College students studying communications and marketing right now are in an age with immense opportunity because of social media. Popular social media channels today have only been around for 7 years, creating an unexplored medium that is new to many marketing executives. This not only levels the playing field, but also allows for the mistakes of top executives today to be scrutinized, so they may never repeat themselves.
JP Morgan’s twitter fail was unfortunate for JP Morgan, but beneficial to students, and other businesses managing content on their social media outlets. This incident was a reminder of 1.) The influence of social media and 2.) The rules of thumb when managing a social media account.
How could this have been prevented?
The methods to approach digital marketing are in many ways similar to a traditional marketing strategy, but there are five major rules that apply to marketing with social media. Here are a few tips for JP Morgan Chase’s “drawing board.”
1.) Develop a Plan:
Internal social media standards and guidelines are becoming more popular to implement in addition to brand standards. This document is a frame of reference for employees and contractors creating content on social media outlets representing the company. These standards should detail the rules of engagement, and define the tone in which you would like to engage costumers. An effective plan distributes the responsibility of the social media’s content to designated responders in multiple areas of expertise. At the same time; however, designate a moderator that clears all posts prior to them going live to ensure the proper tone, relevance, and affective use of the medium.
2.) Know the market:
Regardless of what industry you are in, a business should understand the market. The market environment is made up of several conditional factors that are ever changing. Along with market demographics and psychographics, posts must be sensitive to current events and attitudes.
In the JP Morgan example, the Vice Chairman of JP Morgan, the American banking and financial services holding company that has dealt with over $30 billion in fines and legal costs since 2009 from a variety of lawsuits and regularity probes, just asked to talk. Understand the market conditions and attitudes toward your brand.
3.) Assume that what can go wrong, will go wrong:
This one is pretty self-explanatory. There are individuals that sit behind the comfort of their home computers or laptops that find enjoyment seeing others, especially corporations, struggle to develop politically correct responses.
4.) Respect the send button:
Once a post is posted there are no defense mechanisms, no back up parachutes, meaning that you have left it entirely up to the costumers to control the conversation. The unpredictability of eWOM can be intimidating, but realize that social media should be used to develop a stronger relationship with clients and customers, and that not everyone is going to be 100% satisfied with the product or service. This channel is an opportunity to enhance the customer experience and improve your business model and product.
5.) Aim before you send:
Although the conversation cannot be controlled a question can be asked to strategically guide the conversation in a more focused, targeted direction. Simply asking everyone on Twitter if they had any questions for the Vice Chairman of JP Morgan is opening up the floodgates. Like a well-conducted interview, direct the conversation to produce answers for specific conversations.