Reputation & Risk management - The Social Angle
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• Growing Importance of Social influence and Social capital of people and brands. Pros and cons in using social media • Personal and professional risks associated with participation in Social Media. The issue of Transparency • Detecting potential risks to reputation through regular media monitoring and analysis • Best known methods to navigate through a potential crisis through Social Media
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Reputation & Risk management - The Social Angle
- 1. “REPUTATION & RISK MANAGEMENT” THE SOCIAL ANGLE @JAMSHEDWADIA
- 3. Social is putting power in hands of Masses Story Source Wired.com
- 4. Reduced Trust IN INSTITUTIONS of people trust advertisers. trust other people they DON’T know .. of people trust recommendations from people they know. Source: Social Media around the world 2011 by InSites Consulting
- 5. Large number OF INFLUENCERS Scattered Demographics Finding the right needle in the Haystack Varying degrees of Influence
- 6. Consumers are MORE DEMANDING & EMPOWERED
- 7. What happens in Vegas, Stays in Vegas WON’T STAY IN VEGAS ANYMORE!!
- 8. Reputation is built over a long period of If you lose money for the firm, I will be very understanding. If you lose reputation for the firm, I will be ruthless. Warren Buffet – Renowned businessman & philanthropist
- 9. Why REPUTATION Matters Positively affects Attracts investment stock performance Commands a price premium Reduces Risk
- 10. Reputation Risk from EMPLOYEES ONLINE LIFE Would a company policy change how you behave online? 49% of employees say “no” 57% percent of executives 74% of employees surveyed say agree that reputational risk and social it’s easy to damage a company’s networking should be a board room reputation on social media. issue, but only 15% say it actually is. 27% of employees surveyed don’t consider the ethical consequences of posting comments, photos, or videos online – and more than one-third don’t consider their boss, their colleagues, or their clients. Source: Social Networking And Reputational Risk In The Workplace - Deloitte Survey (July 09)
- 11. It’s serious enough for people to loose their jobs – Use Common Sense Story Source: 10 people who lost their jobs because of Social Media Mistakes by Mashable
- 12. Thin line of ownership between Employee and Employer Story Source: LinkedIn Intelligence Story Source: London loves Business
- 13. Social Media disaster can strike even if you don’t play in Social Story Source: Adrants
- 14. Get to the party before they decide to misrepresent you Story Source: Naked Security
- 15. Human Errors can happen – Put Guard Rails, Process & Systems in Place Story Source: Mashable
- 16. Case of Bad Taste & Lack of Sensitivity Story Source: MemeBurn
- 17. You don’t want to be a CASE STUDY Story Source: Real Time Report Outcome United Airlines stock price plunged 10% costing shareholders $180 million. Story Source: Social Media Risk
- 18. And if you are a Case Study be a good example Story Source: My Bottle’s Up and TSA Blog
- 19. Action: Listen, Respond & Engage Image Source: Radian 6 Dashboard Be Alert 24 x 7 Use Employees who are Be Nimble and empower employees subject matter experts to make quick decisions
- 20. Action : Choosing the right tool
- 21. Action: Measuring the right things Competitor Analysis Conversation Cloud Sentiment Analysis Demographics Media Analysis Influencer Management Source: Sysomos Sample Dashboard
- 22. Action: Finding Influencers is Important for Protecting and Building Brand Reputation More Brands than ever before want to identify, recruit and reward their most-influential consumers
- 23. Action: Training, Guidelines & Tools Disclose l Protect l Use Common Sense Publishing Tools for Multi Admin Access Training Modules Source: Intel Social Media Guidelines
- 24. Word Cloud for Building Reputation authentic openness relationship humble honest professionalism transparent engaging empathy genuine responsive
- 25. Action: Manage Risk • Be prepared for scrutiny at anytime • Listen, Detect & Protect • Have a place to respond and be quick at it. • Manage administration hub & access rights • Align tightly with PR, Legal and HR for crisis management
- 26. Summary • All word to mouth conversations are now in public domain • Social media crisis can happen even when you’re not in social-media • Stick to basics and use common sense • Listen, Respond and engage quickly and be humble • Clarify and be quick to ask for forgiveness if needed • Train and prepare your organization for the Social Era • Have a Crisis management System
- 27. Thank You Obligatory Disclaimer Every effort has been made to cite sources on this presentation. The presentation is based on author(s) personal opinions & interpretations & not those of author(s) employer(s), past or current.
Editor's Notes
- But We all Know…