Using the Social Web for Risk Management
As I have been spending time with clients over the past month exploring what Enterprise requirements might look like for a Social Web Management platform – I am consistently surprised by the number of requests I get to talk about “WHY” an enterprise should be bothering with the social web.
Axel Schultze of the Social Media Academy recently wrote an article covering six things a business executive would want to do with Twitter in a post titled, “Why should you consider Twitter”
Axel’s six reasons are:
- Provide a Better Customer Experience
- Receive Market Feedback
- Connect with your Customers
- Find New Customers
- Improve Customer Support
- Product Introductions
I’ve no quibble with the list – but think it could be longer – perhaps by several. Today I’d like to focus on the first item I would add to the list: RISK AWARENESS AND MANAGEMENT. If an Enterprise is not engaged in Social Web conversations they run a significant risk to their existing business. The Social Web may very well be the utopia for marketing and customer acquisition – but organizations cannot under-estimate the damage that can be done to their existing business at lightening speed. Not participating leaves the enterprise NO advance warnings or signs.
As a point of emphasis here – when I write “participating” I do not mean “talking at” - mostly I mean LISTENING and perhaps some conversing. If an organziation has not been actively participating in the conversation when it is cool breezes and smooth sailing – they have little to no chance of a meaningful dialog when the waters get a little rougher.
Over the last month Bank of America had Ann Minch’s video go viral – with thousand’s posting their own video responses condemning the banks interest rates and fee charges. Yesterday Bank of America and Chase announced a cut in their fees. I understand that could be purely co-incidental, and is no more than one anecdote. But the anecdotal evidence seems to be growing and customers of all types are sending a loud and clear message – “we want a conversation with the people and companies we choose to buy from.” Interestingly, organizations participating actively in the Social Web report little negativity from their customer base. So far, it is the organizations which are not listening who are forcing their Social Media minded customers to scream, “I”m mad as hell and I’m not going to take it anymore”.
