Friday, November 15, 2013
JPMorgan Chase & Co dipped its toe into social media and got burned. As this commentator says, the bank ought to have known better. What seemed like a good idea was tried when the bank is under attack from regulators and activists for its actions during the economic meltdown. The communications practitioners at the bank should have known that opening lines of communication through Twitter was going to incite critics to pounce. And, they did. It is one more lesson that social media are not necessarily the first choice for every organization. It depends on the environment in which the company and its people are working. Right now, there is a deep-seated hostility toward financial companies and Wall Street. They are looked upon as masters of greed and oppressors of the little guy. Whether or not this is true, and it is doubtful that it is, offering two-way conversation with unhappy consumers is bound to take a wrong turn quickly. If the bank was expecting that, it wasn't disappointed.