Reputation & Risk management - The Social Angle

“REPUTATION & RISK MANAGEMENT” THE SOCIAL ANGLE @JAMSHEDWADIA

FUNDAMENTAL CHANGE’SARE HAPPENING

Social is putting power in hands of MassesStory Source Wired.com

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

Large number OF INFLUENCERSScattered Demographics Finding the right needle in the HaystackVarying degrees of Influence

Consumers areMORE DEMANDING & EMPOWERED

What happens in Vegas, Stays in VegasWON’T STAY IN VEGAS ANYMORE!!

Reputation is built over a long period ofIf you lose money for the firm, I will be veryunderstanding. If you lose reputation for the firm, Iwill be ruthless.Warren Buffet – Renowned businessman & philanthropist

Why REPUTATION Matters Positively affects Attracts investmentstock performance Commands a price premium Reduces Risk

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)

It’s serious enough for people to loose their jobs – Use Common SenseStory Source: 10 people who lost their jobs because of Social Media Mistakes by Mashable

Thin line of ownership betweenEmployee and EmployerStory Source: LinkedIn Intelligence Story Source: London loves Business

Social Media disaster can strikeeven if you don’t play in Social Story Source: Adrants

Get to the party before theydecide to misrepresent you Story Source: Naked Security

Human Errors can happen –Put Guard Rails, Process & Systems in Place Story Source: Mashable

Case of Bad Taste & Lack of Sensitivity Story Source: MemeBurn

You don’t want to be a CASE STUDY Story Source: Real Time ReportOutcomeUnited Airlines stock price plunged 10% costingshareholders $180 million. Story Source: Social Media Risk

And if you are a Case Study be a good example Story Source: My Bottle’s Up and TSA Blog

Action: Listen, Respond & EngageImage 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

Action : Choosing the right tool

Action: Measuring the right things Competitor Analysis Conversation Cloud Sentiment Analysis Demographics Media Analysis Influencer Management Source: Sysomos Sample Dashboard

Action: Finding Influencers is Important forProtecting and Building Brand Reputation More Brands than ever before want to identify, recruit and reward their most-influential consumers

Action: Training, Guidelines & ToolsDisclose l Protect l Use Common Sense Publishing Tools for Multi Admin Access Training Modules Source: Intel Social Media Guidelines

Word Cloud for Building Reputation authentic openness relationship humble honest professionalismtransparent engaging empathy genuine responsive

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

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

Thank YouObligatory DisclaimerEvery effort has been made to cite sources on this presentation.The presentation is based on author(s) personal opinions & interpretations & notthose of author(s) employer(s), past or current.

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Reputation & Risk management - The Social Angle

by Jamshed Wadia on Nov 25, 2011

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Reputation & Risk management - The Social Angle — Presentation Transcript