“The cost of managing an online crisis or reputation issue can seem limitless: PR, advertising, loss of sales, lost productivity, distracted executives, competitive maneuvers, additional customer service, litigation—all can burst budgets.
Worse, bad news travels online at turbo-charged speeds: A negative tweet or nasty video can end up on mainstream media within hours. Think Domino’s pizza prank, Kenneth Cole’s Cairo tweet, or Gap’s logo redesign.
A 2011 global study on crisis preparedness by Burson-Marsteller & PSB found that 79% of business executives expected a crisis within 12 months, about 59% had experienced a crisis in their current or previous company. Yet, although 81% said digital and social media increasingly influence reputation during a crisis, half the companies polled still didn’t have a crisis plan.
Companies know to factor in social media as a key—if not foundational—element of a reputation monitoring strategy, but they fall short in having a systematic approach:” More>>>