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BLOG: Social media and two pertinent questions

N RAJA VENKATESWAR | Sept. 24, 2012
How do I trust that a post on social media is accurate? And how does a firm protect itself from social media driven reputational risk?

For the second, while monetising social media is relatively complex and forms one of the key tenets of the research I am shortly commencing as part of my PhD, it is critical to understand and mitigate the impact of negative publicity - well, as most would argue, consciousness-raising only at this initial stage before considering other more direct P&L options. The concept of "friends of friends" is a powerful one and negative publicity on a particular service or product could seriously impact short and medium term prospects.

So how does a firm protect itself from social media driven reputational risk - especially considering that one cannot please all the people all the time! I think it is by doing simple things right, consistently and with positive passion - get the right folks and train them well to meet customers face to face or while answering a phone, be honest about the services or products, admit mistakes and learn from, and never repeat, them and let customers speak honestly and openly - you listen and listen well! And don't be defensive!!

As I always say, doing the simple things right is very difficult but pays the highest dividends!

Raja survived getting educated in three globally recognised institutions, living/working/travelling in over 25 countries, working for financial services firms, consulting firms and with service providers. He now consults for a leading financial services institution, is working towards his PhD and on his first work of fiction. He can be reached on nrajav@gmail.com.

 

 

 

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