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.