Due to the rapidly proliferating social media technologies we are witnessing an increasing amount of direct democratic influence. The Arab Spring may be the most notable case. As social platforms like Twitter, Facebook, and Skype have given increasing weight to the voice of the people, Arab dictators are being overturned, from Tunisia and Egypt to Libya, Yemen and hopefully soon Syria.
For businesses, as well, the voice of the people is carrying an ever greater influence. Just ask:
- Netflix how it fared with its recent attempt to raise prices
- Bank of America, whether imposing a $5 monthly fee for the use of ATM cards was a good idea, in retrospect.
- Sony, whether it was a good idea to raise prices just hours after Whitney Houston’s death
But fasten your seat-belts, because this is just the beginning. The proliferation of e-social platforms and tools isenerating an unprecedented level of transparency throughout society, and enabling large groups of enthusiastic supporters for one point of view or another to mobilize their influence.
It used to be that a business could generate substantial profits by keeping its customers in the dark. Entire business models are based on charging customers fees they shouldn’t have to pay, or selling them products they don’t really need.
But sooner or later business practices like these will put your company in as much jeopardy as a Middle Eastern dictator. So if you want to stay out of the line of fire, your best course of action is to protect the interests of your customer, proactively.
Infographic from Ryan Glass.
Short URL & title:
Avoid a customer revolt — http://www.torbenrick.eu/t/r/xkf
If you enjoyed this article, please take 5 seconds to share it on your social network. Thanks!
Experienced senior executive, both at a strategic and operational level, with strong track record in developing, driving and managing business improvement and development and change management. International experience from management positions in Denmark, Germany and Switzerland View full profile