MarketingProfs

Check out the post and report below and sign up for Jeremiah’s MarketingProfs PRO seminar on September 29 to dive deeper into the results (and solutions).

Altimeter Group has published another Open Research report, this time outlining how social media crises occur—and what could be done to prevent them.

First, here’s a workable definition on what we mean by “social media crises.” A social media crisis is an issue that arises in or is amplified by social media, and results in negative mainstream media coverage, a change in business process, or a financial loss.

In our report, we found that, out of 50 crises that received mainstream media attention, 76% of them could have been diminished or prevented, had companies only been prepared.

We interviewed and surveyed some of the world’s most advanced companies in social business, and found most invest in four social business requirements (but are still deficient). Advanced companies establish governance, define real-time processes, foster a culture of learning, and organize into a scalable formation. However, despite these investments, even advanced companies have yet to tie customer data to the product road map and into support systems. Furthermore, they continue to struggle with a fragmented technology set and lack standard measurement frameworks.

To become advanced, companies must climb the Social Business Hierarchy of Needs. I’ll be discussing this at the PRO seminar, but here’s a visual of it:

Here’s the report for you to read: Social Readiness: How Advanced Companies Prepare.

Learn from where others have succeeded and avoid how others have failed—see you on the 29th!

Tags: business, Marketing, Marketing Strategy, Strategy and Tactics