In a previous post I mentioned that new media is giving consumers more power than ever before to express their opinions, advocate for themselves and demand the respect they deserve from businesses. But what does that really mean?
Well, a recent YouTube video serves as a prime example. In it, Ann Minch rails against Bank of America for raising her interest rate to 30% APR from 12.99%. After her stern rebuke landed thousands of eyeballs on YouTube (390,738 at the time of this posting), the bank agreed to reduce her rate to the original figure despite the fact that she had two late payments. Since then, the story has been picked up by the likes of CNN and other news media giants.
The incident demonstrates the raw power of tech-savvy consumers. It also shows that businesses, no matter how large, cannot simply ignore new media and the consumers who use them. People will discuss your business whether you like it or not. Why not at least try to get involved and have a positive impact? Your customers will thank you for it.
Although Bank of America has suffered a PR setback, the company’s response was prompt and effective and will help stem additional damage in the eyes of the public.
By contrast, United Airlines suffered an extended PR nightmare at the hands of singer-songwriter Dave Carroll after the airline allegedly damaged his guitar. The airline eventually compensated him, but not until two wildly popular YouTube videos by Carroll had tarnished the company’s reputation.
What are your thoughts? How would you have responded if you were Bank of America or United Airlines?
{ 2 comments… read them below or add one }
Hello from Russia!
Can I quote a post in your blog with the link to you?
Polprav – Sure. You may quote the article and I appreciate the link back.