't start during a crisis – it's already too late• Nothing is wose for your reputation than desperation

• Know your audience • Who are they, where are they, what are they saying, what do they care

about, who influences them?• Listen for a whiile with Conversation Monitoring

• Know Yourself• What will you use Social Media for and why?

• Public Relations, Customer Service, Loyalty-building, Collaboration, Networking, Thought Leadership, Customer Acquisition?

• What are the business goals and objectives?• How will you measure success?

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Guide to a Well-thought-out Social Media Strategy• Be Transparent

• Honestly is the best policy and the truth shall set you free

• Provide Value• No matter what the strategy, people won't engage unless they get

something out of it• What can you give customers in exchange for what you want

• Measure, Collect, Analzye, Adjust• Create a specific plan for measuring success• It's not always new accounts, but it sure can be• Collect data and review and then reinvest the learing• Almost everything is trackable, recordable, measureable

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Case Study: Eastern Bank

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Case Study: Arizona Central Credit Union

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Case Study: Wells Fargo

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Case Study: Bank of America

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Case Study: HSBC

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Start with the Basic Tactics

1. Conversation Audit

2. Twitter

1. Facebook, Bebo, Hi5, LinkedIn

2. Blog

Thank You.