Social Media & Debt Management
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Social Media & Debt Management

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Until now the collection of debt was largely a private matter. The combination of endemic middle class debt and the megaphone of Social Media might just end all that.

Until now the collection of debt was largely a private matter. The combination of endemic middle class debt and the megaphone of Social Media might just end all that.

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  • 1. 1
  • 2. uk.linkedin.com/in/customermanagement
    twitter.com/martinhw
    www.brainfoodextra.com
    2
  • 3. 3
    120 second version
    of
    how not to do it
  • 4. How Not To Do It
    4
    Apparently, the incident was not a bank-sanctioned activity, but was carried out by an individual or group of individuals
    If nothing else, this is a lesson to businesses about having a social media policy in place and practicing the highest levels of transparency when it comes to the use of social media profiles and content
    Debt collectors from ANZ bank in Australia have been caught setting up fake Facebook profiles in order to connect with debtors and get their contact details
    Described as a single guy who enjoyed footy, poker and running on the beach, Facebooker“Max Bourke” managed to get up to 80 friends before getting stopped
    ANZ has confirmed that several members of its debt collection department in Melbourne are facing disciplinary action over the incident
    .
  • 5. How Not To Do It
    5
    The court found that because of the post to her MySpace page, she suffered
    Damage to her business and community reputation
    Extreme mental distress
    Aggravation
    Humiliation and embarrassment
    Paula Newland fell behind on her payments in early January on her 2005 Chevy Impala
    Debt collector shared that information on her MySpace page
    Woman then filed a civil lawsuit against the collection agency accusing them of violating collections law by harassing her online, on the phone and in person.
    She is asking for $25,000.00 in damages
  • 6. How Not To Do It
    Debt collectors are using bait on Facebook to track down and keep track of debtors
    The online construct “Jenny Anderson“ was the tool of professional skip tracers, to all 658 of her "friends"
    6
  • 7. 7
    How Not To Do It
  • 8. Brand Building
    8
  • 9. 9
    Understanding
    the new politics
    between
    socially empowered customers
    and brands
  • 10. Connectivity Causes A Shift In Power
    10
  • 11. In How We Relate
    11
  • 12. In How Well We Relate
    12
  • 13. I Am A New Type Of Customer
    13
  • 14. Snapshot Of The ‘Social’ World
    14
  • 15. Broadcast v Listen
    62%
    Felt that ‘companies are only interested in selling products and services to me, not necessarily the product or service that is right for me’
    15
  • 16. Transparency & Trust
    7%
    Trusted companies to ‘always act in their best interest’
    16
  • 17. Self Generated Fantasy
    9%
    Trusted what the company says about itself
    17
  • 18. Importance As Stakeholder
    10%
    Thought companies took note of what they said
    18
  • 19. Trusted Advice
    95%
    Used some form of internet comparison site
    formal and informal locations
    friends, families, professional reviews
    people they believe are similar to themselves
    19
  • 20. Open To Dialogue
    69%
    Believed there would be a positive impact from companies taking more time to find out about their needs and interests
    20
  • 21. Open To Participation
    82%
    Were interested in participating in product development
    Believed it would make them more likely to tell others about the company
    21
  • 22. Implications
    22
  • 23. 23
    More clues
    on the changing script
    between customers & brands
  • 24. How We Spend Our Time Online In UK
    24
  • 25. Our Impact Is Now Very Public
  • 26. Imagine This
    26
    As the Western economies continue their relative decline, many consumers never recover from the recession
  • 27. Imagine This
    27
    Being in debt becomes a shared social experience
  • 28. Imagine This
    28
    What was a private matter between customer and debt collector loses its stigma as everyone ‘admits the disease’
  • 29. Imagine This
    29
    Debtors publically attack brand reputations via social Media to generate mass sympathy & avoid repayment
  • 30. Integrate This
    30
    Social activism of this type in US courts already reported
    Online ‘early warnings’ of debt collection tactics already reported in UK
    Conclusion
    Debt management is slowly being politicised and made public
    Method will now matter as much as outcome for DM brands
  • 31. 31
  • 32. 32
    THANX
    FOR
    READING
    I also wrote a post
    “Social Media & Debt Management”
    to compliment this presentation
    over at
    www.brainfoodextra.com