Social media risk rocketed up the agenda at financial services brands in 2015 according to the 'Banking Banana Skins 2015' report from the Centre for the Study of Financial Innovation (CSFI) and PWC. Banks are in the process of rebuilding public trust and risk managers are increasingly aware of how comments spread on social media can damage reputations.
A great crisis management strategy depends on addressing social media issues before they spin out of control. Last week Crisp hosted a crisis management workshop at the Social Media World Forum where delegates exchanged insights into tackling different brand damaging scenarios. Many brands signed up for our free social risk audit to examine their own crisis readiness.
A celebrity calls for a boycott to your brand, your CEO's home address is leaked online, a fault with one of your products is trending; and it all happens when you're asleep. Too often we see situations where the impact of online brand attacks could have been reduced if the relevant PR team had been given time to craft a careful response before the issue was amplified across social media. A social listening tool isn't going to telephone members of the crisis management team in the middle of the night. You can't guarantee it will highlight significant issues either because technology can't always filter out the noise to detect the significant risks. Social listening tools alone just don't cut it when a PR crisis hits. They need a human team to interpret the results and make sure the right people know what's happening.